by Myopia and presbyopia eye drops are commonly used to temporarily relieve vision problems associated with nearsightedness and presbyopia. These eye drops temporarily improve clarity of vision for close-up work by constricting the pupil. While reading glasses can help alleviate presbyopia symptoms, eye drops provide fast, short-term relief without the need to carry extra pairs of glasses. Increasing cases of computer vision syndrome due to extensive screen time is boosting the demand for myopia and presbyopia eye drops. The global Myopia And Presbyopia Eye Drops Market is estimated to be valued at US$ 3.2 billion in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Technological advancements is one of the key trends gaining major traction in the myopia and Myopia And Presbyopia Eye Drops Market Many pharmaceutical companies are investing heavily in R&D activities to develop advanced eye drops with enhanced efficacy and convenience of use. For instance, in 2021, Johnson & Johnson launched a new line of myopia and presbyopia eye drops branded as “ACUVUE Theravision” using its innovative “Smart Device” technology. These eye drops are engineered to be time released over 8 hours for continuous relief without multiple applications. Such innovative product launches are expected to strengthen market demand over the forecast period.
Porter’s Analysis
Threat of new entrants: Low due to high R&D costs of developing eye drops for myopia and presbyopia. Bargaining power of buyers: Moderate as there are few generic alternatives. Bargaining power of suppliers: Low due to presence of many raw material suppliers. Threat of new substitutes: Moderate with advancements in products like contact lenses and refractive surgeries. Competitive rivalry: High among key players to expand their product portfolios and geographic reach.
Key Takeaways
The global myopia and presbyopia eye drops market size is expected to witness high growth.
Regional analysis North America dominates the market due to increasing prevalence of myopia and presbyopia. However, Asia Pacific is expected to witness highest CAGR over the forecast period owing to rise in aging population.
Key players operating in the myopia and presbyopia eye drops market are Johnson & Johnson Vision Care, Inc., Bausch + Lomb, Lucidis Pharma, Alcon Vision LLC, Allergan plc, CooperVision. Key players are mainly focusing on new product launches and strengthening their distribution networks globally.
