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Global Myopia and Presbyopia Treatment Market Size, Share, COVID-19 Impact, New Technological Advancements and Geographical Forecast Till 2031

Kenneth Research, in its repository of market research reports, has recently added a report titled Global Myopia and Presbyopia Treatment Market market, that emphasizes on the recent market trends and opportunities available for the growth of the market for the forecast period 2022-2031. The growth of the Global Myopia and Presbyopia Treatment Market market can be attributed to the increasing health spending by nations across the globe, and for the rapid innovations observed in the medical sector. According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Myopia and Presbyopia Treatment Market products.

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Myopia is a condition of the eye which is characterized by unclear vision while seeing objects at a distance while presbyopia is the condition where people are unable to clearly see the objects kept close to their eyes. The treatment products for both these conditions consist of eyeglasses, contact lenses, intra ocular lenses & LASIK surgery devices that improve the impaired visibility caused by myopia & presbyopia. The market for myopia and presbyopia treatment is anticipated to grow at a CAGR of 7.45% during the forecast period, i.e., 2021-2028. Further, the market accounted for a value of USD 17,836.74 million in 2019 which is predicted to reach a value of USD 34,058.64 million by the end of 2028.

The market for myopia and presbyopia treatment is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in North America held the leading share in global market in 2019 and is anticipated to continue this trend and hold the largest share of 36.12% in the market in 2028. This can be attributed to the increase in investments by government and private entities to maintain the highest quality of care offered at healthcare facilities. Myopia and presbyopia treatment market in Europe is primarily driven by the demand of these products by Germany, UK, France and Italy. The market is anticipated to reach a significantly high market size by 2028 as a result of rising availability of innovative treatment methods, particularly LASIK treatment which create this rise in demand for effective treatment products in the region.

The market in Asia Pacific is projected to grow at the highest rate during the forecast period with a CAGR of 8.87% between 2021 and 2028 on account of growing advancements and innovations in the industry in countries such as China, Japan and India. The demand for myopia & presbyopia treatment products in Latin America is estimated to develop gradually over the forecast period and is presently capturing a limited market share in the global market with the market being led by the high demand in Brazil on account of changing consumer behaviour towards preventive health measures.

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Some of the key industry leaders in the global myopia and presbyopia treatment market are Topcon Corporation, Alcon, Bausch & Lomb Incorporated, Nidek Co., Ltd., Carl Zeiss AG and Johnson & Johnson Vision.

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