Myopia, also known as near-sightedness, is a vision condition where the eyeballs become elongated, causing distance vision to appear blurry. On the other hand, presbyopia is the age-related hardening of the lens in the eyes, which makes focusing on nearby objects difficult. Increasing incidences of myopia and presbyopia across both pediatric and geriatric populations have driven the demand for newer treatment options. The global Myopia And Presbyopia Treatment Market is estimated to be valued at US$ 24.4 Bn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity in increasing disease incidences lies in the growing myopia and presbyopia patient pools worldwide. Myopia has been rapidly increasing across both developing and developed nations, largely attributed to lifestyle and environmental changes. For instance, decreased time spent outdoors and early years spent focusing on mobile device and tablet screens have accelerated near-sightedness in children. Similarly, the worldwide geriatric population, which is prone to presbyopia, is continuously growing at an unprecedented rate. With limited treatment alternatives available currently, rising prevalence of these conditions points towards a lucrative market opportunity for novel therapeutics and eyecare solutions targeting myopia and presbyopia. Increased R&D investments by key players to develop advanced treatment modalities can help address the immense unmet need.

Porter's Analysis:

Threat of new entrants: The market requires huge investment in R&D which limits threat of new entrants.
Bargaining power of buyers: Large number of players and treatments options give buyers more power to negotiate on price.
Bargaining power of suppliers: Established suppliers and proprietary technologies limit bargaining power of suppliers.
Threat of new substitutes: New innovative treatments and technologies pose threat of substitution.
Competitive rivalry: Large number of established players leads to high competition.

SWOT Analysis:

Strengths: Growing geriatric population drives demand. Advancements in contact lenses and LASIK treatments.
Weaknesses: High costs of treatments limits access. Post-surgery side effects in some cases.
Opportunities: Untapped markets in developing nations present opportunities for growth.
Threats: Threat from generics and alternate therapies available over the counter. Stringent regulations raise compliance costs.

Key Takeaways:

The global Global myopia and presbyopia treatment market size Market is expected to witness high growth.

North America dominated in 2024 led by growing awareness and availability of treatment options. Europe and Asia Pacific are also promising regions with demand growing at over 15% annually driven by growing disposable incomes.

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