According to the latest report by Reports and Data, the global market size for Myopia And Presbyopia Treatment was USD 6.42 Billion in 2022, and it is expected to grow at a revenue CAGR of 7% over the forecast period. The market's growth is being driven by the increasing demand for innovative treatments and solutions that can enhance the quality of life for individuals suffering from myopia and presbyopia.
Patients seeking better and more durable solutions to their vision problems are increasingly opting for advanced techniques such as LASIK surgery, corneal implants, and specialized contact lenses. These methods are gaining popularity among patients.
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The geriatric population is another factor contributing to the growth of the market. As people age, the likelihood of developing myopia and presbyopia increases, and there is a growing demand for effective treatments to address these conditions. The market's revenue growth is also being fueled by the increasing public awareness of the need for routine eye exams and proper eye care.
During the forecast period, the global myopia and presbyopia treatment market is expected to experience significant revenue growth due to the rising prevalence of these conditions, technological advancements in treatment options, and growing public awareness of the benefits of early detection and treatment. While the corrective eyewear category will continue to dominate the market, contact lenses and surgery are expected to make significant advancements.
Government initiatives, financing, and the development of novel myopia and presbyopia therapies are also contributing to the market's revenue growth. In countries like China and Japan, where the incidence rates of chronic diseases are high, the governments are supporting research and development to increase the living conditions of their population. As a result, the global myopia and presbyopia treatment market is expected to see revenue growth throughout the forecast period.
However, the market is also facing challenges related to cost and accessibility, which require innovative solutions and government support to tackle. The corrective segment is expected to contribute the most to revenue throughout the forecast period, primarily due to the accessibility, affordability, and ease of use of corrective eyeglasses. The Asia Pacific region is expected to have the highest revenue share throughout the forecast period, primarily because myopia and presbyopia are quite common in countries like China, India, and Japan.
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Some of the prominent players in the global myopia presbyopia treatment market include Alcon, Inc., Bausch Health Companies Inc., Carl Zeiss Meditec AG, Ellex Medical Lasers Ltd., Essilor International, Hoya Corporation, Nidek Co. Ltd., Ophthalmic Microsurgical Technologies, Topcon Corporation, and Ziemer Ophthalmic Systems AG. Bausch Health Companies Inc. introduced its next-generation Vision Shaping Therapy (VST) contact lenses for myopia control in 2021, and Carl Zeiss Meditec AG purchased IanTECH, a medical device business located in the United States that specializes in the development of micro-interventional ocular surgical technologies, in 2020.
Reports and Data has segmented the global myopia presbyopia treatment market on the basis of Type Outlook and Regional Outlook. The market is segmented into corrective, prescription lenses, contact lenses, surgical, and drugs, and the regional outlook includes North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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