Myopia And Presbyopia Treatment Market Size, Share, Opportunities, And Trends By Disease Type (Myopia, Presbyopia), By Treatment Type (Prescription Lenses, Contact Lenses, Surgery, Medication), And By Geography - Forecasts From 2023 To 2028

The myopia and presbyopia treatment market was valued at US$19.8 billion in 2021 and is expected to grow at a CAGR of 12.75% during the forecast period.

The treatment options for myopia (nearsightedness) and presbyopia (age-related farsightedness) vary depending on the severity of the condition and individual factors. The growing prevalence of myopia and presbyopia along with the rising aging population are major growth drivers of myopia and presbyopia treatment market. Moreover, the changing lifestyle coupled with technological advancements and increasing treatment awareness among people is further expected to bolster myopia and presbyopia treatment market growth.

Growing Prevalence of Myopia and Presbyopia

The rising prevalence of myopia and presbyopia globally is a significant growth driver for myopia and presbyopia treatment market. For instance, currently, there are 2.6 billion having myopia worldwide according to the Myopia Focus Organization. Moreover, it estimates that more than 50% of the population will have myopia by 2050. According to the WHO, global productivity losses due to eye impairment are expected to cost US$411 billion annually, placing a significant financial burden on the whole world.

Aging Population

Presbyopia is more common as people age, increasing the need for corrective methods such as reading glasses, contact lenses, or surgical procedures. According to the WHO, most patients with visual impairment and blindness are over 50 years old. Therefore, the global increase in the aging population is expected to augment the presbyopia treatment market. According to the WHO, the percentage of people aged over 60 years worldwide will increase from 12% to 22% between 2015 and 2050. Moreover, life expectancy has improved from 66.8 years in 2000 to 73.3 years in 2019 as per the WHO report and the number of people aged 60 years or above is estimated to increase from 1 billion in 2020 to 1.4 billion in 2030.

Changing Lifestyle and Urbanization

An increased risk of myopia development has been linked to rapid urbanization and lifestyle changes. Myopia develops and progresses due to a variety of variables, including decreased outdoor time, an increase in close work activities (such as protracted digital device use), and environmental conditions in metropolitan environments. The rising shift towards this lifestyle, therefore, is anticipated to boost the myopia treatment market. For instance, around 92% of the UK population was active users of the Internet in 2019 as per the Office for National Statistics. Moreover, according to the WHO, around 80% of the global adolescent population was insufficiently physically active in 2022.

Technological Advancements

Advances in technology have led to the development of innovative treatment options for myopia and presbyopia thereby boosting the myopia and presbyopia treatment market. Advanced diagnostic tools are used in wavefront-guided therapies to identify the specific flaws and anomalies of the eye's optical system. Available treatment options for presbyopia are PRK, LASIK, SMILE, and lens-based correction implants. The pharmacologic treatments under development for presbyopia are AGN – 10584 by Allergan, CSF-1 by Orasis Pharmaceuticals, and BRIMOCHOL by Visus Therapeutics. Moreover, high-resolution imaging technologies, such as optical coherence tomography (OCT), provide detailed cross-sectional images of the eye, aiding in the diagnosis and monitoring of myopia and presbyopia.

Increasing Awareness Programs

Myopia and presbyopia are now more widely recognized as a result of increased knowledge about eye health, the accessibility of information through digital platforms, and campaigns encouraging eye care. This awareness drives individuals to seek treatment and therefore contemplated drive the myopia and presbyopia treatment market growth. For example, Alcon launched Project Presbyopia in April 2019 to educate eye care providers and consumers during presbyopia awareness month. Moreover, to raise awareness of the expanding myopia pandemic among children worldwide, BHVI launched Myopia Awareness Week for 2023 in May. This myopia awareness week program is being organized every year which was launched by BHVI in 2018.

Restraints in the Market

The myopia and presbyopia treatment market has experienced growth and development however some restraints or challenges can impact its expansion. For example, access to eye care services, particularly in underserved areas, can be a challenge, limiting the reach of treatment options. Moreover, some individuals may have concerns about the safety and efficacy of certain treatment options, particularly surgical procedures or novel technologies. These concerns can impact their decision-making process and willingness to pursue treatment thereby limiting the myopia and presbyopia treatment market growth. Additionally, the cost of myopia and presbyopia treatment can be a restraint for some individuals, especially in regions with limited healthcare coverage or where these treatments are not reimbursed by insurance.

North America is Expected to Grow Considerably

North America is expected to hold a significant share of the myopia and presbyopia treatment market during the forecast period. The factors attributed to such a share are a higher prevalence rate of myopia and presbyopia, increasing awareness, a rising aging population, and strong healthcare facilities. For example, around 58% of the population is estimated to have myopia in 2050 as per the Myopia Focus Organization. Moreover, the number of people aged 60 years or above are projected to reach 80.8 million by 2040 from 54.1 million in 2019 as per the CDC data.

Major Market Players

• Ziemer Ophthalmic Systems AG is a Swiss medical technology company that focuses on providing solutions for cataract surgery, refractive surgery, and corneal diagnostics. The company's flagship product, the Ziemer FEMTO LDV Z8, is a versatile femtosecond laser platform used by ophthalmic surgeons.
• ALCON Inc. is a global medical company that specializes in eye care products and technologies. ALCON offers phacoemulsification systems, such as the INFINITI® Vision System, used in cataract surgery. ALCON provides advanced laser platforms, such as the WaveLight® Refractive Suite, used in procedures like LASIK and PRK for the correction of refractive errors.
• Bausch Health Companies Inc. is a multinational specialty pharmaceutical company that focuses on various therapeutic areas, including eye health, dermatology, gastroenterology, and neurology. Bausch Health Companies manufactures and markets a variety of contact lenses under brands such as Bausch + Lomb.

Key Market Developments

• In October 2022, Eyenovia Inc. reported positive findings from its VISION-2 phase 3 research using MicroLine (Optejet device) as a possible topical, on-demand therapy for presbyopia.
• In June 2022, MaxiVision launched Teneo 317 Model 2 excimer laser for vision correction. It provides customized treatment for a wide range of patients having myopia, hyperopia,

Presbyopia, and astigmatism.

• In May 2021, Nevakar launched a new ophthalmic company named Vyluma. The newly launched company focuses on refractive errors in myopia, hyperopia, and presbyopia. NVK002 is Vyulma’s first product that slows the progression of myopia in children.

Segmentation:

• By Disease Type
  • Myopia
  • Presbyopia
• By Treatment Type
  • Prescription Lenses
  • Contact Lenses
  • Surgery
  • Medication
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others