Global MyopiaAnd Presbyopia Treatment Market, by Disease Type (Myopia and Presbyopia),by Treatment Type (Prescription Lenses, Contact Lenses, Surgery, Medication,and Others), and by Region (North America, Latin America, Europe, Asia Pacific,Middle East, and Africa), is estimated to be valued at US$ 17.9 Billion in 2020and is expected to exhibit a CAGR of 8.1% over the forecast period (2020-2027),as highlighted in a new report published by Coherent Market Insights.
High incidence rate of myopia andpresbyopia is expected to drive the global myopia and presbyopia treatmentmarket growth in the near future, For instance, according to the World HealthOrganization (WHO) estimation in 2015, the global prevalence of myopia and highmyopia were estimated to affect 27% (1,893 Billion) and 2.8% (170 Billion) ofthe world population, respectively, in 2010. As per Brien Holden Visionlnstitute projection, the global prevalence of myopia and high myopia isestimated to be 33% and 4.0% in 2020 and in 2050, it is projected that myopiaand high myopia will affect 52% (4,949 Billion) and 10.0% (925 Billion) of worldpopulation, respectively.
Browse 32 Market Data Tables and28 Figures spread through 152 Pages and in-depth TOC on "Global Myopia AndPresbyopia Treatment Market, by Disease Type (Myopia and Presbyopia), byTreatment Type (Prescription Lenses, Contact Lenses, Surgery, Medication, andOthers), and by Region (North America, Latin America, Europe, Asia Pacific, MiddleEast, and Africa) - Global Forecast to 2027"
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Manufacturers and various eyecare institutes are engaged in the development of novel prescription lenses andeyewear, which can be used in the treatment of various eyesight relatedproblems/conditions such as myopia and presbyopia. Thus, development of suchnovel products having potential to gain the U.S. FDA approvals is a robustopportunity for the market players to launch such products in the market. Forinstance, in November 2019, CooperVision, a manufacturer of soft contactlenses, received the U.S. FDA approval for its MiSight 1 day contact lens. Thelens is designed for the management of myopia (to slow the progression ofmyopia). The company decided to launch the MiSight 1 day contact lens in theU.S. in March 2020.
Moreover, in November 2015,Bausch + Lomb Incorporated, a manufacturer and supplier of contact lenses,launched Lomb ULTRA contact lenses, which are new multifocal lenses, forpresbyopia. The Bausch + Lomb ULTRA contact lenses is featured withMoistureSeal technology, and contains polyvinylpyrrolidone (PVP) for enhancedwettability, and have the highest Dk/t (163) and lowest modulus (70). Thus,such increasing product development and launches are driving the market growth.
Global Myopia and PresbyopiaTreatment Market: Impact of COVID-19 Pandemic
The outbreak of the coronavirus(COVID-19) have impacted the eyewear industry, as it is facing some potentialthreats such as people with eye disorder such as myopia and presbyopia are notready to leave there house or visit the eye clinics to get a routine eye exam.Also the patients are putting off medical their eye treatments unless it isabsolutely necessary. This has decline the demand for eye wear products.
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Key takeaways of the GlobalMyopia and Presbyopia Treatment Market:
The global myopia and presbyopiatreatment market is expected to exhibit a CAGR of 8.1% over the forecast period(2020–2027), owing to increasing approvals of contact and prescription lenses.For instance, in November 2019, Menicon Co., Ltd. received PMA approval fromthe U.S. Food and Drug Administration for its Menicon Z Night (tisilfocon A)Contact Lenses for Overnight Wear.
LASIK surgery is one of the mostprominent treatments for myopia and presbyopia. Thus, increasing number ofLASIK (laser-assisted in situ keratomileusis) surgeries is expected tocontribute to growth of the global myopia and presbyopia treatment market. Forinstance, according to the report published by SeedScientific (data gatheredfrom multiple sources), in 2019, over 690,000 LASIK procedures were performed,globally.
Major players operating in theglobal myopia and presbyopia treatment market include ALCON Inc., Bausch HealthCompanies Inc., EssilorLuxottica (Essilor Ltd.), Johnson & Johnson Vision,NIDEK CO. LTD., Topcon Corporation, Zeimer Ophthalmic Systems AG, and ZEISSInternational
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