The presbyopia treatment market is estimated to be valued at USD 19.1 Bn in 2024 and is expected to reach USD 26.4 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031. With growing geriatric population worldwide experiencing presbyopia, the demand for treatment options is rising steadily.

The market is witnessing positive trends with advancements in treatment technologies. Presbyopia-correcting intraocular lenses have gained significant popularity as they not only address the near vision difficulties associated with presbyopia but also cataract formation. Additionally, the introduction of novel drug therapies and less invasive treatment options such as scleral expansion rings and contact lenses are expected to further drive the market during the forecast period.

Market Driver - Increasing prevalence of presbyopia in aging populations

As the average human lifespan increases globally, the percentage of the population aged over 50 years is set to rise dramatically in the coming years. Presbyopia is a natural age-related condition characterized by the gradual loss of ability of the eye to focus on near objects, primarily caused due to the hardening of the eye's natural lens. It is an almost inevitable occurrence affecting nearly all adults by the age of 45-50 years. With continued advancements in healthcare and standard of living, more people are living longer and surviving well into their senior years when presbyopia commonly begins to affect individuals.

The number of presbyopia cases has been rising in sync with the worldwide growth of the geriatric demographic. As per estimates, over 1.8 billion people suffered from presbyopia in 2020. This number is expected to surge remarkably to touch 2.1 billion by 2030. Even in developing nations which are witnessing accelerated aging of their populace, presbyopia cases have multiplied at a frenetic pace. For example, the percentage of the Indian population aged above 50 years is projected to increase from 10% in 2021 to over 20% by 2050. This will translate to a huge presbyopia patient pool in the country in the coming decades.

Aging populations in major economic blocs like North America, Western Europe, and East Asia form hotspots with highest presbyopia prevalence globally. Their large base of elderly consumers is driving consistent demand for vision correction aids. At the same time, even relatively younger developing economies will contribute significantly to the disease burden owing to their demographic dividends. With no options available as of now to reverse the condition, established treatments aim to compensate for the presbyopic vision impairment. Newer therapeutic interventions being explored can potentially help a large section of global aging population in managing this debilitating optical problem.

Market Driver - Launch of novel pharmacological therapies

The inability to clearly see close objects is a frustrating effect of presbyopia that diminishes quality of life. Reading, sewing, using smartphones etc. all become difficult tasks without appropriate vision aids. Existing options like reading glasses, bifocal and varifocal lenses have achieved mass adoption but address symptoms, not the cause. Pharmaceutical companies have remained actively engaged in R&D to develop true disease-modifying drugs that can potentially restore the elasticity of the crystalline lens or halt its hardening process.

Some have recently announced positive results from late-stage clinical trials of new presbyopia therapies administered via eye drops. If approved, these may become worldwide commercially available within the next 1-2 years. Compared to perpetual dependency on glasses, an effective medication taken occasionally could offer greater relief and adherence for patients. Eye care specialists also view pharmacological interventions as a more long-lasting solution than current device-based workarounds. Their widespread physicians' recommendation and prescription can rapidly push the novel drugs into the mainstream.

Early success of such break-through research outcomes has renewed hopes of finally defeating presbyopia through medicine rather than sustaining its impact. It may encourage more investment into this avenue of treatment and discovery of alternate molecules. The anticipated approval and launch of first-in-class topical therapies has already created buzz within the medical community as well as among presbyopia sufferers. Their accessibility without significant hassles can significantly expand the reach of these innovative therapies.

Market Challenge - High cost and lack of insurance coverage for treatments like VUITY

High cost and lack of insurance coverage for treatments like VUITY. The cost of current prescription eye drops and lens options to treat presbyopia remains prohibitively high for many patients. For example, pilocarpine eye drops need to be applied several times a day and cost hundreds of dollars per year without insurance. Newer options like VUITY eye drops provide relief from reading glasses within 15 minutes of application but come with a price tag of $80 per pair of drops. Many private and public insurance plans do not provide coverage for vision conditions classified as "lifestyle" issues rather than medical problems. With over half the global population experiencing presbyopia by the age of 45, the high costs pose a major barrier for widespread adoption of presbyopia treatments. Manufacturers will need to lower prices significantly or develop lower-cost generic versions to make therapies affordable and accessible to more consumers.

Market Opportunity - Development of cost-effective non-surgical treatments

The market presents major opportunities for companies that can develop new non-surgical treatment options that are affordable and convenient for patients. There is significant scope to augment current eye drop formulations with more effective ingredients or delivery mechanisms that provide relief for a full day with just one application. Researchers are also exploring novel options like bespoke contact lenses tailored with presbyopia corrections or low-cost light therapies. With billions of presbyopia patients worldwide, even a small capture of this largely untreated market presents massive revenue potential. Lowering costs will scale presbyopia treatments from an affordability perspective while innovation will drive greater adherence and compliance. This focus on affordability and convenience holds the key to fully tapping into the growth opportunities within presbyopia management.

Players have focused on launching new daily disposable contact lenses to drive adoption. For instance, in 2020, Johnson & Johnson launched 1-Day Acuvue Moist for Presbyopia, a daily disposable multifocal contact lens. Studies showed that over 80% of patients preferred daily disposables over traditional reusable lenses due to convenience. This helped J&J capture a major share of the daily disposable segment.

Major players like Allergan, Alcon, and Bausch Health have pursued an inorganic growth strategy through acquisitions to enhance their product portfolio. For example, in 2019, Alcon acquired PowerVision to add surgical and non-surgical approaches for presbyopia. This helped Alcon offer a more comprehensive solution set compared to competition.

Launching bifocal and multifocal lenses with advanced optical design has seen significant success. Statistics show over 60% of presbyopia patients opt for lenses that don't require frequent replacement. Capitalizing on this, companies like Abbott launched their ACUVUE Oasys family of multifocal contact lenses in 2012 which blurred vision across all distances. Their unique Optic Transition Zone design helped achieve robust sales.

Partnering with independent optometrists and ophthalmologists has proven effective for increasing footprint and awareness. For instance, CooperVision partnered with regional eye doctors in Europe from 2015 onward to educate patients about Naturelle multifocal lenses. Analyses indicate this resulted in 20% year-on-year growth for CooperVision in the region over the next 3 years.

Insights, By Pharmacological Therapies: Parasympathomimetics is driving the future of presbyopia treatment

In terms of pharmacological therapies, parasympathomimetics sub-segment contributes the highest share of 54.7% in the market owing to its efficacy and effectiveness in treating the underlying cause of presbyopia. Parasympathomimetics work by activating the muscarinic receptors in the ciliary muscle of the eye. This activation causes the ciliary muscle to contract and relax, allowing the lens to become more convex. The increased curvature of the lens compensates for the reduced elasticity of the lens that occurs with presbyopia.

Parasympathomimetics are preferred over other pharmacological therapies as they activate the body's natural mechanisms for accommodation. This makes Parasympathomimetics a more physiological approach compared to therapies that rely solely on dilation of the pupil. The physiological action also means fewer side effects compared to alternatives. Additionally, Parasympathomimetics provide around-the-clock correction and don't require repeated administrations like eye drops. This continuous action and ease of use have led to greater patient acceptability and compliance.

Research into new Parasympathomimetic compounds is further improving efficacy and expanding the presbyopia populations that can be treated. This pipeline of novel drugs is expected to sustain Parasympathomimetics' market dominance over the forecast period.

Insights, By Pharmacological Therapies: Eyeglasses are a trusted solution driving mass adoption

In terms of optical corrections, eyeglasses sub-segment contributes the highest share of 60.12% in the market owing to its affordable costs and widespread trust among consumers. As the most traditional and established option for vision correction, eyeglasses have mass brand recognition and market penetration.

Eyeglasses provide an inexpensive way for patients to remedy their presbyopia symptoms. Compared to other optical corrections like contact lenses, eyeglasses have lower upfront costs and require infrequent replacement. Their affordability makes eyeglasses accessible to a broader population.

Decades of use have demonstrated eyeglasses' safety, efficacy and comfort for presbyopia. Patients trust the tried-and-tested and reversible nature of changing prescriptions with new lenses. The strong brand nostalgia and familiarity people have with eyeglasses as their first vision correction solution also drive continued adoption rates.

Major industry players have further spurred eyeglasses usage through extensive marketing of progressive and no-line bifocal lens technologies. Greatly improved designer frames have also boosted fashionability and consumer acceptance of eyeglasses. This broad perception of eyeglasses as a reliable solution for all ages maintains its primacy within the presbyopia treatment market.

The presbyopia market is poised for growth due to the aging global population, with a significant unmet need for non-invasive, affordable treatment options. While current treatments such as reading glasses and pharmacological solutions like pilocarpine drops offer temporary relief, the market is eagerly awaiting long-term, accessible solutions. The introduction of novel therapies such as QLOSI and Brimochol PF could revolutionize the market.

The major players operating in the presbyopia treatment market include AbbVie, Eyenovia, Orasis Pharmaceuticals, Novartis, Visus Therapeutics, LENZ Therapeutics, Glaukos Corporation, and Ocuphire Pharma.