The global age-related vision dysfunction market garnered a market value of USD 90 Billion in 2023 and is expected to accumulate a market value of USD 130 Billion by registering a CAGR of 3.7% in the forecast period 2022 to 2033.
The general public's desire to correct and enhance their eyesight as a consequence of increased eye disorders, an aging population, and a variety of other causes is likely to boost the market for age-related vision dysfunction products throughout the forecast period. The adoption of electronic gadgets has been rapidly increasing. People frequently utilize such gadgets for extended periods of time. As a result, more and more individuals are suffering from age-related vision dysfunction, including Asthenopia, and people have begun to use vision care products, particularly vision care eye drops and vision care capsules.
Moreover, poor nutrition and a lack of attention to health are two other issues that are projected to raise demand for the age-related vision dysfunction market. As a result of poor eating, an increasing number of people are experiencing partial or complete eyesight loss. The adoption of electronic gadgets has increased rapidly. Furthermore, vision care products are now more widely available than ever before. Because of such a robust logistics and supply chain network, vision care items such as eyeglasses, cooling glasses, and so on may be transferred quickly within a region or from one nation to another. This is also expected to boost the age-related vision dysfunction market throughout the projected period.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2023) | USD 90 Billion |
| Anticipated Forecast Value (2033) | USD 130 Billion |
| Projected Growth Rate (2023 to 2033) | 3.7% CAGR |
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The global demand for age-related vision dysfunction is projected to increase at a CAGR of 3.7% during the forecast period between 2022 and 2033, reaching a total of USD 130 Billion in 2033, according to a report from Future Market Insights (FMI). From 2017 to 2022, sales witnessed significant growth, registering a CAGR of 2%.
The prevalence of rising eye disorders among individuals from all walks of life is predicted to fuel demand for age-related vision dysfunction, notwithstanding a major increase. The number of patients attending eye care hospitals has increased due to a rise in incidences of cataracts and glaucoma. According to WHO figures, more than 4.5 million individuals are blind as a result of glaucoma. This is concerning, and it has pushed glaucoma patients to adopt preventive measures.
An Increase in the Proportion of Geriatrics to Encourage Market Expansion
As people age, their eye lenses get stiffer, making it difficult to focus on objects in close proximity. This disorder is known as presbyopia, and it is frequent in persons over the age of 70.
This is usually corrected by using bifocal or progressive lenses. During the projection period, this is likely to improve growth prospects of age-related vision dysfunction.
Advancements in Ophthalmic Diagnostic and Treatment Technologies to boost Adoption
The technical developments that are occurring in this sector are the primary drivers of the age-related vision dysfunction industry. The use of nanotechnology in vision care is predicted to revolutionize the market.
Nanotechnology is now being used to detect eye pressure, cure retinal disorders, and help patients recover from glaucoma faster. Furthermore, robots are used in conjunction with human intelligence to precisely place surgical equipment during eye surgery. Artificial retinas with electrodes are used to replace injured retinas. This might increase future demand for age-related vision dysfunction treatment.
Increasing Awareness-raising Campaigns concerned with Eye Dysfunction
Whether it is the government or large corporations, they are all taking measures to raise awareness about age-related vision dysfunction and its treatment. The World Health Organization (WHO) and the International Agency for the Prevention of Blindness (IAPB) partnered with the Indian government to create VISION 2020. They also put on World Sight Day and other activities.
The goal was to raise awareness about various eye disorders and the procedures to take to keep healthy eyes. This might boost the age-related vision dysfunction market throughout the predicted period. Artificial retinas with electrodes are used to replace injured retinas. This might increase future demand for age-related vision dysfunction treatments.
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High Price of Medication to Hamper Market Growth
The high pricing of medications is going to put pressure on corporations and drug makers, particularly on therapies with a high price (i.e. gene therapies) that provide no additional major advantages.
Rapid Technological Development for Widening Profit Margins
During the projected period, the Chinese age-related vision dysfunction market is predicted to develop at a healthy CAGR of 3.6%. Some of the reasons driving the Chinese age-related vision dysfunction market are the raising geriatric population, rapid technological development, and a growing inclination for superior eye care goods.
According to a Lancet investigation, there were more than 45 million individuals in China with moderate visual impairment, 4.6 million with severe vision impairment, and about 8.7 million with blindness. Furthermore, according to studies, China is one of the world's largest markets for age-related vision dysfunction treatments. Because of technical improvements, China's top businesses are offering novel vision care goods at cheap prices.
On the other hand, according to FMI research, the India age-related vision dysfunction market is estimated to develop at a CAGR of 3% over the forecast period. People have begun to adopt sedentary lifestyles as cities have grown in size. As a result, individuals begin to acquire numerous health concerns, the most evident of which is eye damage in many cases.
Furthermore, the use of technological gadgets is increasing. This opens up a big possibility for the vision care sector in the future. As per Future Market Insights, the Asia Pacific is expected to grow at a CAGR of 3.5% in the assessment period 2023-2033.
Growing Senior Population to Accelerate Market Growth
According to FMI research, the North American age-related vision dysfunction market is predicted to develop at a CAGR of 3.6% during the forecast period. The market is likely to be driven by a growing senior population, favorable government policies, and an increase in the incidence of eye illnesses among individuals of all ages.
According to the Centers for Disease Control and Prevention, almost 12 million Americans over the age of 40 have vision impairment. This has been connected to an increase in diabetes incidence in the region. The government and several corporate entities are launching awareness campaigns to keep the issue under control.
Furthermore, the leading businesses are utilizing cutting-edge technology to provide the greatest products possible. Aside from that, the rapid expansion of the E-Commerce industry is predicted to fuel the market in the United States. The United States is predicted to be the top country in North America, with a market share of 33.8% in the area.
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The Glaucoma Segment Trends to enhance Sales Prospects
The increasing incidence of glaucoma, rising attempts to raise awareness about glaucoma, and technical breakthroughs in the area of ophthalmology are the primary drivers driving the growth of the glaucoma treatment sector.
Glaucoma is the world's second-largest cause of blindness. This is usually caused by increased intraocular tension. The basic purpose of treatment is to reduce intraocular tension. This is accomplished by either decreasing aqueous fluid secretion or boosting its outflow. Although glaucoma medications alleviate symptoms, there is no cure for this ailment.
Key start-up players in the age-related vision dysfunction are offering new and innovative product lines to consolidate their market presence, these aforementioned start-ups have left no stone unturned. Some specific instances of key age-related vision dysfunction start-ups are as follows:
Nanodropper, Inc. was established in 2018. It has created an eye drop bottle converter that reduces the capacity of large eyedrops by more than 60%. This is done with the goal of reducing waste and costs.
Visus Therapeutics is a company that was created in 2019. Their primary goal has always been to provide fixed formulation eye drops for presbyopia sufferers.
The main market participants are taking all feasible measures to execute the proper activities in order to lessen the rising number of age-related vision dysfunction sufferers globally. They are getting into strategic relationships with start-ups to solve some of the issues that patients confront when undergoing treatment for this purpose. The leading stakeholders are on a quest to create minimally invasive surgical treatments for this purpose. Key players in the age-related vision dysfunction market are:
Recent Developments:
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 90 Billion |
| Market Value in 2033 | USD 130 Billion |
| Growth Rate | CAGR of 3.7% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Dysfunction Type, Drug, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa (MEA) |
| Key Countries Profiled |
The USA, Canada, Brazil, Mexico, Germany, The UK, France, Spain, Italy, China, Japan, South Korea, India, Malaysia, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC, South Africa, Israel |
| Key Companies Profiled | Aerie Pharmaceuticals; Santen Pharmaceutical; Sun Pharma Advanced Research Company Limited; Bausch + Lomb; D Western Therapeutics Institute; Novartis; AbbVie; Eyenovia; Orasis Pharmaceuticals; IVERIC Bio |
| Customization | Available Upon Request |
FMI projects the global age-related vision dysfunction market to expand at a 3.7% value CAGR by 2033
The global Age Related Vision Dysfunction market is estimated at a market value of USD 90 Billion
The global Age Related Vision Dysfunction market is expected to garner a market value of USD 130 Billion
As per Future Market Insights, Asia Pacific is expected to grow at a CAGR of 3.5% in the assessment period 2023 to 2033.
Aerie Pharmaceuticals, Santen Pharmaceutical, Sun Pharma Advanced Research Company Limited, Bausch + Lomb, D Western Therapeutics Institute, Novartis, AbbVie, Eyenovia, Orasis Pharmaceuticals and IVERIC Bio are some prominent Age Related Vision Dysfunction manufacturers
As per Future Market Insights, North America is expected to grow at a CAGR of 3.6% in the assessment period 2023 to 2033.
As per Future Market Insights, Europe is expected to grow at a CAGR of 3.3% in the assessment period 2023 to 2033.
The glaucoma segment is expected to hold the largest market share for Age Related Vision Dysfunction in the forecast period 2023-2033
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Dysfunction Type 5.1. Cataract 5.2. AMD 5.3. Glaucoma 5.4. Presbyopia 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Drug 6.1. Rocklatan 6.2. Eybelis Ophthalmic Solution 6.3. Xelpros 6.4. Rhopressa 6.5. Vyzulta 6.6. Glanatec 6.7. Simbrinza 6.8. Tapcom/DE-111 6.9. Azarga/Azorga 6.10. Combigan 6.11. Lucentis 6.12. Eylea 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East & Africa (MEA) 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. Aerie Pharmaceuticals 15.2. Santen Pharmaceutical 15.3. Sun Pharma Advanced Research Company Limited 15.4. Bausch + Lomb 15.5. Novartis 15.6. AbbVie 15.7. Eyenovia 15.8. Orasis Pharmaceuticals 15.9. IVERIC Bio 16. Assumptions & Acronyms Used 17. Research Methodology
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Age Related Vision Dysfunction Market
