MYOPIA AND PRESBYOPIA EYE DROPS MARKET ANALYSIS

Myopia or nearsightedness is a frequently observed eye disorder, in which a person can see objects farther away blurred, however not affecting the nearby object vision. This occurs due to the change in the eye lens shape, which leads to bending (refract) of light rays incorrectly, which causes image focusing in front of the retina instead of on the retina. Moreover, presbyopia is a condition that involves gradual loss of the eyes’ ability to focus nearby objects. It is a naturally observed as a part of aging. Presbyopia usually is diagnosed in mid-40s and the condition worsens with the progression of age.

The global myopia & presbyopia eye drops market is estimated to be valued at US$ 52.7 million in 2021 and is expected to exhibit a CAGR of 74.3% during the forecast period (2021-2028).

Figure 1.Global Myopia & Presbyopia Eye Drops Market Share (%) in Terms of Value, By Indication, 2021

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Increasing prevalence of myopia & presbyopia is expected to drive the market growth during the forecast period.

The increasing prevalence of myopia is expected to drive growth of the global myopia & presbyopia eye drops market. For instance, in February 2016, according to a report published in Call for Papers Ophthalmology Science, data was extracted from 145 studies covering 2.1 million participants. It was observed 1,406 million people suffered with myopia (around 22.9% of the world population); and 163 million people with high myopia (around 2.7% of the world population) in 2000. In addition, according to the same source there will be 4,758 million people suffering from myopia (around 49.8% of the world population) and 938 million people with high myopia (9.8% of the world population) by 2050.

Figure 2.Global Myopia & Presbyopia Eye Drops Market Share (%), By End User, 2021

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Increasing research and development activities for the treatment of myopia & presbyopia, is expected to drive the market growth during the forecast period.

The increasing number of research and development activities by market key players is expected to drive growth of the global myopia & presbyopia eye drops market. For instance, in October 2020, AbbVie, announced the phase III trials for GEMINI 2 and 1 for evaluating the safety, efficacy, and tolerance of their investigational drug candidate AGN-190584 (pilocarpine 1.25%). It is an ophthalmic solution, which is used for treating the condition presbyopia. Moreover, the details of the studies will be presented at medical meetings and will facilitate the new drug application (NDA) submission to U.S. Food and Drug Administration (FDA) in the first half of 2021.

Global Myopia & Presbyopia Eye Drops Market– Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic and lockdown in various countries across the globe have impacted the financial status of businesses across all sectors. The healthcare sector is amongst the sector, which has been highly impacted by the COVID-19 pandemic. In addition, the coronavirus pandemic has negatively impacted the supply of raw materials required for the production of health supplements including eye drops for the treatment of myopia and presbyopia, across the globe.

Moreover, to curb the spread of COVID-19, the Centers for Disease Control and Prevention (CDC) had advised patients to not visit hospitals or eye clinics except for emergencies. Therefore, during the COVID-19 pandemic, the demand for ophthalmic products increased, in order to slow down the progression of eye disorders. Therefore, during the COVID-19 pandemic, there was very high demand for eye drops but as the supply chain was disrupted, there was shortage in the availability of eye drops, which hampered the growth of the market.

Global Myopia & Presbyopia Eye Drops Market: Restraint

The major factor that is expected to hinder growth of the global myopia & presbyopia eye drops market include presence of other available treatments for myopia. The other solutions for treatment of myopia include modified spectacle prescription, orthokeratology (ortho-k), and bifocal/ multifocal soft contact lenses.

Key Players

Major players operating in the global myopia & presbyopia eye drops market include Orasis Pharmaceuticals, AbbVie Inc. (Allergan), Novartis AG, OSRX Pharmaceuticals, LENZ Therapeutics, Visus Therapeutics, Ocuphire Pharma Inc., Eyenovia, Inc., Vyluma Inc., and Jawa Pharmaceuticals (India) Pvt. Ltd.