July 24, 2024
Myopia And Presbyopia Eye Drops Market

Myopia And Presbyopia Eye Drops Market is Trending Towards Product Innovation

The myopia and presbyopia eye drops market consists of eye drops used to treat nearsightedness and farsightedness respectively. Myopia eye drops help control progression of nearsightedness by altering eyeball growth whereas presbyopia eye drops contain ingredients to improve clarity of near vision by relaxing eye lens. These eye drops provide temporary relief from blurred vision and are a cost-effective alternative to corrective lenses and surgeries.

The Global Myopia And Presbyopia Eye Drops Market is estimated to be valued at US$ 184.45 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the myopia and presbyopia eye drops market are Johnson Controls, ATLASBX Co. Ltd., Exide Technologies, East Penn Manufacturing Co, Crown Battery Manufacturing Company, C&D Technologies INC., GS Yuasa Company, Leoch International Technology Ltd, Chaowei Power Holdings Limited, and Camel Group Co. Ltd., Hoppecke Batterien GmbH & Co. KG.

The increasing prevalence of nearsightedness and farsightedness globally is fueling the Myopia And Presbyopia Eye Drops Market Size Major companies are focused on expanding their product portfolio and global footprint to capitalize on the high growth opportunities in emerging markets.

Key players operating in the myopia and presbyopia eye drops are Johnson Controls, ATLASBX Co. Ltd., Exide Technologies, East Penn Manufacturing Co, Crown Battery Manufacturing Company, C&D Technologies INC., GS Yuasa Company, Leoch International Technology Ltd, Chaowei Power Holdings Limited, and Camel Group Co. Ltd., Hoppecke Batterien GmbH & Co. KG. The growing prevalence of myopia and presbyopia is driving the demand for effective treatment options. According to WHO, nearly 2.6 billion people are expected to be nearsighted by 2020 worldwide.

Major companies are expanding their presence globally to cater to the surging demand. For instance, in June 2022, Johnson Controls launched a new production line in Poland to strengthen its lead-acid battery manufacturing capacity in Europe.

Market key trends

One of the key trends in the Myopia And Presbyopia Eye Drops Market Size And Trends is the development of advanced multifunctional formulations. Companies are focusing on product innovation to offer eye drops with additional benefits. For example, some new drops contain vitamins, antioxidants and nutrients that not only temporarily relieves blurred vision but also protects eyes from digital eye strain and blue light exposure from excessive screen time. Such multifunctional drops are gaining popularity among young urban consumers.

Porter’s Analysis

Threat of new entrants: New entrants face high investment costs in manufacturing facilities and establishing brand recognition.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives in the market.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw materials from various sources.

Threat of new substitutes: Threat of substitutes is moderate as other forms of treatment exist but eyedrops provide convenient relief.

Competitive rivalry: Intense competition exists among existing players to gain market share.

Geographical regions

North America accounts for the largest share of the myopia and presbyopia eye drops market, primarily due to increasing geriatric population. The region is expected to continue dominating the global market during the forecast period.

Asia Pacific region is expected to witness highest growth rates over the forecast period owing to rising disposable income, growing awareness regarding vision correction treatment options and a huge target patient base suffering from myopia and presbyopia. Rapid expansion of eye care services in major Asia Pacific countries such as China and India will further support market growth.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it

About Author - Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.  LinkedIn Profile

About Author - Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.  LinkedIn Profile

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