The global myopia and presbyopia treatment market is predicted to be worth US$ 17.9 billion, growing at a CAGR of 8.5% between 2022 and 2032. By the end of 2032, the market share for myopia and presbyopia treatments is projected to be worth roughly US$40.5 billion.
According to the ‘World Report on Vision 2019’ issued by the World Health Organization, the yearly global costs of productivity losses linked with vision impairment from untreated myopia alone were projected to be US$ 244 Billion. In comparison to the preceding five years, the prevalence of myopia has climbed from 1.4% to 3% as revealed by myopia and presbyopia treatment market analysis report in 2020. As an inference, given the increase in myopia instances, the overall myopia and presbyopia treatment market is anticipated to rise rapidly over the next years.
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Increasing government funding for conditions that cause visual impairment could help myopia and presbyopia treatment market size develop more broadly during the projected period. Additionally, the ability to prevent significant health problems including glaucoma, cataracts, and retinal damage if the condition is identified and treated early enough is also expected to fuel the expansion of the worldwide myopia and presbyopia treatment market during the projection period.
The myopia and presbyopia market growth is favored due to the rapid improvement in the treatment procedures and the expansion of eye clinics. Increase in the prevalence of visual impairments and brought on by these disorders and are observed to be boosting the global myopia and presbyopia treatment market share.
Higher use of contact lenses among the younger generation of present age, as well as surgical alternatives across the countries have boosted the myopia and presbyopia treatment business significantly. Furthermore, the myopia and presbyopia treatment market opportunities is expanding as a consequence of technological introductions, an increase in optometrists, and rising consumer knowledge of available treatment alternatives.
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Key Takeaways from Myopia and Presbyopia Treatment Market Study
- The overall growth of the global myopia and presbyopia treatment market is estimated to be around US$ 20.6 Billion over the forecasted years of 2022 to 2032 by following the average CAGR of 8.5%.
- The net worth of the myopia and presbyopia treatment market size is predicted to reach around a valuation of US$ 40.5 Billion by the end of the year 2032.
- In the myopia treatment market segment, the single prescription treatment is the dominating category of the overall market with revenue share of more than 30% generated globally.
- In the presbyopia treatment category, the prescription lenses segment holds the largest share of more than 25% of the revenue generated globally.
- Among the broad geographical regions, US myopia and presbyopia treatment market leads the target market with a strong foundation and infrastructure for the technological innovations pertaining to ocular treatment.
Competitive Landscape
Some of the well-known myopia and presbyopia treatment market players are Ziemer Ophthalmic Systems AG, NIDEK CO., LTD., Johnson & Johnson Vision, Essilor Ltd., Zeiss International, ALCON VISION LLC, Bausch & Lomb Incorporated, Haag-Streit UK, and Topcon Corporation among others.
Recent Developments in the Global Myopia and Presbyopia Treatment Market:
- CooperVision began the Take Control: Myopia & You education campaign in October 2021 with the goal of raising attention and inspiring parents to seek eye checkups for their kids mostly in United States.
- The Max orthokeratology lens from Euclid Systems Corp. was introduced in June 2021 that is intended to momentarily decrease myopia incidences.
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Myopia and Presbyopia Treatment Market by Segmentation
By Myopia Treatment Type:
- Corrective
- Prescription Lenses
- Single
- Bifocal
- Trifocal
- Others
- Contact Lenses
- Prescription Lenses
- Surgical
- Drugs
By Presbyopia Treatment Type:
- Prescription Lenses
- Reading Glasses
- Bifocals
- Trifocals
- Progressive Multifocal
- Office Progressives
- Contact Lenses
- Bifocal
- Multifocal
- Monovision
- Modified Monovision
- Intraocular Lenses
- Refractive Surgery
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