Myopia and Presbyopia Treatment Market to Achieve 9.5% CAGR: as per TMR Study

WILMINGTON, DE / ACCESSWIRE / June 8, 2023 / Transparency Market Research Inc. - The global myopia and presbyopia treatment market size stood at US$ 16.7 Bn in 2021 and is expected to be valued at US$ 45 Bn by 2032. The global industry is expected to expand at a CAGR of 9.5% between 2022 and 2032. More than 2 billion individuals throughout the world experience visual impairment.

In accordance with World Health Organization data, at least 1 billion individuals suffer from cataract, glaucoma, and short and farsightedness. As life expectancy has improved in the last 50 years, there has also been a rise in the number of elderly people, which is expected to double in the next 20 years. Age-related vision loss and blindness are on the rise. It is anticipated that there would be 90 million geriatric people living in the US by 2050, which is a more than twofold increase. Accordingly, presbyopia treatments are likely to increase among adults.

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Additionally, around 1.1 billion people suffered farsightedness or undiagnosed presbyopia in 2020. Therefore, aging of the population is expected to significantly increase in the need for myopia and presbyopia treatments. According to the WHO, one of the main causes of disability worldwide is impaired eyesight. Rural areas tend to have higher rates of eye issues, particularly among low-income individuals, women, the elderly, and members of racial and ethnic minorities. This demonstrates that a significant percentage of the world's population needs assistance for their eyes and other related needs, which is expected to drive market development.

Key Findings of Market Report

• Different eye parts could be affected by diabetes. Diabetes may have an impact on the early onset of farsightedness, nearsightedness, and presbyopia. The condition, which is often recognized as diabetic retinopathy, affects diabetic patients' eyesight and eventually results in blindness. This procedure has an impact on the retina's blood vessels. Additionally, the likelihood of developing additional eye conditions including cataracts and open-angle glaucoma has doubled in patients with diabetic retinopathy. The myopia and presbyopia treatment industry growth is projected to increase as more people are being diagnosed with diabetes.
• The use of corrective lenses to enhance eyesight has increased, and this use is predicted to increase at a CAGR of 11% between 2022 and 2032. Very few individuals plan to have surgery instead of using glasses or contact lenses to fix their eyesight. People typically choose to wear glasses or contacts instead of other vision correction techniques such as surgery or prescription medicines due to the potential adverse effects of surgeries. Consequently, demand for vision correction using contact lenses and glasses is likely to remain high in the years to come.

Global Myopia and Presbyopia Treatment Market: Growth Drivers

• Increasing innovations and surge in FDA approval of novel treatments have fueled the emphasis on vision preservation and development of a wide variety of opportunities for enhanced vision and eye health. Use of cutting-edge technology and sophisticated instruments designed to save the time required for half of the procedures have meant that people presently enjoy superior eye care services. Even contact lens-based methods have been developed that can track eye pressure over the course of the day and provide clues about treatment effectiveness, providing information on the patient's kind of glaucoma. Innovations in gene therapy, stem cell therapy, as well as the strategy of implanting sensors in the eye are a few of the latest developments that are expected for myopia and presbyopia treatment in the future.

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Global Myopia and Presbyopia Treatment Market: Regional Landscape

• Treatments for myopia and presbyopia are particularly widespread in North America. Business growth of the North America market is anticipated at a CAGR of 9.7% from 2022 to 2032. A staggering 128 million Americans have presbyopia, which is an extremely common eye disorder. Growing number of myopia and presbyopia cases, higher contact lens use, and surgery are all key factors contributing to its market demand. Additionally, advances in eye care technology are rising patient awareness are also boosting market development in North America.

Global Myopia and Presbyopia Treatment Market: Key Players

Some of the key players in the global myopia and presbyopia treatment market are as follows

• Bausch & Lomb Incorporated
• Johnson & Johnson Vision
• Ziemer Ophthalmic Systems AG
• Regeneron Pharmaceuticals Inc.
• Carl Zeiss AG
• Haag-Streit UK

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Global Myopia and Presbyopia Treatment Market: Segmentation

Type

• Corrective
• Surgical
• Drugs

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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