MYOPIA AND PRESBYOPIA TREATMENT MARKET ANALYSIS

The global myopia and presbyopia market is estimated to be valued at US$ 24.4 billion in 2023 and is expected to exhibit a CAGR of 8.3% during the forecast period (2023-2030).

Analysts’ Views on the Global Myopia and Presbyopia Market:

The increasing prevalence of chronic diseases, new product launches, government approvals, and strategies like mergers, acquisitions, and collaborations are expected to drive the global myopia and presbyopia market growth over the forecast period. For instance, on March 24, 2021, Johnson & Johnson Vision, a global company that caters to eye health and a part of Johnson & Johnson Medical Devices Companies, a company in Pharmaceutical industry that develops medical devices, pharmaceuticals, and consumer packaged goods announced that it received government approval from the Japanese Ministry of Health, Labour and Welfare (MHLW) for the first and only vision correction contact lens that relieves allergic eye itch, ACUVUE Theravision with Ketotifen. The lens contains ketotifen, an H1 histamine receptor antagonist for the prevention of itch associated with eye allergies. 

Figure 1. Global Myopia and Presbyopia Market Share (%), By Treatment Type, 2023

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Global Myopia and Presbyopia Market - Drivers

Increasing government approvals for the treatment of myopia

Increasing government approvals are expected to drive the global myopia and presbyopia market growth over the forecast period. For instance, on May 12, 2021, Johnson & Johnson Vision, announced that the U.S. Food and Drug Administration (FDA) has approved ACUVUE Abiliti overnight therapeutic lenses for myopia management. Abiliti overnight orthokeratology (ortho-k) lenses are specifically designed and fitted to match a patient’s eye based on its unique corneal shape to temporarily reshape the cornea.

Figure 2. Global Myopia and Presbyopia Market Share (US$ Billion), By Region, 2023

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Global Myopia and Presbyopia Market - Regional Analysis

Among region, North America is estimated to hold a dominant position in the global myopia and presbyopia market over the forecast period, owing to increasing government approvals for the treatment of myopia. For instance, On March 2, 2022, Johnson & Johnson Vision, an eye health company , announced that the U.S. Food and Drug Administration (FDA) has approved ACUVUE Theravision with Ketotifen (etafilcon A drug-eluting contact lens with ketotifen). Each lens contains 19 mcg ketotifen. Ketotifen is a well-established antihistamine. ACUVUE Theravision with Ketotifen is the first in an entirely new category of contact lenses and brings forward a new wearing experience for contact lens wearers with allergic eye itch. Ketotifen are daily disposable contact lenses recommended for patients who do not have red eyes, who are suitable for contact lens wear, and who do not have more than 1.00 D of astigmatism to correct vision and prevent ocular itching due to allergic conjunctivitis.              

Global Myopia and Presbyopia Market - Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization (WHO) declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, faced problems regarding the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a negative impact on the global myopia and presbyopia market. For instance, on October 14, 2021 Johnson & Johnson Vision explained that due the COVID-19 pandemic, early intervention remains an obstacle for overall eye health despite fear of blindness. Johnson & Johnson Vision’s Prioritize Eyes campaign was launched in advance of the World Sight Day in an effort to raise awareness about the importance of getting an annual eye exam, both for adults and children alike. The survey found that 86 % of adults worldwide say they fear losing their sight more than any other sense.  This is probably why 88% of people worldwide prioritize maintaining patient’s eye health for one general well-being. In contrast to this figure, only 52% of respondents claimed to have yearly eye exams. An eye exam may aid in the detection of over 270 medical conditions, ranging from diabetes to heart disease, in addition to vision correction and lifestyle support. 

Global Myopia and Presbyopia Market Segmentation:

Global myopia and presbyopia treatment market report is segmented into disease type, treatment type, and region.

Based on disease type, the global myopia and presbyopia treatment market is segmented into myopia and presbyopia. Out of which, the myopia segment is expected to dominate the market due to increasing incidences of myopia and Presbyopia

Based on treatment type, the global myopia and presbyopia treatment market is segmented into prescription lenses, contact lenses, surgery, medication, and others. Among these, the contact lenses segment is expected to dominate the market over the forecast period due to the increasing usage of contact lenses over spectacles in day to day life.

Based on region, the global myopia and presbyopia treatment market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among these, the North America segment is expected to dominate the market due to increasing research and development activities in the region.

Among all segmentation, the treatment segment has the highest potential due to the increasing launch of products by the key market players. For instance, on September 28, 2020, Johnson & Johnson Vision, a eye health company, announced the launch of new innovative eye care solutions. The company will discuss additional clinical outcomes and field-advancing studies in addition to the first post-marketing clinical research findings on TECNIS Synergy and the TECNIS Toric II platform. The CATALYS System cOS 6.0 software, that management streamlines workflow, speeds up the surgical process and improves accuracy that offers new features for astigmatism management workflow for surgeons using the CATALYSTM Precision Laser System.

Global Myopia and Presbyopia Market Cross Sectional Analysis:

The introduction of newer products and technologies for the treatment of myopia by key market players in Europe is expected to drive the growth of the treatment segment in the region. For instance, Eyenovia, Inc., a pre-commercial ophthalmic technology company, announced positive results from its VISION-2 Phase 3 study of MicroLine as a potential topical, on-demand treatment for presbyopia. MicroLine is being developed as part of the company’s drug-device therapeutic programs for mydriasis, presbyopia, and pediatric progressive myopia. The 2% pilocarpine Micro-array Print (MAP) formulation from Eyenovia was compared to a placebo in the VISION-2 study, and it was all administered using the business's exclusive Optejet device.

Global Myopia and Presbyopia Market: Key Developments

On October 25, 2022, Johnson & Johnson Vision, a eye health company, announced it has received approval for ACUVUE Abiliti overnight therapeutic lenses for myopia management from Health Canada, a government of Canada. These orthokeratology (ortho-k) lenses are worn overnight to reduce myopia and are uniquely created to match each patient's eye based on that eye's particular corneal shape and prescription to momentarily reshape the cornea.

On July 7, 2020, The innovative presbyopia-correcting Implantable Collamer lens ("ICL") developed by STAAR Surgical Company, a developer, manufacturer, and marketer of implantable lenses and companion delivery systems for the eye, received marketing approval for EVO Viva. The presbyopic indication for STAAR's EVO+ Visian ICL with Aspheric (EDOF) Optic, which is sold under the name "EVO Viva," received CE Mark approval from its European Notified Body, DEKRA, on July 2, 2020. Patients will initially have access to EVO Viva through a limited number of eye doctors in Spain, Germany, and Belgium.

Global Myopia and Presbyopia Market: Key Trends

Increasing expansion of facilities the treatment for myopia

The increasing expansion of the treatment for myopia can drive the growth of the market. On September 28, 2022, Johnson & Johnson Vision announced the expansion of access to myopia management for more patients with abilit overnight lenses. It provides more opportunities for eye care professionals to connect with more patients by broadening the parameters for Abiliti Overnight lenses. As the prevalence of myopia among children continues to rise, the expansion of treatment options comes at a crucial time. Johnson & Johnson Vision is dedicated to reversing the course of myopia through professional assistance and evidence-based strategies.

Global Myopia and Presbyopia Market: Restraints

Complications associated with the treatment of myopia

Complications associated with the treatment of myopia a thorough ophthalmologic examination must be conducted, including an evaluation of visual acuity, refraction, intraocular pressure, fundoscopic examination, corneal thickness, and corneal topography. On May 24, 2021, National Center for Biotechnology Information published an article explaining because some restrictions and complications related to excimer laser correction still exist. Assessment of the biomechanical characteristics of the cornea may be useful, but research is ongoing. The correction of refractive error may not be possible due to thin corneas and/or topographic abnormalities such as keratoconus. In addition to the flap, diffuse lamellar keratite, corneal ectasia, and dry eye in LASIK correction, complications can include haze and postoperative pain in Photorefractive keratectomy (PRK) PRK. In the presbyopic age group, Laser-Assisted In Situ Keratomileusis (LASIK) and PRK for myopia and hyperopia have demonstrated acceptable safety, efficacy, and predictability profiles.

To counterbalance this restraint, more research and development should be conducted to avoid the complications in surgeries and treatments.

Global Myopia and Presbyopia Market - Key Players

The major players operating in the global myopia and presbyopia 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.

Global Myopia and Presbyopia Market - Definition* - Presbyopia, a common age-related visual disease, causes a growing difficulty to focus on close-up things. If not treated properly, presbyopia can have a major detrimental impact on a patient's quality of life. Presbyopia is a substantial unmet need due to its increasing prevalence as the population ages, the high percentage of untreated individuals in various parts of the world, and the limitations of currently available remedial treatments.