MYOPIA AND PRESBYOPIA TREATMENT MARKET ANALYSIS

Myopia And Presbyopia Treatment MarketSize and Trends

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).

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.

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. 

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