South Korea Myopia and Presbyopia Treatment Market Report and Forecast 2024-2032

South Korea Myopia and Presbyopia Treatment Market Outlook

The South Korea myopia and presbyopia treatment market is expected to grow at a CAGR of 7.0% between 2024 and 2032. The increase in the ageing population and ailments like diabetes, along with increased screen time, are driving the growth of the South Korea myopia and presbyopia treatment market.

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Key Trends in the South Korea Myopia and Presbyopia Treatment Market

"Near-sightedness" or "short-sightedness" is the outcome of myopia. As a result, closer objects appear sharper while distant objects appear blurry. The term "presbys" in Greek means "old man." The natural lenses stiffen and lose their capacity to focus up close as we get older. Whether a person is myopic, hyperopic, or does not require distance glasses, presbyopia can affect everyone. Market participants are concentrating on implementing growth initiatives, such as improvements to current technology, the introduction of effective procedures, and mergers and acquisitions. Market leaders invest heavily in R&D to facilitate early diagnosis and develop efficient and quick surgical treatments. 

Increased Smartphone Usage and Lifestyle Diseases such as Diabetes Aid the growth of the Myopia and Presbyopia Treatment Industry in South Korea

Due to the extended COVID-19 and now work-from-culture, people are staying indoors more often and spending more time on their cellphones, laptops, and computers. As a result, the number of myopia sufferers is rising quickly. Although devices for enhancing vision are getting more and more common as public interest in actual vision rises, people usually don't address the underlying problem. The crystalline lens in our eyes, which aids in focusing, is overworked as a result of constant smartphone use. Presbyopia is brought on by the lens becoming thicker with age, which is thought to occur in youngsters’ eyes with excessive smartphone usage.

Additionally, health conditions such as diabetes affect eyesight and induce the onset of near-sightedness, far-sightedness, and presbyopia. One of the most common eye ailments, known as diabetic retinopathy, is a condition in which the diabetic person starts losing vision, which in the future leads to blindness. They also increase the chances of getting open-angle glaucoma and cataracts among diabetic patients. These eye ailments thus propel the growth of the myopia and presbyopia treatment market in South Korea.

COVID-19 Pandemic Disrupted the Market Growth Yet Boosted the LASIK Procedures in the Country

The need for myopia and presbyopia treatment will increase as myopia treatment options expand to include myopia and presbyopia. During COVID-19, people who already have myopia or presbyopia have begun choosing telemedicine. Due to COVID-19 restrictions, fewer people were getting health checks, which included ophthalmology procedures, which has an impact on the ophthalmology procedures in this novel COVID-19 pandemic. Many people choose to get LASIK surgery rather than use contact lenses because of the higher risk of infection transmission. Such decreases in elective ophthalmic surgery have, to some degree, a negative effect on the market's overall growth.

Market Analysis

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Based on disease type, the South Korea myopia and presbyopia treatment market is segmented into myopia and presbyopia. On the basis of treatment type, myopia and presbyopia treatment market is divided into prescription lenses, contact lenses, intraocular lenses, refractive surgery, and drugs.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea myopia and presbyopia treatment market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Johnson & Johnson Vision

• T Korea Solution Co., Ltd.

• Alcon Inc.

• AbbVie

• HOYA Corporation

• Others

Market Share by Disease Type

The rising prevalence of health issues like diabetes and increased screen time is providing impetus to both myopia and presbyopia segments. There is a growing number of geriatric populations in South Korea and aged people are more prone to experience vision loss and other eye ailments, which augments the market growth. Furthermore, technological advancements have made several surgical processes quick and painless, which helps attract people. 

However, the launch of vision improvement products that provide vision therapy is also gaining traction. The first vision improvement product, known as OTUS, was launched by a company called Edenlux . Otus prevents and treats visual disorders, including myopia and presbyopia, by regularly contracting and relaxing the lens regulator using lenses. The OTUS Plus app provides AI-based eye healthcare and management reports to its users. By lowering the expense of eye care and incorporating the convenience of quick, five-minute home care a day, Otus aids in the improvement of eyesight. Other factors such as high living standards and rising disposable income also aid in proliferating the development of the myopia and presbyopia treatment market in South Korea.

Market Share by Treatment Type

Prescription lenses and contact lenses are quite popular among people. Younger generations opt for trendy and visually appealing products. Additionally, bifocal, multifocal, monovision, and modified monovision contact lenses fall within these categories. To help improve far-sighted vision, the cornea is reshaped during surgery. Presbyopia can be effectively treated using conductive keratoplasty, LASEK, LASIK, and PRK, among other refractive surgical techniques. The surgical procedure LASIK is extensively used to cure presbyopia. It is anticipated that the increasing prevalence of these myopia treatment options and rising demand for LASIK surgery would promote market growth throughout the course of the projection period.

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Competitive Landscape

Johnson & Johnson Vision - Johnson Johnson Vision Care, Inc. is a company that sells optical supplies. The company sells disposable contact lenses, sunglasses, ophthalmic frames, and lenses. Products from Johnson Johnson Vision Care are sold all around the world. The headquarters of the firm is situated in Florida, U.S.A.

HOYA Corporation- Hoya Corp is a multifaceted, international business that offers cutting-edge, essential high-tech and medical products. HOYA operates in two primary business sectors which are life care and information technology. The information technology category concentrates on LCD panels, glass discs for HDDs, optical lenses for digital cameras, and smartphones. It also includes electrical items for the semiconductor industry. The Life Care division includes aspects of health care such as the operation of retail contact lens stores, the sale of eyeglass lenses, and endoscopes, as well as artificial bones and implants. The firm was established in 1941 in Tokyo, Japan.

Key Highlights of the Report

South Korea Myopia and Presbyopia Treatment Market Report Snapshots

South Korea Myopia and Presbyopia Treatment Market Size

South Korea Myopia and Presbyopia Treatment Companies