A recently published study by FMI expects the global age-related vision dysfunction market to augment at a 3.7% CAGR from 2023 to 2033. By the end of the said assessment period, a valuation of US$ 130 Billion is expected for the market.
The rising incidence of visual impairment and blindness is a primary driver of the global age-related vision dysfunction market’s expansion.
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 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
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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
- In May 2020, AbbVie Inc. finalized 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:
Age-Related Vision Dysfunction Market by Drug:
- Eybelis Ophthalmic Solution
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