Myopia and presbyopia are common vision disorders that affect people worldwide. Contact lenses provide comfort and convenience by correcting vision without compromising daily activities. Eye glasses effectively correct vision and are affordable for a growing number of consumers. The global myopia and presbyopia treatment market provides contact lenses and eye glasses to meet the increasing demand from younger and older populations respectively. Contact lenses are favored by younger demographics for their discretion and comfort, while eye glasses remain an affordable first choice for correcting presbyopia in middle aged and older customers. The global myopia and presbyopia treatment market is estimated to be valued at US$ 24.4 Bn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing trend of online contact lens purchase has accelerated Global myopia and presbyopia treatment market size growth. Customers can purchase contact lenses suitable for their prescriptions conveniently online. Several major contact lens manufacturers and optical retailers have established user-friendly e-commerce platforms. This has boosted accessibility and affordability of contact lenses. Direct-to-customer online retailers provide discounts and subscription options making repeated purchases more affordable. The ease and discounts offered through online channels have driven a significant shift from traditional optical retail stores to online platforms, contributing towards market expansion over the forecast period.
Segment Analysis
The global myopia and presbyopia treatment market is segmented into lenses, contact lenses, laser surgery, and photochromic lenses. Among these, the contact lenses segment dominates the market and accounts for over 35% market share. Contact lenses provide better visual correction and comfort compared to eyeglasses and are preferred by many consumers. Various product innovations are also helping the contact lenses segment retain its leading position in the myopia and presbyopia treatment market.
Key Takeaways
The global myopia and presbyopia treatment market is expected to witness high growth over the forecast period of 2023 to 2030. With increasing prevalence of myopia and presbyopia worldwide, especially among younger populations, the demand for treatment and corrective options is growing significantly.
Regional analysis: Asia Pacific region holds the major share in the global myopia and presbyopia treatment market and is expected to remain the fastest growing regional market during the forecast period. The high prevalence of myopia in countries like China, Indonesia, and India is a key factor behind the strong growth prospects in the region. Increased awareness levels and improved access to diagnosis and treatment also contribute to the regional market growth.
Key players operating in the myopia and presbyopia treatment market are Wuxi Biologics, Clean Cell Inc., Sartorius AG, Pall Corporation, Merck KgaA, Lonza Group Ltd., General Electric Company, Thermo Fischer Scientific Inc., Asahi Kasei Medical Co. Ltd., and Charles River Laboratories International Inc., among others. These players are focusing on new product launches, collaborations and acquisitions to strengthen their market position.
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