Market Trends of Global Myopia and Presbyopia Treatment Industry
This section covers the major market trends shaping the Myopia & Presbyopia Treatment Market according to our research experts:
Myopia is Expected to Hold Significant Market Share in the Disease Type Segment
Various factors are responsible for the rising cases of myopia, including reduced time spent outdoors and increased urbanization rates. The rising geriatric population and the prevalence of vision impairment and other eye conditions are also likely to lead to a substantial increase in the number of people who need eye care globally, supplementing the market's growth.
The annual global costs of productivity losses associated with vision impairment from uncorrected myopia alone were estimated to be USD 244 billion, as per the World Report On Vision 2019 published by the World Health Organization. Several treatment options effectively correct the blurred vision caused by myopia, including corrective lenses and refractive surgeries. Thus, considering the rising 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 Same in the Forecast Period
North America has the largest market share, and Asia-Pacific is witnessing the fastest growth. Developed healthcare infrastructure and availability of advanced treatment options in the North American region augment market growth.
The market's growth is also attributed to the presence of various key market players, increasing myopia and presbyopia cases, high adoption of contact lenses, and surgery options in the region. Moreover, the recent product launches, growing number of optometrists, and increasing awareness regarding available treatment options are fueling the market growth.
The launch of several programs by key market players for creating awareness regarding myopia and presbyopia will also drive the market in the region. For instance, in October 2021, CooperVision launched a US education initiative called Take Control: Myopia & You, aiming to increase awareness and encourage parents to schedule eye exams for their children. In June 2021, Euclid Systems Corp. launched a Max orthokeratology lens for overnight wear to reduce myopia temporarily. Thus, the above-stated factors lead to market growth in the country.
