by The Global Myopia And Presbyopia Eye Drops Market is estimated to be valued at US$ 52.7 million in 2023 and is expected to exhibit a CAGR of 74.3% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Myopia and presbyopia eye drops are medications administered through eye drops to treat or manage myopia and presbyopia eye conditions respectively. Myopia also known as near-sightedness is a refractive disorder of eyes where light focuses in front of the retina instead of on the retina leading to blurred vision of far objects. Presbyopia on the other hand is an age-related eye condition where eyes lose ability to focus on nearby objects as the lens inside the eyes stiffens. Myopia and presbyopia eye drops work by temporarily relaxing the ciliary muscles in the eyes thereby enhancing vision and reducing dependency on glasses. They provide quick relief from blurred vision and are easy to use compared to other treatment options like spectacles and contact lenses.
Market key trends:
One of the major trends in the myopia and presbyopia eye drops market is the rise in development of breakthrough therapeutics. Recently, companies such as Orasis Pharmaceuticals, Eyenovia Inc., and Vyluma Inc. have developed innovative therapeutic candidates and technologies aimed at slowing down myopia progression and improving near vision. Orasis Pharmaceuticals’ OTX-101 eye drops reduced myopia progression by 60% in phase 2 clinical trial results. Eyenovia is developing a microdose topography-guided contact lens for treating presbyopia which recently entered phase 3 trials. Furthermore, Vyluma’s VY-A002 eye drops demonstrated safety and efficacy in improving near vision in presbyopia patients in phase 2 trials. Such novel therapeutic innovations are expected to drive the future growth of the market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the regulatory requirements and R&D costs to enter the myopia and presbyopia eye drops market are high.
Bargaining power of buyers: The bargaining power of buyers is high as there are many established key players operating in the market providing a variety of treatment options.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many suppliers for raw materials used to manufacture myopia and presbyopia eye drops.
Threat of new substitutes: The threat of new substitutes is low as there are limited treatment alternatives available for myopia and presbyopia other than using eye drops.
Competitive rivalry: High as the market is dominated by few major brands.
Key Takeaways
The Global Myopia And Presbyopia Eye Drops Market is expected to witness high growth, exhibiting CAGR of 74.3% over the forecast period, due to increasing prevalence of myopia and presbyopia worldwide.
The North America region is expected to dominate the market owing to the increasing incidence of myopia in the region mainly in the United States. Availability of advanced treatment options and high healthcare expenditure also support the growth of the regional market.
Key players operating in the myopia and presbyopia eye drops market are 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. Orasis Pharmaceuticals holds a significant share of the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
