The amblyopia market is expected to gain a market value of USD 6.5 Billion by 2030 at a CAGR of 4.2% from 2022-2030.
Amblyopia is known as lazy eye or dim vision without a noticeable change in the eye. It reduces the image in one eye caused by abnormal visual development at an early age, from birth up to seven years. Early diagnosis is important because early treatment is more effective. Treatment includes a glass eye patch.
The amblyopia market is driven by factors such as the prevalence of hypermetropia and myopia, refractive errors, and cataracts across the globe. Moreover, favorable government funding for ophthalmology research boosts market growth in developing countries such as Mexico, India, and China. Increasing eye patches or glasses at economical costs fuel the amblyopia market growth. Furthermore, the increasing importance of ophthalmologists on regular checkups to check the efficiency of prescription glasses in eye vision improvement is estimated to drive extension opportunities in the global amblyopia treatment market. However, the absence of awareness relating to amblyopia treatment and no strict government regulation regarding novel treatment methods in developing regions challenge the growth of the global amblyopia market. Also, the lack of availability of resources and technological advancement restrict market growth.
The American Academy of Ophthalmology (AAO) recommended that ophthalmologists cease providing non-urgent care during the ongoing coronavirus pandemic. The institute has also provided a list of urgent and emergent procedures to solve potential sight-threatening conditions. Such findings are affecting and influencing the growth of the amblyopia treatment market.
The Covid-19 pandemic has negatively impacted the amblyopia market due to the strict lockdown imposed by the government. The shortage of raw materials and labor also hit the industry of manufacturing. Nevertheless, it is assumed that the market will furnish and demand will increase. The forecast is that the post-covid-19 period would be significant for the market returns.
The amblyopia market has been experiencing a diversified growth in all segments and across different regions due to the rising number of cases of amblyopia especially in the young population and the proportion of the youth in the overall population stands more on a higher side which has been a major driver for the global market size.
Secondly, the growing cases of ophthalmological disorders and the rising number of cases of visual incapacities such as cataracts, macular degeneration, glaucoma, and other refractive orders have also driven the market since the need to impair such disorders require treatment surgeries and healthcare facilities that fall under the ambit of market structure.
Another major driver in the global amblyopia market has been the ever-increasing health awareness programs and missions which have motivated people all over the world towards improvement in their health stats and to also be aware of various impairment disorders or other visual incapacities which could affect them and also lead to loss of vision. Also, the improvement in health care facilities all around the world and expenditures being made by the public and private entities have facilitated the market to have vast growth.
The overall growth in the market has been expediently rising but certain factors hinder the growth process of the market which include large sums of money to be invested initially in setting up amblyopia treatment companies and thus it restricts various new players to enter the markets.
Another key factor that acts as a barrier towards an increase in amblyopia market share is the stringent and rigid system of rules and regulations from the Governments of different countries. Apart from this, a major challenge that has stood out is that even after the surgeries and the treatment the desired outcome of vision is not achieved and there have been instances of the disorder recurring.
Another key restraint that has been observed off late is the high cost of amblyopia which bars most of the patients who are not aptly equipped with all the financial resources and also affects amblyopia market share since it cannot cater to the diverse variety of patients of different sections of the society. The Government also tries to curb the cost of such treatment which als affects the healthcare workers negatively.
The amblyopia market trends have been dedicated towards the use of improved technology in the treatment process since the procedure for amblyopia is based on highly scientific procedures and methods, it is usually carried on with the help of advanced tools and machines.
However, to be more specific, amblyopia procedures are based on scientific tests and screening of the individual to locate the exact point of disorder and to provide necessary treatment for it. This includes the visual acuity tests, the Buckner tests, and photo screening of the entire eye to provide a complete view of the affected area and the complexities involved in the visual system.
The technological system to be used soon in the amblyopia market involves using robotics and artificial intelligence systems to provide for the specific and timely location of any visual incapacity or a blind spot and then proceed with the treatment process and to remove any such incapacity by minimizing every threat associated with the treatment and also ensuring that amblyopia does not return after the treatment.
The amblyopia market has been segmented as follows:
The global amblyopia market has been divided into four regions where each region has been contributing significantly in terms of its capabilities and population demands. However, among the four regions, the Asia Pacific region has been accounting for the major amblyopia market share whereby the key drivers towards the growth of the amblyopia industry are developed here, and the population seems to be quite interested in the innovations in terms of new products in the market.
The major amblyopia market revenue is expected to come from countries like China, Japan, Korea, and India. The amblyopia statistics indicate that the population along with the disposable incomes of people of these countries has been increasing which has led to shifts in lifestyles and changing demands. The shift of the people towards health awareness and improvement in healthcare facilities has contributed towards the growth of the market in this region.
The European region has also been experiencing major growth with contributions coming from developed nations such as France, Germany, Denmark, Belgium, etc. since a majority of the population in this region is quite young which has increased the number of cases in this region rapidly. Also, rapid improvements in technology have led to the widespread development of the market in these countries. The North American region is also experiencing vast growth in amblyopia market shares as the countries in this region have been reaping the benefits of technology thereby maximizing the level of operations and reducing operational cost.
The competitive landscape in terms of the amblyopia market has been immense and nail-biting with new players easily entering the market and the existing players making huge investments in this segment.
The key players in the market are more focused on developing future strategies and set themselves as joint ventures to increase the amblyopia market share and size.
The Global report helps the investors to gain meaningful information about the market and make decisions wisely. The report discusses the steps taken by the market leaders to boost the market growth and inflate market valuation for their good. The report fully summarises the ongoing market scenario in the market which would help the intended audience to seek more information about the market. The objective of the report was to fully summarise the key players in the market and their role in boosting the amblyopia market value. The report also discusses the future growth prospects and the competitive landscape in the amblyopia industry and lays down the expected growth rate of the market along with the hindrances it may face.
|Market Size||6.5 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Diagnosis, Treatment and End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Amblyoptica (Holding) Pty Ltd, Amblyotech, Inc, Good-Lite Co, Vivid Vision, Inc., Cooper Vision, Johnson & Johnson, Novartis AG., Carl Zeiss AG, HOYA Corporation, Krafty Eye Patches¸ Fresnel Prism and Lens Co., Hilco Vision, McKesson Corporation|
|Key Market Opportunities||
|Key Market Drivers||
Amblyopia Market is projected to grow at a 4.2% CAGR between 2022-2030.
Different end users of Amblyopia Market include ophthalmic clinics, hospitals and pharmacies, and others.
The Americas is expected to lead the Amblyopia Market.
Eye patches segment will lead the Amblyopia Market.
Rising incidence of various ophthalmological disorders is adding market growth.