Global Myopia and Presbyopia Treatment Market to surpass US$ 31.0 Billion by 2027, Says Coherent Market Insights (CMI)

SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, 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% during the forecast period (2020-2027).

Key Trends and Analysis of the Global Myopia and Presbyopia Treatment Market:

Increasing product launches of prescription and contact lenses for the treatment of myopia and presbyopia is expected to significantly drive the market growth. For instance, in September 2019, BVI, through its PhysIOL subsidiary, launched FineVision Triumf EDOF trifocal presbyopia correcting intraocular lens for patients undergoing cataract surgery, in the Europe myopia and presbyopia treatment market.

Moreover, increasing product approvals by the U.S. Food and Drug Administration is another factor driving growth of the market. In November 2019, CooperVision, a manufacturer of soft contact lenses, received the U.S. FDA approval for its MiSight 1 day contact lens. The lens is designed for the management of myopia (to slow the progression of myopia). The company decided to launch the MiSight 1 day contact lens in the U.S. in March 2020.

According to the World Health Organization (WHO) estimation in 2015, the global prevalence of myopia and high myopia were estimated to affect 27% (1,893 Billion) and 2.8% (170 Billion) of the world population, respectively, in 2010. And as per Brien Holden Vision lnstitute projection, the global prevalence of myopia and high myopia is estimated to be 33% and 4.0% in 2020 and in 2050, it is projected that myopia and high myopia will affect 52% (4,949 Billion) and 10.0% (925 Billion) of world population, respectively. This increasing prevalence may lead to increased demand for lenses and eyewear used in the treatment of myopia and presbyopia.

Among region, Asia Pacific myopia and presbyopia treatment market is expected to exhibit significant growth, owing to presence of key players such as Menicon Co., Ltd. in the region. For instance, in May 2019, Menicon Co., Ltd., a company based in Kyōichi Tanaka, Japan, launched Menicon Bloom Myopia Control Management System, Menicon Bloom Night, an orthokeratology contact lens therapy for myopia control management.

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Key Market Takeaways:

The global myopia and presbyopia treatment market is expected to exhibit a CAGR of 8.1% during the forecast period (2020-2027), owing to increasing number of product launches for prescription and contact lenses. For instance, in September 2018, OPHTEC BV launched a new IOL concept for the correction of presbyopia with an optic using the patented Continuous Transitional Focus (CTF) technology.

Among disease type, myopia segment is expected to witness significant growth in the global myopia and presbyopia treatment market, owing to increasing cases of myopia in key regions. global myopia and presbyopia treatment market.

Competitive Landscape:

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

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Market Segmentation:

• Global Myopia And Presbyopia Treatment Market, By Disease Type :
  • Myopia
  • Presbyopia
• Global Myopia And Presbyopia Treatment Market, By Treatment Type
  • Prescription Lenses
  • Contact Lenses
  • Surgery
  • Medication
  • Others
• Global Myopia And Presbyopia Treatment Market, By Region:
  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • Italy
    • Spain
    • France
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Australia
    • India
    • China
    • Japan
    • ASEAN
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Middle East
    • GCC
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • Central Africa
    • North Africa

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