by The Myopia And Presbyopia Eye Drops Market is estimated to be valued at US$ 160.11 Mn in 2023 and is expected to exhibit a CAGR of 74.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Myopia and presbyopia are common eye conditions caused due to refractive errors and the aging process of the eye, respectively. Myopia is a vision condition where the eyes have difficulty focusing on distant objects, most likely caused due to genetics. Presbyopia is characterized by reduced ability of the eye lens to sharply focus images on the retina as close-up objects due to the aging of the eye lens. Eye drops for myopia and presbyopia aim to temporarily relieve or reduce symptoms without corrective lenses or surgery. Some key ingredients in myopia and presbyopia eye drops include atropine, pirenzepine, optical stabilizers etc.
Market Dynamics:
Growing prevalence of myopia and presbyopia worldwide coupled with rising geriatric population are major factors driving growth of the myopia and presbyopia eye drops market. According to a report by the World Health Organization, around 50% of the world’s population is expected to be either myopic or presbyopic by the year 2050. Moreover, technological advancements in eye drop formulations using ingredients like ligands, optical stabilizers etc. to provide longer duration of action are also fueling market growth. However, potential side effects of prolonged use of eye drops and preference of corrective lenses over medication may restrain market growth.
Segment Analysis
The myopia and presbyopia eye drops market can be segmented into myopia eye drops and presbyopia eye drops. Myopia eye drops dominate the market as myopia is more prevalent type of refractive error compared to presbyopia. Myopia eye drops account for around 60% of the total market share mainly due to large patient pool suffering from myopia globally.
PEST Analysis
Political: Governments across various countries are supporting initiatives aimed at creating awareness and R&D related to ocular disorders. This is positively impacting the market.
Economic: Rising income levels and growing awareness about vision correction options are driving the demand for eye care products.
Social: Increased screen time and busy lifestyle are leading to higher incidence of myopia and presbyopia at younger ages, thus fuelling the market growth.
Technological: Advancements in drug delivery techniques have enabled development of combinations eye drops for simultaneous treatment of myopia and presbyopia. This is attracting more customers.
Key Takeaways
The global Myopia And Presbyopia Eye Drops Market Growth is expected to witness high growth, exhibiting CAGR of 74% over the forecast period, due to increasing awareness about eye care and growing middle class population worldwide with higher disposable income. The market size for 2023 is estimated to be US$ 160.11 Mn.
Regional analysis indicated Asia Pacific region dominating the market primarily due to large patient pool, increasing healthcare expenditure, and growing middle class in developing countries such as India and China. North America is also projected to exhibit significant growth owing to research collaborations and early adoption of new treatment options in the region.
Key players operating in the myopia and presbyopia eye drops market are Orasis Pharmaceuticals, AbbVie Inc. (Allergan), Novartis AG, OSRX Pharmaceuticals, LENZ Therapeutics, Visus Therapeutics, Ocuphire Pharma Inc., Eyenovia, Inc., Vyluma Inc., and Jawa Pharmaceuticals (India) Pvt. Ltd. Companies are investing in R&D to develop novel drugs and combinations for better management of refractive errors like myopia and presbyopia.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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