Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 18 Billion | USD 41 Billion | 8.40% | 2023 |
The global myopia treatment market size was evaluated at $18 billion in 2023 and is slated to hit $41 billion by the end of 2032 with a CAGR of nearly 8.40% between 2024 and 2032.
Myopia, also known as nearsightedness, is a ubiquitous refractive error in which distant objects appear blurred due to the eye's inability to focus on light appropriately on the retina. Moreover, the condition can occur due to excessive refractive power of the cornea. Various treatment options are available to proficiently manage myopia. They include eyeglasses, surgical alternatives, contact lenses, vision treatment, and pharmaceutical therapies.
A surge in the myopia cases among youth to scale up the global market expansion over 2024-2032
An increase in the incidences of myopia among the youth population due to inactive lifestyles has proliferated in the growth of the global myopia treatment market. Breakthroughs in myopia treatment, such as new laser correction methods and orthokeratology lenses, will steer the global market space.
Moreover, growing awareness about myopia and its treatment methods is likely to drive the growth of the global market. In addition to this, an increase in the aging populace prone to myopia has culminated in a humungous expansion of the global market. An increase in economic growth and per capita income is likely to augment the market surge globally. Rise in the investments in research projects related to the launch of new modes of myopia treatment is expected to translate into a massive expansion of the market globally.
Escalating price of myopia treatment can put brakes on the global industry surge over 2024-2032
Rising cost of treating myopia, along with side effects caused by refractive surgery used for treating myopia, can obstruct the growth of the global myopia treatment industry. Apart from this, strict laws related to approval of new myopia treatments along with easy access to alternative treatments can put brakes on the global industry surge.
Supportive government programs and focus on research to boost the global market expansion over forecast period
Favorable government schemes and awareness about health issues caused by myopia have opened a plethora of growth avenues for the global myopia treatment market. Easy access to new myopia treatment tools, even in emerging economies, can proliferate the global market size.
Less supply of expertise in the myopia treatment domain can challenge the global industry surge by 2032
Lack of availability of skilled persons and complications arising post-surgeries can create hurdles in the growth path of the global myopia treatment industry. Apart from this, economic downturns affecting customer spending on healthcare can severely impact the growth of the industry globally.
Report Attributes | Report Details |
---|---|
Report Name | Myopia Treatment Market |
Market Size in 2023 | USD 18 Billion |
Market Forecast in 2032 | USD 41 Billion |
Growth Rate | CAGR of 8.40% |
Number of Pages | 225 |
Key Companies Covered | Haag-Streit Holding, Bausch Health Companies Inc., Carl Zeiss AG, Alcon, Sydnexis Inc., Johnson & Johnson Vision, AbbVie, CooperVision Topcon Corporation, NIDEK CO. LTD, Essilor Ltd., Ziemer Ophthalmic Systems AG, Regeneron Pharmaceuticals Inc., Eyenovia Inc., and others. |
Segments Covered | By Treatment Type, By End-User, By Age Group, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The global myopia treatment market is divided into treatment type, end-user, age group, and region.
In terms of treatment type, the myopia treatment market across the globe is segmented into vision therapy, glasses, refractive surgery, ortho-K, contact lenses, and myopia control eye drops segments. Apparently, the myopia control eye drops segment, which accrued approximately 46% of the global market proceeds in 2023, is anticipated to account for the fastest CAGR in the next couple of years as a result of the effectiveness of myopia control eye drops in controlling myopia growth.
Based on end-user, the global myopia treatment industry is sectored into specialty clinics, refractive surgery centers, and hospitals & clinics segments. Furthermore, the hospitals & clinics segment, which led the global industry growth in 2023, is projected to contribute lucratively towards the global industry elevation over 2024-2032. This can be due to the easy availability of strong healthcare infrastructure facilities in hospitals & clinics for treating patients. Reportedly, hospitals & clinics provide comprehensive eye care services to patients that include vision diagnosis, treatment, and monitoring, as well as post-care eye services to patients.
In terms of age group, the global myopia treatment market is sectored into adult myopia and childhood myopia segments. Moreover, the childhood myopia segment, which led the global industry in 2023, is likely to lead the segmental surge over the assessment period owing to a prominent increase in the occurrence of myopia among children, along with the need for medical intervention for slowing down myopia growth in children.
Asia-Pacific is projected to maintain leading position in the global market over the analysis timeframe
Asia-Pacific, which accounted for about 48% of the global myopia treatment market size in 2023, is expected to establish a leadership post in the global market during the forecast period. In addition, the regional market progress in the coming eight years can be credited to the rise in the cases of myopia witnessed in countries such as China, India, Bangladesh, Bhutan, and Taiwan. Apart from this, surging awareness about myopia risks and the significance of early detection and treatment of myopia in the region will steer the regional market growth.
The North American myopia treatment industry is anticipated to register the highest CAGR in the expected timeline. The swift upsurge of the industry in North America can be credited to the availability of robust healthcare infrastructure facilities in countries such as the U.S., along with easy access to experts in the country. In addition to this, technological breakthroughs in ophthalmology and constant innovations in myopia treatment methods will elevate the growth graph of the industry in the region.
The global myopia treatment market profiles key players such as:
The global myopia treatment market is segmented as follows:
By Treatment Type
By End-User
By Age Group
By Region
FrequentlyAsked Questions
Myopia, also referred to as near-sightedness, is a ubiquitous refractive error where distant objects appear as blur owing to the inability of the eye to focus on light appropriately on the retina. Moreover, the condition can occur due to excessive refractive power of the cornea.
The global myopia treatment market's growth over the forecast period can be attributed to breakthroughs in myopia treatment, such as new laser correction methods and orthokeratology lenses.
According to a study, the global myopia treatment industry size was $18 billion in 2023 and is projected to reach $41 billion by the end of 2032.
The global myopia treatment market is anticipated to record a CAGR of nearly 8.40% from 2024 to 2032.
The North American myopia treatment industry is set to register the fastest CAGR over the forecasting timeframe owing to the availability of robust healthcare infrastructure facilities in countries such as the U.S. and easy access to experts in the country. In addition to this, technological breakthroughs in ophthalmology and constant innovations in myopia treatment methods will elevate the industry's growth graph in the region.
The global myopia treatment market is led by players such as Haag-Streit Holding, Bausch Health Companies Inc., Carl Zeiss AG, Alcon, Sydnexis Inc., Johnson & Johnson Vision, AbbVie, CooperVision Topcon Corporation, NIDEK CO., LTD, Essilor Ltd., Ziemer Ophthalmic Systems AG, Regeneron Pharmaceuticals Inc., and Eyenovia, Inc.
The global myopia treatment market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, cash-benefit analysis, market attractiveness analysis, sentiment analysis, PESTEL analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five force analysis, factor analysis, and value chain analysis. It provides an apt scenario about demand and factor conditions in the country impacting the profitability of the firms in the domestic and international markets.
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