The Myopia and Presbyopia Treatment Market is expected to witness a CAGR of 4.25% during the forecast period. The market for myopia and presbyopia is currently growing with a healthy rate which is majorly associated with the rising number of people suffering from vision impairment and the rapid growth in geriatric population across the globe.
The prevalence of vision impairment issues such as myopia is increasing globally at an alarming rate, with significant increases in the risks for vision impairment from pathologic conditions associated with high myopia, including retinal damage, cataract, and glaucoma. These diseases are causing elevation in the incidence of visual impairment in the people, due to which the demand for the treatment options, like contact lens, concave lens, or prescription lenses, have increased a lot across the world.
In addition, the government of the various countries are focusing on improvement of the patient flow for which they are also considering to increase the number eye clinics. The increasing eye clinics are augmenting the rise in procedural volume of eye surgeries which is a favourable factor for the market studied.
Key Market Trends
Myopia is Expected to Hold Significant Market Share in the Disease Type Segment
There are various factors responsible for the rising cases of myopia and some of them are reduced time spent outdoors, increased near work and increased rates of urbanization, among other factors. The rising geriatric population across the globe and the fact that the prevalence of vision impairment and many eye conditions increases in older age, will also lead to a substantial increase in the number of people that need eye care globally which will supplement the growth of the market.
Furthermore the annual global costs of productivity losses associated with vision impairment from uncorrected myopia alone were estimated to be USD 244 billion, as per the World Report On Vision 2019 published by World Health Organization. There are alos several treatment options available that effectively correct the blurred vision caused by myopia and some of them are corrective lenses and refractive surgery. Thus, considering the rising cases of myopia the market is expected to witness high growth over the forecast period.
North America Dominates the Market and is Expected to do Same in the Forecast Period
North America is the region with largest market share and Asia-Pacific is witnessing the fastest growth. Developed healthcare infrastructure and availability of advanced treatment options in the North America region are augmenting the growth of the market studied.
The growth of the market is also attributed due to the presence of various key market players, increasing people with myopia and presbyopia and high adoption of contact lens, contact lenses and surgery as the treatments in the region. Moreover the recent product launches, growing number of optometrists and increasing awareness regarding available treatment options are fueling the market growth.
The global Myopia and Presbyopia Treatment market is highly competitive and consists of a number of major players. Companies like ALCON Inc., Bausch Health Companies Inc, Johnson & Johnson Vision, Topcon Corporation, Zeimer Ophthalmic Systems AG, among others, hold the substantial market share in the Myopia and Presbyopia Treatment market.
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