DUBLIN–(BUSINESS WIRE)–March 9, 2022–
The Myopia and Presbyopia Treatment Market was valued at USD 21,668.48 Million in 2020, and it is expected to witness a CAGR of 5.11% over the forecast period.
The myopia and presbyopia market is currently growing at a healthy rate, which is mainly associated with the growing number of visually impaired people and the rapid growth of the geriatric population globally.
The COVID-19 pandemic is an unprecedented health issue negatively affecting communities, industries, businesses and lives around the world.
Great damage has been observed in people’s eyesight due to increased screen time. For example, according to a survey report published in July 2021 by British company Feel Good Contacts, in 2020, due to the lockdown, Indians suffered maximum damage to eyesight due to increased screen.
About 27.5 million Indians, or about 23% of the population, have reported that their eyesight is weakening due to excessive screen time. Additionally, the Progression of Myopia in School-Aged Children After COVID-19 Home Confinement study noted a substantial change in myopia (0.3 diopters) after home confinement in children aged 6–8 years.
The prevalence of myopia decreased from 1.4 to 3 in 2020 compared to the previous five years worldwide. The prevalence of visual impairment problems such as myopia is increasing globally at an alarming rate, with a significant increase in the risks of visual impairment due to pathological conditions associated with high myopia, including retinal damage, cataracts and glaucoma.
These diseases lead to an increased incidence of visual impairment. The demand for treatment options, such as contact, concave or prescription lenses, has increased dramatically around the world.
The governments of various countries are focusing on improving the flow of patients, for which they are also planning to increase the number of eye clinics. The growing number of eye clinics is increasing the rise in the procedural volume of eye surgeries, favoring the studied market.
Myopia is expected to hold a major market share in the disease type segment
Various factors are responsible for the increase in cases of myopia, including the reduction in time spent outdoors and the increase in urbanization rates. Rising geriatric population and prevalence of visual impairments and other eye conditions are also likely to lead to a substantial increase in the number of people in need of eye care globally, thereby supplementing the growth of the market.
According to the World Vision Report 2019 published by the World Health Organization, the annual global costs of lost productivity associated with visual impairment due to uncorrected myopia have been estimated at $244 billion.
Several treatment options effectively correct blurred vision caused by myopia, including corrective lenses and refractive surgeries. Thus, considering the increase in 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 the same during the forecast period
North America holds the largest market share and Asia-Pacific is experiencing the fastest growth. Developed healthcare infrastructure and availability of advanced treatment options in the North American region augments the market growth.
The growth of the market is also attributed to the presence of various key players in the market, increasing cases of myopia and presbyopia, high adoption of contact lenses and surgical options in the region. Additionally, recent product launches, growing number of optometrists, and growing awareness of available treatment options are fueling the growth of the market.
- ALCON inc.
- Bausch Health Companies Inc.
- Essilor Luxottica (Essilor Ltd)
- Johnson & Johnson Vision
- NIDEK CO. LTD
- Topcon Corporation
- Zeimer Ophthalmic Systems AG
- Carl Zeiss Meditec SA
- Regeneron Pharmaceuticals Inc.
- Orasis Pharmaceuticals
- Cooper Companies Inc.
Laura Wood, Senior Press Officer
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INDUSTRY KEYWORD: HEALTH PHARMACEUTICALS
SOURCE: Research and Markets
Copyright BusinessWire 2022.
PUB: 03/09/2022 10:30 a.m. / DISC: 03/09/2022 10:32 a.m.
Copyright BusinessWire 2022.