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| Myopia And Presbyopia Eye Drops Market |
The Myopia And Presbyopia Eye Drops market is estimated to be valued at US$ 160.11 Mn in 2023 and is expected to exhibit a CAGR of 74.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Myopia and Presbyopia eye drops are prescribed for the treatment of refractive
errors such as short-sightedness and long-sightedness. These eye drops work to
temporarily change the shape of the eye lens and help vision correction without
any surgery. The key active ingredients in these eye drops are Pilocarpine,
Atropine and Acetylcholine which help to constrict or dilate the pupil and
relax the ciliary muscle.
Market Dynamics:
The growth of the Myopia And Presbyopia Eye Drops market is majorly driven by
the increasing prevalence of ophthalmic diseases worldwide. As per WHO, nearly
2.2 billion people suffer from near-sightedness (myopia) or distance vision
impairment globally. The rising geriatric population is also leading to higher
cases of age-related eye diseases like presbyopia which further increases the
demand for corrective eye drops. Additionally, advantages of eye drops over
contact lenses and spectacles like convenience of use and immediate results
without any pain or downtime are contributing to their rising adoption.
However, short term effect of the drops requiring frequent instillation and
potential side effects if used long term can hinder the market growth.
SWOT Analysis
Strength: Orasis Pharmaceuticals is working on developing a potential eye drop
treatment for myopia and presbyopia with a new mechanism of action which if
approved can capture significant market share. High prevalence of myopia and
presbyopia globally offers a large target patient pool. Several companies are
investing in R&D to develop novel eye drops for these conditions.
Weakness: Existing alternatives like glasses, contact lenses and refractive
surgeries have large market acceptance. Many experimental eye drops are still
in early clinical trials and uncertainty remains around their long term safety
and efficacy. High development cost of new pharmacological treatments.
Opportunity: Increasing awareness about benefits of temporary non-invasive
treatments and limitations of existing options. Unmet need for affordable and
convenient options especially in developing nations boosts opportunity.
Favorable regulations supporting innovations in ophthalmic drug delivery.
Threats: Stringent regulatory approvals required. Safety concerns can lead to
clinical trial delays or product withdrawals affecting returns on investment.
Launch of competing novel therapies diminishing commercial potential of
pipeline drugs. Patent expiries of blockbuster drugs resulting in price erosion
and increased competition.
Key Takeaways
The global Myopia
And Presbyopia Eye Drops Market Growth is expected to witness high
growth, exhibiting CAGR of 74.% over
the forecast period, due to increasing preference for non-invasive treatment
options.
Regional analysis: North America dominated the market in 2023, supported by
availability of advanced healthcare facilities and high adoption of newly
launched products in the US. However, Asia Pacific is anticipated to grow at
the fastest pace during the forecast period led by large patient population and
growing medical tourism in China, India and Southeast Asian countries.
Key players operating in the myopia and presbyopia eye drops market are Orasis
Pharmaceuticals, AbbVie Inc. (Allergan), Novartis AG, OSRX Pharmaceuticals,
LENZ Therapeutics, Visus Therapeutics, Ocuphire Pharma Inc., Eyenovia, Inc.,
Vyluma Inc., and Jawa Pharmaceuticals (India) Pvt. Ltd. The leading firms are
engaged in new product development through clinical trials and collaborations
to gain early mover advantages.
Read More,
https://www.trendingwebwire.com/myopia-and-prebyopia-eye-drops-trends-size-and-share-analysis/
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