Global Myopia & 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 & 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 & Presbyopia Eye Drops Market”- Forecast to 2028, Global Myopia & 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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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 & 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 & Presbyopia Eye Drops Market:
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