Global Presbyopia Treatment Market, By Treatment Type (Prescription Lenses [Reading Glasses, Bifocals, Trifocals, Progressive Multifocals, Office Progressives], Contact Lenses [Bifocal, Multifocal, Monovision, Modified Monovision], Intraocular Lenses, Refractive Surgery [Conductive Keratoplasty, LASIK, LASEK, PRK], and opportunities and forecast 2020-2027
Presbyopia Treatment Market Overview
Presbyopia is the gradual loss of your eye's ability to focus on nearby objects. It's a natural, often annoying part of aging. Presbyopia usually becomes noticeable in your early to mid-40s and continues to worsen until around age 65. The global Presbyopia Treatment market is expected to rise at a significant rate over the forecast period.
One of the key factors to boost the growth of the Presbyopia Treatment market is the vast scope of advancement of the current line of treatments for presbyopia. In addition, presbyopia is a condition mostly related to older people. People above the age of 65 years, who generally have common eye disorders such as myopia and hyperopia experience further loss in quality of life if they suffer from presbyopia. Therefore, the increasing old age population worldwide who are suffering from eye disorders is expected to fuel the growth of the Presbyopia Treatment market. According to World Health Organization, globally, more than 800 million people have distance impairment (i.e. myopia and hypermetropia) or near vision impairment (i.e. presbyopia) that could be addressed with an appropriate pair of spectacles. An estimated 100 million people have moderate-to-severe distance vision impairment or blindness that could be corrected through access to cataract surgery.
Furthermore, presbyopia is progressively observed in people between 42 and 44 years mainly in the developed countries such as the U.S. Excessive use of handheld devices and exposure to radiation are some factors related to the cause of presbyopia in this age group. In addition to this, people in the 42-44 years age group are at the peak of their careers, and thus require reliable treatment for presbyopia. This crucial fact is remarkably contributing to the growth of the Presbyopia Treatment market.Covid-19 Impact on Presbyopia Treatment Market:
In addition, the current Presbyopia Treatment Market study offers a detailed analysis of the current COVID-19 pandemic impact on the market growth and its influence on the future growth of the Presbyopia Treatment Market. The recently published report demonstrates the elevation in the demand for the healthcare sector. The healthcare manufacturers have experienced long term as well as short term effect which includes supply shortages, panic buying, and stocking, regulation changes as short-term whereas approval delays and possible trend variations in consumption could be perceived as long-term impacts of COVID-19 on the health and pharmaceutical market.
The increasing need for a cure has pushed vaccine research and manufacturers to the limit. In addition to this, panic conditions have already spurred the demand for many healthcare products and services which are discussed in detail in this report. Moreover, the impact of COVID-19 on overall market revenue for the base year 2020 and its projection up to 2027 is provided in detail in this report.Presbyopia Treatment Market Segment Overview
Based on treatment type, the LASIK Refractive Surgery segment has significant growth in the market. This is because LASIK is a widely accepted surgical procedure for the treatment of presbyopia. The surgery involves reshaping the cornea to improve farsightedness or hyperopia. As well, the high prevalence of these conditions coupled with rising demand for LASIK surgery is projected to boost the growth of the segment during the forecast period.
Moreover, progressive multifocal is anticipated to be the fastest-growing segment over the forecast period. This is due to the increasing preference for presbyopia correction. They are extensively accepted due to aesthetic and visual advantages, such as image clarity while rejecting image jumping during eye movements. In addition, innovations, such as multifocals with anti-reflexive coating and photochromic lenses, are also projected to enlarge the segment growth.
Presbyopia Treatment Market, By Treatment Type
Presbyopia Treatment Market Regional Overview
- Prescription Lenses
- Reading Glasses
- Progressive Multifocals
- Office Progressives
- Contact Lenses
- Modified Monovision
- Intraocular Lenses
- Refractive Surgery
- Conductive Keratoplasty
In terms of region, North America commanded a major share of the market and is predictable to maintain its supremacy over the forecast period. Important factors such as the growing old age population susceptible to eye disorders, and the extensive availability of eye disorder correction treatments makes North America a prominent region. Likewise, Europe is also anticipated to witness significant growth in the forthcoming years owing to awareness regarding the treatment of the targeted disorders. Similarly, the Asia Pacific is expected to register the fastest growth during the forecast period. This can be mainly attributed to the rapid rise in the old age population, high prevalence of eye diseases, and growing medical tourism. In addition, increasing disposable income of consumers is also projected to drive the regional market expansion in near future.
Presbyopia Treatment Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)Presbyopia Treatment Market Competitor overview
Some key developments and strategies adopted by manufacturers in Presbyopia Treatment are highlighted below.
· In July 2021, Allergan, an AbbVie company, announced that it will present new data from its leading portfolio of eye care medicines at the 2021 ASCRS (American Society for Cataract and Refractive Surgery) Annual Meeting being held July 23-27 in Las Vegas, NV. Presentations will include new data on AGN-190584 (pilocarpine 1.25%), an investigational presbyopia treatment, and updated analyses on DURYSTA™ (bimatoprost intracameral implant), the first and only FDA-approved dissolvable implant to reduce eye pressure in people with open-angle glaucoma or high eye pressure. Presbyopia Treatment Market, Key Players
· Novartis AG
· ORASIS Pharmaceuticals Ltd.
· Bausch + Lomb Incorporated
· Nidek Co. Ltd.
· Ziemer Ophthalmic Systems AG
· Allergan plc
· Abbott Laboratories Inc.
· Carl Zeiss Inc.
· Lasersight Technologies Inc.