The global age-related vision dysfunction market is poised for steady growth, according to recent market analysis. In 2023, the market was valued at USD 90 billion and is projected to reach a market value of USD 130 billion by 2033, expanding at a Compound Annual Growth Rate (CAGR) of 3.7% over the forecast period.
The increasing prevalence of eye disorders, particularly among the aging population, is expected to drive market growth. As the use of electronic devices continues to rise globally, more individuals are experiencing vision-related issues such as Asthenopia (eye strain). This has led to a surge in demand for vision care products, including eye drops and vision care capsules, as people seek to correct and enhance their eyesight.
With the aging population expanding and lifestyle habits contributing to vision issues, the market for age-related vision dysfunction products is expected to see sustained growth throughout the forecast period.
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.
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 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
- IVERIC Bio
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 Industry Survey
Age Related Vision Dysfunction Market by Dysfunction Type:
- Cataract
- AMD
- Glaucoma
- Presbyopia
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
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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