Myopia Market Size, Revenue Growth Factors & Trends, Key Player Strategy Analysis, 2022–2030
Reports and Data has recently published a new report on the Global Myopia Market that offers key insights into the current and emerging trends, key companies and market size and market share on a global and regional level. Despite weak development in Western economies as a whole, M&A (mergers and acquisitions) activity in the healthcare sector has increased dramatically. Not only is there a strong growth in pharmaceutical companies, but also considerable growth in economies of emerging markets.
These findings are detailed in Reports and Data Global Myopia Market Report, which indicates that the medicines industry has a promising future. The global myopia market size was significantly robust in 2021 and is expected to register a rapid revenue CAGR over the forecast period. Myopia market revenue growth is primarily driven by rising prevalence of myopia worldwide.
Myopia, also known as near-sightedness, is a vision condition in which farther objects are seen blurry but objects near to the eye are seen clearly. It is caused due to refraction (bending) of light rays and change in the shape of eyeball causing incorrect focusing of image in front of retina instead of on retina.
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Major Companies in the Market
- HAAG-STREIT GROUP
- Ziemer Ophthalmic Systems
- SightGlass Vision, Inc.
- SCHWIND eye-tech-solutions
- Menicon Co., Ltd
- NIDEK CO., LTD
- Euclid Systems Corporation
- ZEISS International
- Bausch Health Companies Inc.
- Johnson & Johnson Vision
Now that the tide is turning, more worldwide growth in the pharmaceutical business is likely to come from emerging nations, particularly China, where health systems are rapidly developing. Despite the fact that only a few acquisitions were announced or completed, tremendous growth is projected in the future years.
Significantly, China’s adoption of health insurance and broader healthcare reforms last year effectively created a market of one billion people overnight. However, generic medications account for 76% of the Chinese market, making it difficult for European and American multinationals to capitalize on market prospects.
In the past, developed countries were hesitant to trade in emerging markets, with only a few multinational pharmaceutical companies making acquisitions in Latin America, India, or China. However, with tremendous development potential in the East, major businesses in the pharmaceutical industry should explore acquisitions in China aggressively to gain a presence.
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The entry of startups and regional players in the recent years and their increasing focus on drug development and research and advancements in therapeutics and medical devices are also expected to contribute to the growth of the market.
Among the product types, the demand for personalized medicine for cancer is expected to dominate other types over the forecast period attributing to growing demand for customized therapies to treat various types of cancer and growing incidence of cancer globally.
The global market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue and revenue share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials and impact analysis.
Type Outlook (Revenue, USD Billion; 2019-2030)
- Congenital Myopia
- Simple or Developmental Myopia
- Pathological or Degenerative Myopia
- Acquired Myopia
Treatment Outlook (Revenue, USD Billion; 2019-2030)
- Corrective Lenses
Product Outlook (Revenue, USD Billion; 2019-2030)
- Eye glasses
- Contact lens
- Ortho – K lenses
- Phakic introcular lenses
- Eye drops
Route of Administration (Revenue, USD Billion; 2019-2030)
End User Outlook (Revenue, USD Billion; 2019-2030)
- Specialty clinics
- Eye care centers
Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)
Regional Outlook (Revenue, USD Million; 2019-2030)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Growing advancements in medical therapies to drive market growth
The pharmaceutical and healthcare industry is driven by rapid advancements in customized therapies, medical devices, and surgical procedures. Integration of advanced technologies to accelerate research and development and manufacturing and production activities are some other factors driving market growth.
High prices of certain drugs might affect revenue growth
Launch of high-priced drugs to treat rare and chronic diseases and lesser affordability in middle- and low-income regions might limit their adoption and restrain market growth going ahead. In addition, less knowledge and awareness regarding advanced treatment approaches and lower adoption of advanced technologies might further hamper market growth over the forecast period.
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