The global Myopia Market exhibited substantial strength in 2021 and is poised to achieve rapid revenue growth at a compounded annual growth rate (CAGR) throughout the anticipated forecast period. The surge in revenue within the myopia market can be attributed primarily to the escalating prevalence of myopia on a global scale.
Myopia, colloquially known as near-sightedness, characterizes a visual anomaly wherein distant objects appear blurry, while those in close proximity are perceived clearly. This visual impairment stems from the refraction, or bending, of light rays, coupled with alterations in the shape of the eyeball, leading to an inaccurate focal point in front of the retina rather than on it.
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Driving Factors: The proliferation of myopia on a global scale stands as a key driving factor behind the thriving myopia market. A pivotal study by the International Myopia Institute in 2019 estimated that approximately 30% of the global population presently suffers from myopia, and this figure is projected to escalate to around 50% by 2050.
Furthermore, factors such as comorbid conditions linked with glaucoma, retinal damage, and cataracts have contributed to the burgeoning myopia market. The continual advancement of technology and the heightened focus on research and development for effective myopia treatments further bolster market expansion.
Limiting Factors: However, the high cost associated with available treatments and surgical interventions acts as a notable restraint, potentially impeding the growth of the market.
Promising Avenues: The forthcoming period offers promising avenues for growth within the myopia market, propelled by technological advancements in treatment methods, enhanced healthcare facilities, innovative approaches to drug development, and governmental initiatives aimed at raising awareness about myopic conditions.
Regional Market Landscape: Dominant Market Share: Within the myopia market, North America has emerged as the predominant player, boasting the highest revenue share. This robust performance can be attributed to escalating healthcare expenditures, heightened awareness initiatives, and an uptick in myopia occurrences across the region.
Accelerated Growth Market: The Asia Pacific market is positioned to exhibit the most rapid growth trajectory over the forecast period. A burgeoning patient pool grappling with myopia, coupled with proactive government campaigns to foster awareness and surging demand for treatment options, fuel this market expansion. Additionally, the presence of a substantial population base is anticipated to positively influence the growth trajectory of the myopia market.
Prominent Market Trends and Innovations: In a notable development, on May 31, 2022, ENTOD Pharmaceuticals secured approval from the Drug Controller General of India (DCGI) to proceed with phase 3 trials of 0.05% Atropine eye drops, targeting a range of eye ailments, including myopia.
Similarly, on May 24, 2019, Menicon Co., Ltd. unveiled Menicon Bloom, a holistic approach to myopia control. Moreover, a collaborative study by the University of Alabama at Birmingham School of Optometry and Midwestern University in Glendale, Arizona, is underway, exploring the efficacy of microdosed Atropine ophthalmic solutions of concentrations 0.1% and 0.01% for curtailing the progression of pediatric myopia. This study is anticipated to conclude by June 2025.
On November 15, 2019, a significant milestone was achieved as the U.S. FDA sanctioned the first-ever contact lens designed to slow the advancement of myopia in children aged 8 to 12 years.
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Key Industry Players: Several major companies are prominent in the myopia market, including HAAG-STREIT GROUP, Alcon, CooperVision, Ziemer Ophthalmic Systems, SightGlass Vision, Inc., SCHWIND eye-tech-solutions, SynergEyes, Menicon Co., Ltd, NIDEK CO., LTD, Euclid Systems Corporation, EssilorLuxottica, ZEISS International, Bausch Health Companies Inc., and Johnson Johnson Vision.
Distinctive Report Attributes and Advantages: Our comprehensive report offers historical data, forecasts, and revenue growth projections on a global, regional, and country-specific level, encompassing detailed analysis, industry trends, and consumption patterns spanning the years 2019 to 2030. The report provides insights into market trends, driving forces, constraints, opportunities, threats, market strategies, segment-based revenues, and contributions to revenue share from each regional and national market. Additionally, the report offers a thorough industry analysis, competitive landscape, company financials, and impact assessments.
Categorization and Exploration: The report delves into different facets of myopia, categorizing them into various types such as Congenital Myopia, Simple or Developmental Myopia, Pathological or Degenerative Myopia, and Acquired Myopia. It further examines treatment methodologies encompassing Therapeutics and Corrective Lenses, while also exploring diverse product categories including Eye Glasses, Contact Lenses, Ortho-K Lenses, Phakic Intraocular Lenses, Tablets, Eye Drops, and Injectables. The study delves into the mode of administration, encompassing Oral, Parenteral, and Ophthalmic approaches, as well as the end-user landscape comprising Hospitals, Specialty Clinics, Eye Care Centers, and Pharmacies. Moreover, it evaluates distribution channels, differentiating between Offline and Online avenues.
Regional Breakdown: The report provides an insightful regional breakdown, offering revenue figures for North America (including the U.S., Canada, and Mexico), Europe (encompassing Germany, the U.K., France, Italy, Spain, Sweden, BENELUX, and the rest of Europe), Asia-Pacific (including China, India, Japan, South Korea, and the rest of APAC), Latin America (comprising Brazil and the rest of LATAM), and the Middle East Africa (encompassing Saudi Arabia, UAE, South Africa, Israel, and the rest of MEA).
In conclusion, the myopia market's trajectory is marked by impressive growth due to factors like rising prevalence, technological advancements, and innovative treatments. Key players, regional dynamics, and diverse market segments collectively shape a promising landscape for stakeholders within the myopia market.
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