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| Global Myopia And Presbyopia Eye Drops Market Size |
Myopia and presbyopia eye drops are topical ophthalmic solutions used to
temporarily relieve or prevent symptoms of near- and farsightedness. These
drops contain therapeutic agents such as cycloplegics and prostaglandin
analogues that relax and stabilize the ciliary muscles of the eye, thereby
enabling clear vision at various distances. Myopia and presbyopia affect a
large portion of the global population, especially adults, thereby fueling the
demand for affordable eye drop formulations. The growing awareness about vision
correction options and favorable reimbursement scenario for eye care treatments
are also contributing to the market growth.
The Global Myopia And Presbyopia Eye Drops Market is estimated to be valued at US$ 184.45 Bn in 2024 and is expected
to exhibit a CAGR of 8.2% over the
forecast period 2024 to 2030.
Key Takeaways
Key players operating in the myopia and presbyopia eye drops are Johnson
Controls, ATLASBX Co. Ltd., Exide Technologies, East Penn Manufacturing Co,
Crown Battery Manufacturing Company, C&D Technologies INC., GS Yuasa Company,
Leoch International Technology Ltd, Chaowei Power Holdings Limited, and Camel
Group Co. Ltd., Hoppecke Batterien GmbH & Co. KG.
The Global
Myopia And Presbyopia Eye Drops Market Size offers significant
opportunities in terms of new product launches, as major companies are
investing heavily in R&D to develop advanced formulations. Further, growing
e-commerce sales of OTC eye drops and rising medical tourism in Asia Pacific
are expected to boost the market growth.
Globally, the market is anticipated to witness high growth in the Asia Pacific region
owing to rising healthcare expenditure, increasing aging population, and
growing awareness about vision correction solutions. China, Japan and India are
expected to be the key markets driving the regional demand.
Market drivers
The leading driver for the myopia and presbyopia drops market is the rapidly
rising global prevalence of vision impairment disorders. As per WHO, nearly 2.2
billion people suffer from near- or farsightedness worldwide. Moreover, aging
populations across countries have substantially increased the burden of
presbyopia. Easy availability, affordable prices and minimal side effects of
eye drops make them a widely preferred first-line treatment option over
alternatives like prescription eyeglasses and contact lenses. These factors are
expected to propel the growth of myopia and presbyopia eye drops market over
the forecast period.
PEST Analysis
Political: The pricing and reimbursement policies related to eye drops
formulated for myopia and presbyopia vary across countries and regions.
Regulations related to clinical trials and product approvals influence new
product launches.
Economic: The disposable incomes of consumers and overall economic growth
directly impact spending on vision correction treatments. Improvements in
access and affordability of myopia and presbyopia eye drops drive market
expansion.
Social: Rising awareness about preventive eye care and vision conditions
affects the adoption of prescribed and over-the-counter eye drops. Growth in
smartphone and digital device usage increases eye strain and necessitates
vision correction solutions.
Technological: Advancements in drug delivery technologies widen treatment
options. Novel formulations providing sustained effectiveness and comfort
enhance patient compliance. Continuous R&D aims to develop eye drops
eliminating need for prescriptions or corrective lenses.
The market in terms of value is concentrated in regions with high disposable
incomes and expenditure on healthcare, namely North America and Western Europe.
The Asia Pacific region is growing at the fastest pace due to large population
bases, increasing incomes, and expansion of health insurance coverage in
several countries. Nations with large middle-income demographic cohorts like
China and India represent major markets. Within the Asia Pacific, Southeast
Asian nations are witnessing particularly strong growth as vision care become
more accessible.
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