As the global population ages, the demand for solutions to age-related vision problems is growing rapidly. A new study by Future Market Insights (FMI) forecasts a promising future for the Age-Related Vision Dysfunction Market, with a projected valuation of USD 130 billion by 2033. This signifies a steady increase at a Compound Annual Growth Rate (CAGR) of 3.7% over the next decade.
Furthermore, the rising prevalence of eye illnesses such as diabetic, glaucoma, cataract, and age-related macular degeneration is expected to boost demand for assistive technology in age related vision dysfunction. As a result, the worldwide age related vision dysfunction market will expand. For example, the World Glaucoma Association estimates that 79.6 million people would develop glaucoma by 2020. This figure is expected to rise to 111.8 million by 2040.
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According to a United Nations (UN) estimate, the worldwide population of people aged 60 and more was around 962 million in 2017, with a projected increase to 2.1 billion by 2050 According to the National Federation of the Blind, an estimated 3,171,100 persons aged 65 and older in the United States had visual impairment in 2016. All these factors are likely to drive the age-related vision dysfunction market during the forecast period.
Key Takeaways from the Age-Related Vision Dysfunction Market Study
- 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 US$ 90 Billion
- The global Age Related Vision Dysfunction market is expected to garner a market value of US$ 130 Billion
- As per Future Market Insights, Asia Pacific is expected to grow at a CAGR of 3.5% in the assessment period 2023-2033.
- As per Future Market Insights, North America is expected to grow at a CAGR of 3.6% in the assessment period 2023-2033.
- As per Future Market Insights, Europe is expected to grow at a CAGR of 3.3% in the assessment period 2023-2033.
- The glaucoma segment is expected to hold the largest market share for Age-Related Vision Dysfunction in the forecast period 2023-2033
“Increased government measures to develop assistive technology and supply assistive technology equipment to the disabled is also predicted to fuel growth in the worldwide age related vision dysfunction market.”Says an analyst at FMI
Market Competition
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
Recent Developments:
- In May 2020, AbbVie Inc. finalised the strategic acquisition of Allergan plc. As a result of this purchase, AbbVie Inc. has positioned itself as a market leader in the age related vision dysfunction
Key Segments Profiled in the Age Related Vision Dysfunction Market Market Survey
Age-Related Vision Dysfunction Market by Dysfunction Type:
- Cataract
- AMD
- Glaucoma
- Presbyopia
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Age-Related Vision Dysfunction Market by Drug:
- Rocklatan
- Eybelis Ophthalmic Solution
- Xelpros
- Rhopressa
- Vyzulta
- Glanatec
- Simbrinza
- Tapcom/DE-111
- Azarga/Azorga
- Combigan
- Lucentis
- Eylea
- Beovu
Age-Related Vision Dysfunction Market by Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel and End Use over the next 10-years.
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