Presbyopia Market Application,Trends, Demand, Growth, Challenges and Competitive Outlook

Data Bridge Market Research analyses that the presbyopia market was valued at USD 9.441 billion in 2021 and is expected to reach USD 13.84 billion by 2029, registering a CAGR of 4.90% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

In recent years, the presbyopia market is anticipated to proliferate during the forecast period. Presbyopia is when your eyes gradually lose their capacity to focus on adjacent things. Presbyopia typically appears in your early to mid-40s and worsens until you reach the age of 65. While vision correction therapies for common eye problems including myopia and hyperopia typically produce excellent results, presbyopia treatment currently on the market has a lot of room for improvement. Although there are treatments for presbyopia, the outcomes have not proven convincing. This offers more opportunities for the presbyopia market to grow.

Market Definition

Presbyopia is an eye ailment in which your ability to focus quickly on close things gradually deteriorates. It's a result of becoming older. The natural lens inside your eye thickens and loses flexibility over time. Presbyopia is caused by a problem with the eye's lens, which is located below the iris (coloured area) and pupil. Light is bent (or refracted) by the eye's lens to focus it straight onto the retina, which is the light-sensitive tissue at the back of the eye.

Drivers

Increasing prevalence of chronic diseases

The rising prevalence of chronic diseases across the globe is estimated to enhance the market's growth. Chronic diseases such as multiple sclerosis, diabetes, or cardiovascular diseases will increase the risk of premature presbyopia, propelling the growth rate of the presbyopia market. According to World Health Organization (WHO), cardiovascular diseases (CVDs) claimed the lives of 17.9 million individuals worldwide in 2019, accounting for 32% of all deaths.

Increasing investment for healthcare infrastructure

Another significant factor influencing the growth rate of presbyopia market is the rising healthcare expenditure which helps in improving its infrastructure. Also, various government organizations aims to improve the healthcare infrastructure by increasing funding and this will further influence the market dynamics.

Recent Development

In October 2021, Allergan announced the U.S. Food and Drug Administration (FDA) approval of VUITY (pilocarpine HCl ophthalmic solution) 1.25%. It is used for treating presbyopia, commonly known as age-related blurry near vision, in adults. VUITY is a prescription eye drop which works by improving near and intermediate vision without impacting distance vision.

Some of the major players operating in the presbyopia market are: