The Myopia And Presbyopia Eye Drops Market is estimated to be valued at US$ 160.11 Mn or M 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 topical ophthalmic drugs used to temporarily relieve or prevent vision impairment caused by refractive errors including myopia (nearsightedness) and presbyopia. These eye drops work by temporarily changing the shape of the eye lens to allow it to focus on close or distant objects. They provide an alternative to eyeglasses and contact lenses for short-term vision correction.

Market key trends:
One of the major trends in the myopia and presbyopia eye drops market is the increasing adoption of presbyopia-correcting eye drops. With growing access to technologies enabling accurate drug delivery to the eye and advancements in drug formulation, presbyopia-correcting eye drops have become a viable non-invasive alternative to reading glasses and surgical procedures for presbyopia. Several pharmaceutical companies are engaged in developing eye drops that can relax the lenses of the eyes and increase depth of field to treat presbyopia. This is expected to drive the demand for presbyopia-correcting drops over the forecast period.

Porter’s Analysis

Threat of new entrants: Low barriers to entry as it requires modest capital to manufacture eye drops. However, established brands and regulatory approvals make market entry challenging.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and established brands giving them options to choose from.

Bargaining power of suppliers: Suppliers have low bargaining power as key raw materials like saline solution and preservatives are widely available.

Threat of new substitutes: Threat is moderate as new innovative drug delivery methods can replace eye drops.

Competitive rivalry: Intense due to presence of many local and global brands competing on basis of pricing and new product innovations.

SWOT Analysis

Strength: Wide availability of effective eye drop formulations and growing aging population suffering from myopia and presbyopia.

Weakness: Short shelf life and need for frequent administration of eye drops leads to poor patient compliance. Potential side effects of preservatives used in multi dose eye drops.

Opportunity: Rising prevalence of myopia and presbyopia worldwide due to extensive smartphone and digital device usage provides ample growth opportunities.

Threats: Stringent regulations for new product approvals and introduction of innovative drug delivery methods like contact lenses can replace eye drops.

Key Takeaways

The global Myopia And Presbyopia Eye Drops Market Growth is expected to witness high growth at a CAGR of 74% over the forecast period due to increasing prevalence of myopia and presbyopia worldwide mainly fueled by extensive usage of digital devices. The market size is projected to reach US$ 2.78 Bn by 2030 from US$ 160.11 Mn in 2023.

Regional analysis: North America dominates currently due to various initiatives to control myopia progression in children. Asia Pacific is expected to witness fastest growth owing to high proportion of near-sighted population and growing medical tourism in countries like India and Thailand.

Key players: 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. They are focusing on new product innovations and launches to strengthen their market position.

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https://www.newsstatix.com/myopia-and-prebyopia-eye-drops-trends-size-and-share-analysis/