According to our latest study on "Myopia Treatment Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis" the market is expected to grow from US$ 10,276.67 million in 2022 and is expected to reach US$ 19,571.85 million by 2030; it is anticipated to record a CAGR of 8.39% from 2022 to 2030. The report highlights the key factors driving the market growth: the rising prevalence of Myopia and increased awareness of myopia treatment. However, the lack of skilled professionals hinders the myopia treatment market growth.
The myopia treatment market, based on type, is segmented into high Myopia, degenerative Myopia, and progressive Myopia. The high myopia segment held the largest share of the myopia treatment market in 2022. High Myopia, also known as pathological or degenerative Myopia, represents an advanced form of nearsightedness characterized by a significantly elongated eyeball and an increased risk of ocular complications. Individuals with high Myopia often experience severe visual impairment and are susceptible to a range of sight-threatening conditions, including retinal detachment, myopic maculopathy, glaucoma, and choroidal neovascularization. This condition typically progresses during childhood and adolescence and can significantly impact an individual's quality of life, making reading and driving more challenging.
The myopia treatment market, based on treatment, is segmented into low-dose atropine eye drops, refractive surgery, contact lenses, and ortho-k. The low-dose atropine eye drops segment held the largest share in the myopia treatment market in 2022. Low-dose atropine eye drops are a promising treatment for Myopia, particularly in children and adolescents. Myopia, often known as nearsightedness, is a frequent refractive defect that results in fuzzy images of distant objects. Atropine is a medicine that can help slow down the progression of Myopia by lowering the focusing muscles in the eye and dilating the pupil.
Myopia treatment market is segmented by age group into adult and childhood myopia. The adult myopia segment held the largest share in the myopia treatment market in 2022. Adult myopia, characterized by difficulty seeing objects at a distance, often requires corrective lenses for clear vision. The onset and progression of Myopia in adulthood can impact various characteristics of daily life, from reading and computer work to driving and participating in outdoor activities. Beyond the inconvenience of relying on corrective measures, adult myopia can lead to long-term ocular health concerns, including an increased risk of developing myopic maculopathy, cataracts, and glaucoma.
On the basis of end users, the Myopia treatment market is classified into hospitals and clinics, specialty clinics, and refractive surgery centers. The hospitals and clinics segment held the largest share in the myopia treatment market in 2022. Hospitals and clinics are the primary healthcare facilities that offer treatments for various diseases and health conditions. The hospitals provide primary care with the best facilities and patient services. Multi-specialty hospitals and clinics offer several types of treatments for various eye conditions; an ophthalmologist in hospitals treats thousands of patients with various eye conditions. The treatments are easily performed in hospitals owing to the availability of the best doctors and assisting staff.
Haag-Streit Holding (Metall Zug), 2EyesVision, Ziemer Group, NIDEK CO., LTD, Alcon, Carl Zeiss AG, CooperVision, Bausch Health, Johnson & Johnson Vision (Johnson & Johnson), and Topcon Healthcare Inc are among the leading companies operating in the global Upstream Bioprocessing market.
Companies operating in the myopia treatment market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the myopia treatment market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall growth of the myopia treatment market. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.
A few of the significant developments by key market players are listed below.
- In October 2023, NIDEK CO LTD launched the NP-1/NP-1C Preloaded IOL Injection System. The NP-1/NP-1C is a fully preloaded injection system with an aspheric hydrophobic soft acrylic lens designed for smoother, safer, and secure IOL implantation. This newly developed injector is designed for smooth, controlled delivery. The NP-1/NP-1C allows quick and easy operation using a simple two-step process involving filling the viscoelastic material and pressing the plunger.
- In August 2023, CooperVision MiSight 1-day contact lenses will be authorized for use in China by the National Medical Products Administration (NMPA), which regulates pharmaceuticals and medical devices. This approval comes after a thorough review process. With this new development, the creative soft contact lenses are the first product recommended in China that may reduce the axial lengthening process.
- In August 2023, Carl Zeiss AG announced the launch of its first Myopia Centre in Bangalore, India, in collaboration with S.R. Gopal Rao's Myopia Centre. The center will provide specialized services, including comprehensive eye examinations, advanced imaging technologies, personalized myopia management plans, and a wide range of customized spectacle frames. Launching the new center will benefit both the company and its stakeholders by supporting the slowing down Myopia's progression.
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