Myopia, commonly known as nearsightedness, and presbyopia are increasingly prevalent eye disorders affecting people across age groups. Myopia generally occurs when the eyes grow too long or the cornea is too steep, causing distant objects to appear blurry. It is usually correctable with glasses or contact lenses. On the other hand, presbyopia is the age-related hardening of the eye’s lens, which makes it tougher to focus on nearby objects and leads to difficulties with everyday tasks such as reading. It is often addressed using reading glasses, bifocals, or progressive lenses.
The global myopia and presbyopia treatment market is growing due to expanding aging demographics globally. As per estimates, over 1.8 billion people may suffer from myopia by 2050. Presbyopia also affects nearly everyone above the age of 40. Moreover, extensive use of digital displays for work and leisure has been linked to increased myopia prevalence rates in both children and adults. New research is being conducted on medications and devices to slow the progression of myopia and potentially reverse its effects over time. The development of advanced ophthalmic lenses, surgical procedures such as corneal inlays, and targeted drug therapies are further fuelling the market growth. The global Myopia and Presbyopia Treatment Market is estimated to be valued at US$ 24.4 Bn in 2023 and is expected to exhibit a CAGR of 14. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
One of the major trends in the Global myopia and presbyopia treatment market size is the increasing popularity of multifocal contact lenses. Traditional bifocal or progressive lenses focus only at two or three predefined distances. However, multifocal contact lenses distribute vision across a continuous range of distances. They are gaining traction among professionals whose work requires viewing both distant and near objects. In addition, advancements are being made in developing extended depth of focus lenses that maintain clear vision from distance to intermediate ranges without the need for additional add power. Their growing adoption is anticipated to drive the market during the forecast period.
Threat of new entrants: The threat of new entrants is moderate as the biologics manufacturing industry requires substantial investments in R&D and complex manufacturing infrastructure which makes entry difficult.
Bargaining power of buyers: The bargaining power of buyers is moderate as large biopharmaceutical companies have significant bargaining power due to bulk purchasing. However, the demand for biologics is growing rapidly which increases the revenue opportunities for manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as the inputs for biologics manufacturing such as media, buffers, and filtration equipment are available from numerous global suppliers. However, suppliers of specialized equipment can negotiate better terms.
Threat of new substitutes: The threat of new substitutes is low as biologics have minimal chemical alternatives for treating chronic diseases. Novel drug delivery techniques may pose a moderate threat in the long run.
Competitive rivalry: The competitive rivalry is high due to the presence of numerous global and local players offering similar production and testing services. Manufacturers compete based on technological capabilities, success rates, pricing and other value-added services.
The global myopia and presbyopia treatment market is expected to witness high growth.
The market in the Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rising disposable incomes, growing awareness and increasing prevalence rates in the region. China, India and other Southeast Asian countries are likely to be the major revenue generators in the region.
Key players operating in the myopia and presbyopia treatment market include Wuxi Biologics, Clean Cell Inc., Sartorius AG, Pall Corporation, Merck KgaA, Lonza Group Ltd., General Electric Company, Thermo Fischer Scientific Inc., Asahi Kasei Medical Co. Ltd., and Charles River Laboratories International Inc., among others. Wuxi Biologics is one of the leading CMOs offering end-to-end biologics manufacturing services. Sartorius AG provides specialized bioprocess solutions and technologies required for developing and producing biopharmaceuticals.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it