by Market Overview:
Myopia and presbyopia refer to common vision disorders affecting people of all ages. Myopia or near-sightedness is a refractive error that causes people to see distant objects blurry while seeing near objects clearly. On the other hand, presbyopia causes the eye’s lens to stiffen or lose flexibility over time, resulting in difficulty reading or performing other close-up tasks. Increasing adoption of advanced spectacle lenses, colored contact lenses and LASIK eye surgery helps address these vision disorders. Novel technologies such as progressive addition lenses, myopia control lenses and customized contact lenses further cater to growing patient needs and preferences.
Market key trends:
One of the key trends in the myopia and presbyopia market is the increasing adoption of novel technologies. Manufacturers are focusing on developing advanced vision correction solutions to gain competitive edge. For instance, zeiss has launched digital progressive addition lenses called ZEISS Individual with Digital Lenses that provide optimized vision at all distances. Similarly, coopervision has introduced mi Sight myopia control contact lenses featuring a proprietary peripheral modulation technology. ALCON has received FDA approval for a presbyopia treating implantables lens called Panoptix. Such innovations are expected to drive the demand of customized treatment options and fuel market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the myopia and presbyopia market is moderate. High capital requirements for R&D and manufacturing pose entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers in the myopia and presbyopia market is high. Buyers have many established brands to choose from giving them higher price negotiation power.
Bargaining power of suppliers: The bargaining power of suppliers in the myopia and presbyopia market is moderate. Suppliers of raw materials have dominance over niche segments however established players have alternative sourcing options.
Threat of new substitutes: Threat of new substitutes is low in the myopia and presbyopia market. Significant R&D investments are required to develop substitutes for existing corrective solutions like lenses and surgery.
Competitive rivalry: Competition is high in the myopia and presbyopia market as major players battle for market share through expansion, new product launches and mergers & acquisitions.
Key Takeaways
The Global Myopia And Presbyopia Market is expected to witness high growth, exhibiting CAGR of 8.3% over the forecast period 2023-2030, due to increasing sedentary lifestyle and excessive usage of digital devices which is triggering higher incidence of both conditions.
Regional analysis:
North America currently dominates the myopia and presbyopia market owing to higher per capita healthcare spending and growing consumer affordability in the region. Asia Pacific is expected to be the fastest growing market during the forecast period due to large untapped patient population and growing medical tourism industry in the region.
Key players operating in the myopia and presbyopia market are ALCON Inc., Bausch Health Companies Inc., EssilorLuxottica (Essilor Ltd.), Johnson & Johnson Vision, NIDEK CO. LTD., Topcon Corporation, Zeimer Ophthalmic Systems AG, and ZEISS International. Key players are focusing on new product launches, expanding geographical footprint and mergers & acquisitions to gain higher market share.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- 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.
