by The global Myopia And Presbyopia Eye Drops Market is estimated to be valued at US$ 160.11 Mn in 2023 and is expected to exhibit a CAGR of 74. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Myopia and presbyopia eye drops are solutions used to treat near-sightedness and age-related blurring of visions respectively. Both are common vision problems associated with extensive use of digital devices, smartphones, laptops etc. Myopia eye drops work by temporarily relaxing the ciliary muscles of the eye to reduce focusing power of the lens, thus enabling distant vision. Presbyopia eye drops aid in improving focusing ability of the lens for near vision. The eye drops offer non-invasive and temporary solution with minimal side effects compared to glasses and surgeries.
Market key trends:
Growing prevalence of myopia and presbyopia worldwide due to excessive screen time is a major trend. As per a study, nearly 50% of the global population is expected to have myopia by 2050. Rising adoption of digitally advanced devices has led to surge in usage of corrective eye drops. Technological advancements in development of innovative drug delivery mechanisms is another key trend. Companies are investing in development of eye drops with extended duration of action to reduce frequency of dosage. Recent approvals and launch of novel eye drops with improved comfort and efficacy is expected to further drive the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brand customer loyalty act as barriers for new companies.
Bargaining power of buyers: Large customer base with increasing brand awareness and low switching costs give buyers higher bargaining power.
Bargaining power of suppliers: Established key players have a mix of innovative products providing suppliers with less bargaining power.
Threat of new substitutes: Potential threat from new eye drops with added benefits and innovative drug delivery systems.
Competitive rivalry: Intense competition exists among key players to boost market share through additional features and competitive pricing.
Key Takeaways
The global Myopia And Presbyopia Eye Drops Market Growth is expected to witness high growth, exhibiting CAGR of 74.% over the forecast period, due to increasing prevalence of myopia and presbyopia worldwide.
Regional analysis: North America is currently the largest market for myopia and presbyopia eye drops owing to high awareness levels and focus on eye care. Asia Pacific is poised to be the fastest growing region due to rising disposable income levels and increasing adoption of advanced eye care therapies.
Key players: 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 is one of the leading players in myopia and presbyopia eye drops.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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