Global Myopia And Presbyopia Eye Drops Market, by Eye Drops (Atropine Drops and Pipeline Products (CSF-1, AGN-190584, Nyxol, UNR844-Cl, PRX-100, MicroLine, and Others)), by Indication (Myopia and Presbyopia), by End User (Hospitals, Ophthalmic Clinics, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 52.7 Mn in 2021 and is expected to exhibit a CAGR of 74.3% during the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Companies operating in the market are focused on developing new and convenient treatment solutions for presbyopia and myopia, which is expected to drive the market growth over the forecast period. For instance, in September 2020, Visus Therapeutics Inc. announced the launch of clinical trial development program for a new eye drop designed for restoring the loss of nearby vision associated with common eye disorder presbyopia. It is amongst the most common cause of vision impairment in adults and affecting billions of individuals globally.
Global Myopia And Presbyopia Eye Drops Market– Impact of Coronavirus (COVID-19) Pandemic
COVID-19 pandemic has affected the economy in three main ways such as by directly affecting the production & demand; by creating disruptions in distribution channels; and through its financial impact on companies & financial markets.
The coronavirus pandemic has hampered the development, production, and supply of drugs and other healthcare products such as eye drops, and affected growth of healthcare businesses of various companies across the globe. Considering the implication of social distancing measures, the footfall in clinics and health institutions has fallen by over 70% during this pandemic. Owing to this, the adoption of digital health services has increased by three-fold. Hence, the travel restrictions imposed have negatively impacted the sales of ophthalmological drops, which is expected to affect the market growth.
Browse 27 Market Data Tables and 31 Figures spread through 178 Pages and in-depth TOC on “Global Myopia And Presbyopia Eye Drops Market”- Forecast to 2028, Global Myopia And Presbyopia Eye Drops Market, by Eye Drops (Atropine Drops and Pipeline Products (CSF-1, AGN-190584, Nyxol, UNR844-Cl, PRX-100, MicroLine, and Others)), by Indication (Myopia and Presbyopia), by End User (Hospitals, Ophthalmic Clinics, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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https://www.coherentmarketinsights.com/market-insight/myopia-and-presbyopia-eye-drops-market-4633
Moreover, market players are adopting organic growth strategies such as series financing, in order to expand their product portfolio and this is expected to drive growth of the Myopia And Presbyopia Eye Drops Market. For instance, in September 2020, Orasis Pharmaceuticals closed a US$ 30 million Series C financing/fundraising round. The funding was led by new investors such as Bluestem Capital and others. The funds raised are being utilized for the progression of the Orasis Pharmaceutical’s eye drop drug candidate, CSF-1 for the treatment of presbyopia symptoms through its Phase III clinical trials.
Key Takeaways of the Global Myopia And Presbyopia Eye Drops Market:
- Global Myopia And Presbyopia Eye Drops Market is expected to exhibit a CAGR of 74.3% during the forecast period, owing to development of robust pipeline of products by prominent players for targeting ophthalmological conditions such as myopia and presbyopia. For instance, in 2020, Eyenovia, Inc., a biopharmaceutical company, announced U.S. Food and Drug Administration (FDA) acceptance for its investigational new drug (IND) application for MicroLine. It is a proprietary pilocarpine formulation, which is used for improving near vision in patients suffering with presbyopia.
- On the basis of eye drops, atropine drops segment is estimated to account for largest market share in the global Myopia And Presbyopia Eye Drops Market in 2021. This is attributed to the increasing prevalence of myopia which is due to the exerting stress on eye muscles for clearer vision. Application of atropine drops dilate the pupils and temporarily paralyzes the focusing muscle inside the eye. Hence, owing to increasing application of atropine drops in treating myopia is expected to contribute in the segment’s largest share in 2021.
- Among indication, presbyopia segment is expected to witness fastest growth over the forecast period in the global Myopia And Presbyopia Eye Drops Market. The presence of robust pipeline products by several prominent players such as Orasis Pharmaceuticals, Presbyopia Therapies, LLC, and Ocuphire Pharma for treating presbyopia is expected to drive growth of the segment.
- On the basis of end user, ophthalmic clinics segment is estimated to hold a dominant position in the global Myopia And Presbyopia Eye Drops Market over the forecast period. The rising number of ophthalmic clinics across the world is expected to drive the segment growth during the forecast period.
- Among regions, Asia Pacific is expected to exhibit highest CAGR in the global Myopia And Presbyopia Eye Drops Market over the forecast period, owing to high research and development activities for developing the treatment for myopia, and this is expected to drive growth of the myopia & presbyopia eye drops market in Asia Pacific region. For instance, according to the research conducted by the researchers at the Chinese University of Hong Kong, in the children (suffering from myopia) aged 4 to 12 years and the children received randomly of 0.05%, 0.025%, or 0.01% of atropine, or placebo eye drops. The results shows that, low-concentration of atropine eye drops could reduce myopic progression for school children by up to nearly 70%, with much reduced side effects.
- Major players operating in the global myopia & presbyopia eye drops market include Orasis Pharmaceuticals, AbbVie Inc. (Allergan), Novartis AG, OSRX Pharmaceuticals, LENZ Therapeutics, Visus Therapeutics, Ocuphire Pharma Inc., Eyenovia, Inc., Vyluma Inc., and Jawa Pharmaceuticals (India) Pvt. Ltd.
