The global market for age-related vision dysfunction is experiencing significant growth and is projected to reach USD 130 billion by 2033, up from USD 90 billion in 2023, at a steady compound annual growth rate (CAGR) of 3.7%. This expansion is driven by multiple factors including an aging population, the increasing use of electronic devices, and the rising prevalence of age-related eye conditions such as cataracts, age-related macular degeneration (AMD), glaucoma, and presbyopia.
A Growing Global Concern
As the global population continues to age, the prevalence of age-related vision dysfunctions has been steadily increasing. The World Health Organization (WHO) reports that more than 2.2 billion people globally suffer from vision impairment, with a significant portion of this being age-related. In particular, people over the age of 60 are at an elevated risk of experiencing eye conditions that affect their daily lives and quality of life.
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The impact of these conditions on an individual’s health is undeniable, and the demand for effective treatments and vision care products has been rising. According to the new market report, the demand for vision care products—such as eye drops, capsules, eyeglasses, and cooling glasses—is set to skyrocket during the forecast period, with a surge in consumer adoption of these solutions aimed at preventing or mitigating the effects of age-related vision dysfunctions.
Digitalization and Screen Time: Catalysts for Age-Related Vision Issues
In recent years, the rise in the use of electronic gadgets such as smartphones, laptops, and tablets has become a prominent factor in the growing incidence of vision-related disorders. The extended screen time, especially in the aging population, has led to an increase in conditions like Asthenopia (eye strain) and presbyopia (difficulty in focusing on close objects). With more time spent on digital devices, individuals are increasingly exposed to screen-related eye strain, contributing to the accelerated development of age-related vision dysfunction.
This digital lifestyle, coupled with the significant advancements in digital healthcare solutions, has driven the adoption of vision care products designed specifically for addressing the demands of the modern consumer. Vision care products like eye drops, vitamin-rich capsules, and advanced corrective lenses are now easily accessible, enhancing their adoption rate across all demographics.
Poor Nutrition and Lifestyle Factors
In addition to digitalization, poor nutrition and a lack of attention to general eye health are other contributing factors to the rising cases of age-related vision dysfunction. Research has shown that deficiencies in essential nutrients such as vitamins A, C, and E, and omega-3 fatty acids are linked to an increased risk of developing conditions like cataracts and AMD. As people age, the importance of maintaining eye health through proper diet and lifestyle habits becomes paramount.
The growing awareness about the role of nutrition and lifestyle modifications in maintaining eye health has led to a rise in demand for supplements and vision-enhancing products. Nutrient-rich eye drops, vitamins, and supplements designed to support eye health are helping people manage age-related vision conditions effectively, further driving the market.
Robust Supply Chain and Distribution Networks
One of the key drivers for the growth of the age-related vision dysfunction market is the rapidly expanding logistics and supply chain networks that make vision care products more accessible worldwide. The efficient distribution of eyeglasses, contact lenses, eye drops, and other vision care products has allowed companies to reach more consumers in urban and rural regions alike.
Online retail platforms, in particular, have become an essential part of this distribution network, making it easier for consumers to access a wide range of products without geographic constraints. The growth of e-commerce has facilitated quicker deliveries and improved availability of both over-the-counter and prescription-based vision care products, further fueling market expansion.
Key Takeaways
- China’s Market Growth: The Chinese age-related vision dysfunction market is projected to grow at a healthy CAGR of 3.6% during the forecast period, driven by factors like a rising geriatric population, rapid technological advancements, and increasing demand for superior eye care products. China is one of the largest markets for age-related vision dysfunction treatments, with top companies offering affordable and innovative solutions.
- Prevalence of Vision Impairment in China: According to a Lancet investigation, China has over 45 million individuals with moderate visual impairment, 4.6 million with severe vision impairment, and approximately 8.7 million with blindness. These statistics underscore the significant market potential for vision care products in the region.
- India’s Market Growth: The Indian age-related vision dysfunction market is estimated to grow at a CAGR of 3% due to an increasing prevalence of sedentary lifestyles and eye damage associated with growing urbanization and technology use. The rising adoption of digital devices presents a significant opportunity for the vision care sector.
- Asia Pacific Growth: The Asia Pacific region is expected to grow at a CAGR of 3.5% between 2023 and 2033, reflecting the region’s increasing demand for age-related vision dysfunction treatments and the potential for further technological advancements in the sector.
- North America’s Market Growth: The North American market for age-related vision dysfunction is projected to grow at a CAGR of 3.6%, fueled by a growing senior population, favorable government policies, and rising eye disease incidence. The U.S. is expected to dominate the North American market, holding a 33.8% market share.
- Rising Awareness in North America: In North America, around 12 million individuals over 40 are affected by vision impairment, with a strong connection to diabetes prevalence. Government and corporate efforts, including awareness campaigns and technological advancements, are expected to drive the market.
- E-Commerce Influence: The rapid growth of the E-commerce industry in North America is predicted to further propel market expansion, offering easy access to advanced vision care products.
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Strategic Partnerships and Innovations in Treatment
Market players are continuously innovating to provide effective, minimally invasive solutions for the treatment of age-related vision dysfunctions. One of the key strategies being employed is the formation of strategic partnerships between established pharmaceutical companies and startups, aimed at addressing the challenges of treating eye conditions.
Leading pharmaceutical companies are increasingly focused on developing novel therapies, including minimally invasive surgical treatments and cutting-edge drug formulations. These collaborations and innovations are expected to shape the market landscape, offering patients more treatment options and improving clinical outcomes.
Key Players in the Market
Several prominent players are driving innovation and competition in the age-related vision dysfunction market. Some of the key companies include:
- Aerie Pharmaceuticals
- Santen Pharmaceutical
- Sun Pharma Advanced Research Company Limited
- Bausch + Lomb
- D Western Therapeutics Institute
- Novartis
- AbbVie
- Eyenovia
- Orasis Pharmaceuticals
- IVERIC Bio
These companies are actively investing in research and development, collaborating with smaller firms, and introducing new products to cater to the growing global demand for vision care solutions.
Recent Developments in the Market
Several key developments have further contributed to the growth of the age-related vision dysfunction market:
- Santen Pharmaceutical Co. Ltd. launched its DIQUAS® Ophthalmic Solution 3% (diquafosol sodium) in Japan in November 2022. This formulation helps stimulate tear production and improve eye tissue abnormalities associated with dry eye conditions, a common issue for those experiencing age-related vision dysfunction.
- Bausch + Lomb Corporation received FDA clearance in December 2022 for its Biotrue Hydration Boost Contact Lens Rehydrating Drops. These preservative-free drops are designed for both soft and rigid gas-permeable contact lenses, providing relief for those suffering from age-related dry eye conditions.
Key Market Segments
The age-related vision dysfunction market can be segmented into several categories, each with unique growth potential:
By Dysfunction Type:
- Cataract
- Age-Related Macular Degeneration (AMD)
- Glaucoma
- Presbyopia
By Drug:
- Rocklatan
- Eybelis Ophthalmic Solution
- Xelpros
- Rhopressa
- Vyzulta
- Lucentis
- Eylea
- Beovu
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
Future Outlook
The global age-related vision dysfunction market is poised for steady growth, driven by an aging population, increasing digitalization, improved access to healthcare, and ongoing innovations in treatment. As consumers continue to seek effective solutions for managing and correcting age-related vision issues, the market will benefit from the ongoing development of both pharmaceutical treatments and preventive vision care products.
By 2033, the market is expected to reach USD 130 billion, offering ample opportunities for stakeholders across the healthcare and pharmaceutical industries to capitalize on the increasing demand for age-related vision dysfunction solutions. As the market continues to evolve, the convergence of technology, healthcare advancements, and lifestyle changes will further enhance the potential for growth in this vital sector.
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