Age-related Vision Dysfunction Market is Anticipated to Witness High Growth Owing to Increasing Geriatric Population

 Age-related vision dysfunction refers to impaired visual function that generally occurs as people get older and affects conditions like presbyopia, cataracts and glaucoma. Age-related vision disorders are commonly caused by gradual changes that occur in our eyes as we age such as the lens hardening which makes it difficult to focus on near objects, known as presbyopia. The growing geriatric population worldwide has led to a surge in the patient pool suffering from age-related vision disorders. As per estimates, over 70% of people over the age of 65 in developed countries experience some form of age-related vision problems.

The global age-related vision dysfunction market is estimated to be valued at US$ 3.8 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024-2031.

Key Takeaways

Key players operating in the age-related vision dysfunction market are Novartis, Regeneron Pharmaceuticals, Roche, Bayer and Alcon. Novartis and Roche being the market leaders focuses on expanding its ophthalmology portfolio and geographic reach. Novartis acquired rights for spectral's dry eye market and launched anti-VEGF drugs to treat wet AMD like Lucentis. Roche acquired spark therapeutics to strengthen its gene therapy capabilities for retinal diseases.

The key opportunities in the age-related vision dysfunction market include rising investments in gene therapy and stem cell research for retinal diseases. Many companies are conducting trials for gene-augmentation techniques to treat retinal dystrophies. Other opportunities lies in development of drug delivery systems like microelectromechanical systems (MEMs) and bioerodible implants to effectively deliver drugs for posterior eye diseases.

Globally, the United States represents the largest market for age-related vision products due to high prevalence of age-related eye disorders and availability of advanced treatment options. However, the market is shifting towards Asia Pacific region owing to rapidly growing geriatric population especially in China and India. Many companies are expanding operations in Asia to tap into this patient pool. For instance, in 2020, Alcon started commercial production of treatments for retinal diseases in China.

Market drivers:
The key driver for age-related vision dysfunction market is rapidly aging population worldwide. As per UN projections, over next 30 years, the number of people aged 65 or above will grow from present 700 million to 1.5 billion globally. The aged population is more prone to develop age-related eye conditions like cataracts, glaucoma, diabetic retinopathy and AMD.

Market restraint:
High cost of treatments for retinal disorders like wet AMD poses significant barrier. Gene therapy and stem cell therapies which hold promise are highly expensive currently limited only for developed markets. Lack of universal healthcare further restricts access to many in developing world affecting market growth.

Segment Analysis
The age-related vision dysfunction market is segmented into presbyopia, cataract, glaucoma dry eye syndrome, others. The cataract segment holds the largest market share owing to the higher prevalence of cataract occurrences among the aging population. There were over 20 million cataract surgeries performed worldwide in 2019 according to the statistics published by GlobalData. The presbyopia and dry eye syndrome segments are expected to witness rapid growth during the forecast period due to the development and commercialization of novel treatment therapies for these indications.

Global Analysis
Regionally, the North America accounts for the highest share of the global age-related vision dysfunction market due to growing geriatric population, higher healthcare expenditure, and rising prevalence of vision impairment disorders. However, the Asia Pacific region is anticipated to witness the fastest growth during the forecast period majorly driven by the presence of a large patient pool, increasing medical tourism, and rising healthcare awareness among populace. Key players are adopting new product launches, acquisitions, and collaboration & licensing agreements strategies to strengthen their revenue streams and market presence.

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What Are The Key Data Covered In This Age-related Vision Dysfunction  Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Age-related Vision Dysfunction 's growth between 2024 and 2031.

:- Accurate calculation of the size of the Age-related Vision Dysfunction  and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- Age-related Vision Dysfunction  Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market's competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Age-related Vision Dysfunction  vendors

About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it