April 21, 2024
Myopia And Presbyopia Eye Drops Market

Myopia And Presbyopia Eye Drops Market Estimated to Witness High Growth Owing to Increasing Prevalence of Vision Impairment

Myopia and presbyopia eye drops are topical ophthalmic solutions used to temporarily relieve or prevent symptoms of near- and farsightedness. These drops contain therapeutic agents such as cycloplegics and prostaglandin analogues that relax and stabilize the ciliary muscles of the eye, thereby enabling clear vision at various distances. Myopia and presbyopia affect a large portion of the global population, especially adults, thereby fueling the demand for affordable eye drop formulations. The growing awareness about vision correction options and favorable reimbursement scenario for eye care treatments are also contributing to the market growth.

The Global Myopia And Presbyopia Eye Drops Market is estimated to be valued at US$ 184.45 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the myopia and presbyopia eye drops are Johnson Controls, ATLASBX Co. Ltd., Exide Technologies, East Penn Manufacturing Co, Crown Battery Manufacturing Company, C&D Technologies INC., GS Yuasa Company, Leoch International Technology Ltd, Chaowei Power Holdings Limited, and Camel Group Co. Ltd., Hoppecke Batterien GmbH & Co. KG.

The Global Myopia And Presbyopia Eye Drops Market Size offers significant opportunities in terms of new product launches, as major companies are investing heavily in R&D to develop advanced formulations. Further, growing e-commerce sales of OTC eye drops and rising medical tourism in Asia Pacific are expected to boost the market growth.

Globally, the market is anticipated to witness high growth in the Asia Pacific region owing to rising healthcare expenditure, increasing aging population, and growing awareness about vision correction solutions. China, Japan and India are expected to be the key markets driving the regional demand.

Market drivers

The leading driver for the myopia and presbyopia drops market is the rapidly rising global prevalence of vision impairment disorders. As per WHO, nearly 2.2 billion people suffer from near- or farsightedness worldwide. Moreover, aging populations across countries have substantially increased the burden of presbyopia. Easy availability, affordable prices and minimal side effects of eye drops make them a widely preferred first-line treatment option over alternatives like prescription eyeglasses and contact lenses. These factors are expected to propel the growth of myopia and presbyopia eye drops market over the forecast period.

PEST Analysis

Political: The pricing and reimbursement policies related to eye drops formulated for myopia and presbyopia vary across countries and regions. Regulations related to clinical trials and product approvals influence new product launches.

Economic: The disposable incomes of consumers and overall economic growth directly impact spending on vision correction treatments. Improvements in access and affordability of myopia and presbyopia eye drops drive market expansion.

Social: Rising awareness about preventive eye care and vision conditions affects the adoption of prescribed and over-the-counter eye drops. Growth in smartphone and digital device usage increases eye strain and necessitates vision correction solutions.

Technological: Advancements in drug delivery technologies widen treatment options. Novel formulations providing sustained effectiveness and comfort enhance patient compliance. Continuous R&D aims to develop eye drops eliminating need for prescriptions or corrective lenses.

The market in terms of value is concentrated in regions with high disposable incomes and expenditure on healthcare, namely North America and Western Europe. The Asia Pacific region is growing at the fastest pace due to large population bases, increasing incomes, and expansion of health insurance coverage in several countries. Nations with large middle-income demographic cohorts like China and India represent major markets. Within the Asia Pacific, Southeast Asian nations are witnessing particularly strong growth as vision care become more accessible.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it