The age-related vision dysfunction market comprises products such as drugs and devices designed to treat common age-related eye conditions like presbyopia, cataracts, glaucoma, and macular degeneration. Drugs such as eye drops, pills, and injections are used to reduce pain, lower eye pressure, slow the progression of disease, and prevent further vision loss. Surgical procedures and devices including intraocular lenses, prosthetic devices, and laser therapy help restore vision or improve sight.
The global age-related vision dysfunction market is estimated to be valued at US$ 3.8 Billion 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 include Novartis, Regeneron Pharmaceuticals, Roche, Bayer, and Alcon. Novartis's Lucentis and Beovu injectable drugs treat wet macular degeneration while Regeneron's Eylea is also a leading anti-VEGF therapy. Roche markets anti-VEGF medications such as ranibizumab under the Lucentis brand name.
The growing geriatric population is a major driver of rising demand in the age-related vision dysfunction market. Age-related eye conditions are more prevalent in people over 60 years of age and the global population of seniors is projected to double from 962 million in 2017 to 2.1 billion by 2050. This represents a massive potential patient pool.
The market is also witnessing significant expansion outside North America and Western Europe with key players increasingly focusing on untapped opportunities in Asia Pacific and Latin America. Establishing manufacturing and distribution networks in high-growth regions will help companies address the global slowdown in developed markets.
Market Key Trends
Stem cell therapy is emerging as a promising new trend in the age-related vision dysfunction market. Companies are researching the potential of stem cells to regenerate diseased or damaged retinal cells and help restore vision in conditions like macular degeneration. Several clinical studies evaluating the safety and efficacy of stem cell injections for wet AMD are currently underway. If successful, stem cell therapies may become a major new class of treatment over the next decade, supplementing or replacing existing anti-VEGF drugs. This represents an important area for future growth in the market.
Porter’s Analysis
Threat of new entrants: Low as R&D investments and clinical trials required are high along with patents held by existing companies.
Bargaining power of buyers: Moderate as prevalence of vision conditions is growing but high treatment and device costs.
Bargaining power of suppliers: Moderate as suppliers of drugs, devices and components have specialized skills and technologies.
Threat of new substitutes: Low as no major substitute exists for treating conditions like cataract, dry eye and macular degeneration.
Competitive rivalry: High as leading players continue investing in R&D and targeting new products/therapies.
Geographical Regions
North America region accounts for the largest share currently due to increasing elderly population, awareness and availability of advanced treatments. The United States dominates the regional market.
The Asia Pacific region is poised to be the fastest growing market for age-related vision dysfunction during the forecast period. Factors such as rising geriatric population, growing economy and increasing healthcare expenditure are driving the regional market. Countries like China and India will significantly contribute to the Asia Pacific market growth.
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
