The mydriasis treatment market involves drugs that are used to dilate pupils for eye examination procedures. Some common mydriatic drugs include tropicamide, phenylephrine, and cyclopentolate. These drugs work by blocking the parasympathetic nerve impulses to the sphincter pupillae muscles, resulting in pupil dilation. Mydriasis allows ophthalmologists to perform detailed examinations of the interior structures of the eye such as fundus and retina.
It is an essential part of eye checkups, screenings for eye diseases like diabetic retinopathy, and pre/post-operative evaluations. The growing geriatric population which is more susceptible to age-related visual impairments and rising incidence of eye disorders worldwide are key factors driving the demand for Mydriasis Treatment Market.
The mydriasis treatment market is estimated to be valued at USD 633.3 Mn in 2024 and is expected to reach USD 878 Mn by 2031, growing at a compound annual growth rate (CAGR) of 4.8% from 2024 to 2031.
Key Takeaways
Key players operating in the mydriasis treatment market are Novartis AG, Allergan plc, Pfizer Inc., Bausch and Lomb, Akorn Inc.
Increasing prevalence of diabetes and other lifestyle diseases has opened up opportunities for eye care screening and subsequent mydriasis procedures. Favorable government policies in various countries promoting regular eye checkups will further propel market growth.
Major players are expanding their global footprint through strategic partnerships and acquisitions to meet the growing needs of ophthalmic practices around the world.
Market Drivers
A key growth driver for the mydriasis treatment market is the rapidly aging world population. As per WHO, the number of people aged over 60 years is projected to double from 12% to 22% between 2015 and 2050. Older people have a higher risk of developing eye conditions like cataracts, glaucoma, and age-related macular degeneration which require pupil dilation for thorough examination and diagnosis. This will significantly augment the demand for mydriasis drugs over the coming years.
PEST Analysis
Political: Laws and regulations relating to use and approval of mydriatic drugs will impact the market. The government policies could promote or restrict usage of certain types of mydriatics.
Economic: Overall economic growth coupled with rising disposable incomes will drive healthcare spending and thus support market growth. However, pricing pressures due to cost containment measures can hamper revenues.
Social: Growing awareness about eye disorders and availability of treatment options are positively influencing the market. Aging population demographic which is more prone to eye issues further augment demand.
Technological: Advancements in drug delivery mechanisms are helping develop improved formulations of mydriatic drugs. Researchers are working on novel therapies with better efficacy and minimal side effects. Digitalization is aiding remote healthcare delivery.
Geographical Regions of Concentration
North America accounts for the largest share of the mydriasis treatment market in terms of value. This can be attributed to high healthcare expenditure, availability of advanced treatment facilities, and presence of major players in the region. The US dominates the North American as well as global market.
Fastest Growing Region
Asia Pacific is poised to experience the fastest growth during the forecast period owing to rising income levels, growing geriatric population susceptible to eye disorders, and improving access to diagnosis and treatment in countries such as China, India. Moreover, strategic initiatives by market players to tap opportunities in emerging Asian economies will further support the regional market expansion.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
