The 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.
Myopia and presbyopia eye drops are prescription eye drops used to temporarily relieve or prevent near-sightedness (myopia) and age-related vision problems (presbyopia). Myopia eye drops work by temporarily relaxing the eye’s focusing muscle to reduce nearsightedness, while presbyopia drops help enhance the eye’s ability to focus on near objects. These drops provide a non-invasive solution to vision correction and help reduce dependency on spectacles or contact lenses.
Market key trends:
The myopia and presbyopia eye drops market is witnessing high growth due to the rising geriatric population globally who are more prone to presbyopia. As per the United Nations, the number of people aged 65 years or above is projected to grow from 727 million in 2020 to 1.5 billion in 2050. Presbyopia is almost inevitable for everyone as they age, and the growing aging demographics translates to an increasing demand for presbyopia eye drops. Additionally, the market is boosted by technological advancements in intraocular lenses and single-use vials of eye drops that provide better portability and ease of use. Manufacturers are increasingly focusing on novel drug delivery technologies to enhance efficacy and comfort of existing myopia and presbyopia treatments.
Threat of new entrants: Low capital requirements and availability of substitutes limit the threat of new entrants in the myopia and presbyopia eye drops market.
Bargaining power of buyers: Buyers have high bargaining power due to availability of generic options and substitutes in the market.
Bargaining power of suppliers: Major players involved in R&D limits the bargaining power of suppliers in the myopia and presbyopia eye drops market.
Threat of new substitutes: Threat of new substitutes is moderate as new innovative therapies are in pipeline for myopia and presbyopia management.
Competitive rivalry: Intense due to presence of global and regional players.
Strengths: Large patient pool and rising prevalence of myopia and presbyopia.
Weaknesses: Side effects associated with long term usage of eye drops and low patient adherence.
Opportunities: Untapped emerging markets and promising pipeline products.
Threats: Patent expiry of major drugs and threat from generics.
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 sedentary lifestyle and extensive use of digital devices. The US market dominated the market with a share of over 30% in 2021 due to growing geriatric population and rising awareness.
The Asia Pacific region is expected to grow at the fastest rate during the forecast period owing to the large population base especially in China and India. China dominates the APAC region with around 50% market share in 2021.
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. These players are involved in new product launches and expansion of manufacturing facilities globally to strengthen their market position.