Myopia and Presbyopia Treatment Market: Outbreak of COVID-19 is expected to spur market growth at a healthy CAGR of 8.1% in 2028 | ALCON, Bausch Health Companies, EssilorLuxottica (Essilor Ltd.), Johnson & Johnson Vision – Tips & Results

The outbreak of COVID-19 is expected to spur the growth of the myopia and presbyopia treatment market

The global myopia and presbyopia treatment market is valued at US$17.9 billion in 2020 and is projected to grow at a CAGR of 8.1% during the forecast period (2020-2027) as per a new report by Coherent Market Insights is highlighted.

Market overview:

Myopia is an eye condition in which light is focused in front of the retina instead of on it. This causes distant objects to appear blurry while close objects appear normal. While presbyopia is the gradual loss of the eyes ability to focus on close objects. It’s a natural, often annoying part of aging. Glasses and contact lenses are the best treatment options for myopia, and the only permanent treatment option for myopia is refractive surgery. Treatment options include wearing corrective glasses or contact lenses, refractive surgery, or lens implants for presbyopia. In addition, medicated eye drops are emerging as a new treatment method for myopia and presbyopia.

Competitive landscape:

Major Players in Global Myopia and Presbyopia Treatment Market are: Among others ALCON Inc., EssilorLuxottica (Essilor Ltd.), NIDEK CO. LTD., Johnson & Johnson Vision, Topcon Corporation, ZEISS International, Zeimer Ophthalmic Systems and Bausch Health Companies Inc.

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

Key Market Drivers:

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

Additionally, increasing research and development, increasing people’s awareness of available treatments, and a robust product pipeline are some key factors expected to boost the growth of Myopia and Presbyopia Treatment Market. For example, in October 2021, CooperVision announced a new US education initiative called Take Control: Myopia & You to raise awareness and encourage parents to schedule eye exams for their children.

COVID-19 Impact Analysis:

The importance of time spent in outdoor activities has decreased due to the house arrests for the 2019 coronavirus disease (COVID-19) pandemic. Spending less time outdoors and spending 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 treatments worldwide, which in turn should contribute to the growth of the market.

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

The central theses:

• The Myopia and Presbyopia Treatment Market is anticipated to register a CAGR of XX% during the forecast period owing to the increasing geriatric population. Presbyopia usually becomes apparent in the early to mid-40s and worsens by the age of around 65. For example, according to the World Health Organization (WHO), by 2030 one in six people in the world will be aged 60 or over, and by 2050 the world population aged 60 and over will double (2.1 billion).
• Among the regions, North America, Europe and Asia-Pacific are expected to see robust growth in the market for myopia due to increasing prevalence of myopia, increasing presbyopia prevalence, continuous product development, rising awareness among people and rising numbers Myopia and presbyopia treatments are recorded from product launches in these regions.

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

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