Originally published on Technavio:Myopia and Presbyopia Treatment Market Analysis Asia, North America, Europe, Rest of World (ROW) - US, Canada, Germany, China, Japan - Size and Forecast 2023-2027
The increasing global awareness of vision care is propelling the myopia and presbyopia treatment market. Factors such as technological advancements, prolonged screen time, and initiatives in high-prevalence regions like China and South Korea emphasize the need for early intervention. Elevated healthcare spending and a heightened understanding of the impact on daily life are compelling individuals to seek professional treatment for these vision issues. The market is witnessing growth due to the rising recognition that myopia and presbyopia can significantly affect the quality of life, prompting people to actively seek solutions.
Segmentation by Type and Geography Analysis
The market share of the Myopia treatment segment is projected to experience significant growth during the forecast period, playing a pivotal role globally. Corrective lenses, such as eyeglasses or contacts, are commonly used to redirect light onto the retina, enhancing vision. Refractive surgery, like LASIK, reshapes the cornea, reducing or eliminating the need for glasses. Orthokeratology involves the overnight use of special lenses for temporary vision correction. Emerging myopia control strategies, including multifocal contact lenses, aim to slow progression, with some demonstrating nearly 50% effectiveness in children according to the NIH. These advancements are expected to drive the demand for myopia treatment, particularly in the market.
Regional Analysis
Asia's eye care market demonstrates growth despite challenges such as high therapeutic costs and limited healthcare infrastructure. Marginal growth is anticipated due to the approval of treatments and increased initiatives to raise awareness of eye disorders like myopia and presbyopia. The region's primary driver is the growing awareness of eye diseases. Initiatives like World Sight Day and myopia awareness campaigns in India contribute to overcoming the lack of awareness. Collaborations for the development of eye disease therapies, such as Arctic Vision's partnership with Eyenovia, indicate the region's commitment to advancing eye care. Approvals for therapeutics, like Entod Pharmaceuticals' phase 3 trials for atropine eye drops, signal a positive trajectory for Asia's eye care market during the forecast period.
Key Drivers
A significant surge in demand is observed in the market, primarily driven by the aging population seeking vision correction. Lifestyle changes, technological advancements, and increased awareness of vision disorders contribute to this upswing. The aging global population is susceptible to myopia and presbyopia, fueling the need for treatment options. Modern lifestyles, characterized by prolonged screen time, exacerbate vision issues, prompting more individuals to seek corrective measures. Technological advancements, including laser surgeries and implantable lenses, offer effective and convenient solutions, contributing to the rising demand. Moreover, increased awareness campaigns by governments and healthcare organizations encourage early detection and treatment, further boosting market growth.
Significant Trends
The market is undergoing a transformation with the introduction of multifocal intraocular lenses. Examples like Alcon's AcrySof IQ ReSTOR offer a revolutionary approach by addressing both myopia and presbyopia simultaneously. Unlike traditional lenses, multifocal intraocular lenses provide clear vision at various distances, eliminating the need for additional correction like glasses or contacts. Regulatory approvals worldwide reflect their effectiveness. With the increasing prevalence of myopia and presbyopia, these lenses offer a comprehensive and cost-effective solution, driving their adoption and contributing to the market's growth.
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The high cost of treatment poses a significant challenge in the global market. Corrective lenses, including specialized options, can be expensive, impacting patients, particularly those in low-income communities. Refractive surgeries like LASIK or PRK offer long-term solutions but come with high price tags, making them inaccessible for many. The financial burden affects healthcare providers as well, limiting their investment in advanced technologies and equipment. This, in turn, restricts access to treatment options and may deter individuals from seeking early intervention. The high cost of treatment is expected to negatively impact market growth during the forecast
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