Myopia and Presbyopia Treatment Market: Outbreak of COVID-19 Is Expected to Boost Market Growth With Healthy CAGR of 8.1% 2028 | ALCON, Bausch Health Companies, EssilorLuxottica (Essilor Ltd.), Johnson & Johnson Vision

Outbreak of COVID-19 Is Expected to Boost Myopia and Presbyopia Treatment Market Growth

The global myopia and presbyopia treatment market is estimated to be valued at US$ 17.9 Billion in 2020 and 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.

Market Overview:

Myopia is an eye disorder where light focuses in front of, instead of on, the retina. This causes distant objects to appear blurry while close objects appear normal. Whereas, presbyopia is the gradual loss of the eyes’ ability to focus on nearby objects. It’s a natural, often annoying part of aging. Eyeglasses and contact lenses are the best treatment options for myopia, and the only permanent treatment option for myopia is refractive surgery. While, treatment options include wearing corrective eyeglasses or contact lenses, undergoing refractive surgery, or getting lens implants for presbyopia. Moreover, eye drops containing medication are emerging as a new treatment for myopia and presbyopia.

Competitive Landscape:

Major players operating in the global myopia and presbyopia treatment market are ALCON Inc., EssilorLuxottica (Essilor Ltd.), NIDEK CO. LTD., Johnson & Johnson Vision, Topcon Corporation, ZEISS International, Zeimer Ophthalmic Systems, and Bausch Health Companies Inc., among others.

𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐑𝐞𝐩𝐨𝐫𝐭: (𝐈𝐧𝐜𝐥𝐮𝐝𝐢𝐧𝐠 𝐅𝐮𝐥𝐥 𝐓𝐎𝐂, 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐓𝐚𝐛𝐥𝐞𝐬 & 𝐅𝐢𝐠𝐮𝐫𝐞𝐬, 𝐂𝐡𝐚𝐫𝐭) @ https://www.coherentmarketinsights.com/insight/request-pdf/4206

Key Market Drivers:

Increasing demand for myopia and presbyopia treatment due to high prevalence of myopia and presbyopia is expected to propel growth of the myopia and presbyopia treatment market during the forecast period. For instance, in May 2019, Menicon announced the launch of the Menicon Bloom Myopia Control Management System, a holistic approach for myopia management. The launch features the initial introduction of Menicon Bloom Night, an orthokeratology contact lens therapy for myopia control management.

Moreover, increasing research and development, increasing awareness among people about available treatments, and robust product pipeline are some major factors expected to augment the growth of the myopia and presbyopia treatment market. For instance, in October 2021, CooperVision announced a new U.S. education initiative called ‘Take Control: Myopia & You’ to increase awareness and encourage parents to schedule eye exams for their children.

COVID-19 Impact Analysis:

Importance time spent in outdoor activities has decreased owing to home confinement for the coronavirus disease 2019 (COVID-19) pandemic. Spending less time outdoors and more hours looking at screens during the pandemic contributed to an increase in myopia among children. The prevalence of childhood myopia has increased during the pandemic. Therefore, there is an increasing demand for myopia treatment around the world, which in turn is expected to aid in the growth of the market.

𝐅𝐨𝐫 𝐌𝐨𝐫𝐞 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐨𝐫 𝐐𝐮𝐞𝐫𝐲 𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠, 𝐕𝐢𝐬𝐢𝐭 𝐚𝐭 – https://www.coherentmarketinsights.com/insight/talk-to-analyst/4206

Key Takeaways:

• The myopia and presbyopia treatment market is expected to exhibit a CAGR of XX % during the forecast period owing to the increasing geriatric population. Presbyopia usually becomes noticeable in your early to mid-40s and continues to worsen until around age 65. For instance, according to the World Health Organization (WHO), by 2030, 1 in 6 people in the world will be aged 60 years or over, and by 2050, the world’s population of people aged 60 years and older will double (2.1 billion).
• Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the myopia and presbyopia treatment market owing to the increasing prevalence of myopia, increasing prevalence of presbyopia, continuous product developments, rise in awareness among people, and increasing number of product launches in these regions.

For instance, in October 2021, Allergan, an AbbVie company, received the U.S. Food and Drug Administration (USFDA) approval for VUITY (pilocarpine HCl ophthalmic solution) for the treatment of presbyopia in adults.

Moreover, in May 2021, Johnson & Johnson Vision received FDA approval for its myopia management product, Acuvue Abiliti Overnight Therapeutic Lenses.