Myopia and Presbyopia Treatment Market to Surpass US$ 31.0 Billion by 2027 - Coherent Market Insights

Global Myopia And Presbyopia Treatment Market, by Disease Type (Myopia and Presbyopia), by Treatment Type (Prescription Lenses, Contact Lenses, Surgery, Medication, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 17.9 Billion in 2020 and is expected to exhibit a CAGR of 8.1% over the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.

High incidence rate of myopia and presbyopia is expected to drive the global myopia and presbyopia treatment market growth in the near future, For instance, according to the World Health Organization (WHO) estimation in 2015, the global prevalence of myopia and high myopia were estimated to affect 27% (1,893 Billion) and 2.8% (170 Billion) of the world population, respectively, in 2010. As per Brien Holden Vision lnstitute projection, the global prevalence of myopia and high myopia is estimated to be 33% and 4.0% in 2020 and in 2050, it is projected that myopia and high myopia will affect 52% (4,949 Billion) and 10.0% (925 Billion) of world population, respectively.

Browse 32 Market Data Tables and 28 Figures spread through 152 Pages and in-depth TOC on "Global Myopia And Presbyopia Treatment Market, by Disease Type (Myopia and Presbyopia), by Treatment Type (Prescription Lenses, Contact Lenses, Surgery, Medication, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2027"

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https://www.coherentmarketinsights.com/market-insight/myopia-and-presbyopia-treatment-market-4206

Manufacturers and various eye care institutes are engaged in the development of novel prescription lenses and eyewear, which can be used in the treatment of various eyesight related problems/conditions such as myopia and presbyopia. Thus, development of such novel products having potential to gain the U.S. FDA approvals is a robust opportunity for the market players to launch such products in the market. For instance, in November 2019, CooperVision, a manufacturer of soft contact lenses, received the U.S. FDA approval for its MiSight 1 day contact lens. The lens is designed for the management of myopia (to slow the progression of myopia). The company decided to launch the MiSight 1 day contact lens in the U.S. in March 2020.

Moreover, in November 2015, Bausch + Lomb Incorporated, a manufacturer and supplier of contact lenses, launched Lomb ULTRA contact lenses, which are new multifocal lenses, for presbyopia. The Bausch + Lomb ULTRA contact lenses is featured with MoistureSeal technology, and contains polyvinylpyrrolidone (PVP) for enhanced wettability, and have the highest Dk/t (163) and lowest modulus (70). Thus, such increasing product development and launches are driving the market growth.

Global Myopia and Presbyopia Treatment Market: Impact of COVID-19 Pandemic

The outbreak of the coronavirus (COVID-19) have impacted the eyewear industry, as it is facing some potential threats such as people with eye disorder such as myopia and presbyopia are not ready to leave there house or visit the eye clinics to get a routine eye exam. Also the patients are putting off medical their eye treatments unless it is absolutely necessary. This has decline the demand for eye wear products.

Key takeaways of the Global Myopia and Presbyopia Treatment Market:

• The global myopia and presbyopia treatment market is expected to exhibit a CAGR of 8.1% over the forecast period (2020–2027), owing to increasing approvals of contact and prescription lenses. For instance, in November 2019, Menicon Co., Ltd. received PMA approval from the U.S. Food and Drug Administration for its Menicon Z Night (tisilfocon A) Contact Lenses for Overnight Wear.
• LASIK surgery is one of the most prominent treatments for myopia and presbyopia. Thus, increasing number of LASIK (laser-assisted in situ keratomileusis) surgeries is expected to contribute to growth of the global myopia and presbyopia treatment market. For instance, according to the report published by SeedScientific (data gathered from multiple sources), in 2019, over 690,000 LASIK procedures were performed, globally.
• Major players operating in the global myopia and presbyopia treatment market include ALCON Inc., Bausch Health Companies Inc., EssilorLuxottica (Essilor Ltd.), Johnson & Johnson Vision, NIDEK CO. LTD., Topcon Corporation, Zeimer Ophthalmic Systems AG, and ZEISS International