Global Vision Impairment Market – Industry Trends and Forecast to 2029

Global Vision Impairment Market Analysis and Size

In recent years, the vision impairment market is anticipated to grow rapidly during the forecast period. Visual impairment can refer to any type of vision loss, including the inability to see at all or partial vision loss. Cataracts, amblyopia, diabetic retinopathy, glaucoma, macular degeneration, and other disorders can cause vision loss after birth. Severe or total vision loss can occur when one or more elements of the eye or brain that process images become sick or damaged. Medical treatment, surgery, or corrective lenses such as glasses or contacts are not enough to restore eyesight in many circumstances. Assistive technologies for visual impairment can be utilized in such cases of visual impairment. This visual impairment assistive technology can be used as a rehabilitative, adaptive, or assistive device for people with disabilities.

• Data Bridge Market Research analyses that the vision impairment market was valued at USD 4,738.0 million in 2021 and is expected to reach USD 9,167.14million by 2029, registering a CAGR of 8.60% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Global Vision Impairment Market Definition

Vision impairment, commonly known as vision loss, refers to a set of illnesses marked by the inability or diminished ability to perceive an item. It is caused by a variety of eye illnesses, as well as trauma and brain injuries, which result in diseased and damaged transmission neurons. Vision impairment can have a variety of effects on a patient's quality of life. As a result, it is critical to continue research into new treatments.

Report Scope and Market Segmentation

Vision Impairment Market Dynamics

Drivers

• Increasing Prevalence of Visual Impairment and Blindness

The rising prevalence of visual impairment and blindness is a primary driver of the global visual impairment market's growth. According to the World Health Organization (WHO), at least 1 billion individuals worldwide had a near or far vision impairment in 2019.

• Increasing Investment in Healthcare Infrastructure

Another significant factor influencing the growth rate of the vision impairment market is the rising healthcare expenditure which helps in improving its infrastructure.

• Rise in the Demand for Assistive Technologies

Increasing demand for assistive technologies will propel the market’s growth rate. As the prevalence of eye illnesses such as diabetic retinopathy, refractive error, glaucoma, cataract, and age-related macular degeneration rises, so will need for assistive technologies in visual impairment.

Furthermore, rising initiatives by public and private organizations to spread awareness will expand the vision impairment market. Additionally, high disposable income and rising demand for advanced treatment and innovative solutions will result in the expansion of the vision impairment market. Along with this, rising geriatric population and changing lifestyles of people will enhance the growth rate of the market.

Opportunities

• Increase in the number of research and development activities       

Moreover, the market's growth is fueled by an increase in the number of research and development activities. This will provide beneficial opportunities for the vision impairment market growth. Along with this, rising drug approvals and launches will further propel the market’s growth rate.

Moreover, rising investment in the development of advanced technologies and increase in the number of emerging markets will further provide beneficial opportunities for the vision impairment market growth during the forecast period.

Restraints/Challenges Global Vision Impairment Market

On the other hand, the high cost associated with the treatment of vision impairment will obstruct the growth rate of market. The dearth of skilled professionals and lack of healthcare infrastructure in developing economies will challenge the vision impairment market. Additionally, the impact of COVID-19 on supply chain and strict regulatory guidelines will act as restrain and further impede the growth rate of market during the forecast period of 2022-2029.

This vision impairment market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the vision impairment market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Patient Epidemiology Analysis

Near or far vision impairment affects at least 2.2 billion individuals worldwide. Vision impairment may have been avoided or managed in at least 1 billion – or nearly half – of these cases. This 1 billion people include those with moderate to severe distance vision impairment or blindness due to diabetic retinopathy (3.9 million), uncorrected refractive error (88.4 million), corneal opacities (4.2 million), cataract (94 million), trachoma (2 million) and glaucoma (7.7 million), as well as those with near vision impairment due to uncorrected presbyopia (826 million).

The vision impairment market also provides you with detailed market analysis for patient analysis, prognosis and cures. Prevalence, incidence, mortality, and adherence rates are some of the data variables that are available in the report. Direct or indirect impact analyses of epidemiology to market growth are analyzed to create a more robust and cohort multivariate statistical model for forecasting the market in the growth period.

COVID-19 Impact on Vision Impairment Market

Since its emergence in December 2019, the COVID-19 virus has spread to nearly every country on the planet, prompting the World Health Organization (WHO) to declare it a public health emergency. According to a report by the World Health Organization, coronavirus illness (COVID-19) has infected about 68.1 million people worldwide as of December 10, 2020. Due to the rising prevalence of COVID-19, prominent companies in the visual impairment market are concentrating their efforts on the research and development of novel products to help support and combat COVID-19's effects. The COVID-19 outbreak influenced the world economy and, as a result, the market for visual impairment. Quarantines, travel restrictions, and social distancing measures are expected to cause a significant drop in corporate and consumer spending until the third quarter of 2020.

Global Vision Impairment Market Scope

The vision impairment market is segmented on the basis of type, treatment, route of administration, end-users and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Macular Degeneration
• Retinitis Pigmentosa
• Refractive Errors
• Night Blindness
• Others

On the basis of type, the vision impairment market is segmented into macular degeneration, retinitis pigmentosa, refractive errors, night blindness and others.

Treatment

• Medications
• Devices
• Surgery
• Others

Based on treatment, the vision impairment market is segmented into medications, devices and surgery. The medication segment is further bifurcated into monoclonal antibodies, gene therapy and others. The device section has been categorized into eye lenses, implant and others.

Route of Administration

• Oral
• Topical
• Implant
• Intravitreal
• Others

The route of administration segment for the vision impairment market is segmented into oral, topical, implant, intravitreal and others.

 End-Users

• Hospitals
• Specialty Clinics
• Homecare
• Others

On the basis of end-users, the vision impairment market is segmented into hospitals, specialty clinics, homecare and others.

Distribution Channel

• Hospital Pharmacy
• Retail Pharmacy
• Online Pharmacy
• Others

On the basis of distribution channel, the vision impairment market has also been segmented into hospital pharmacy, retail pharmacy, online pharmacy and others

Vision Impairment Market Regional Analysis/Insights

The vision impairment market is analysed and market size insights and trends are provided by country, type, treatment, route of administration, end-users and distribution channel as referenced above.

The countries covered in the vision impairment market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

North America dominates the vision impairment market because of the rising healthcare expenditure and growing prevalence of vision defects diseases in this region. Additionally, rising patient awareness will further propel the market’s growth rate in this region.

Europe is expected to grow during the forecast period due to rising number of cases of vision impairment population and presence of major key players in this region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Vision Impairment Market Share Analysis

The Vision impairment market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to vision impairment market.

Some of the major players operating in the vision impairment market are:

• F. Hoffmann-La Roche Ltd. (Switzerland)
• Mylan N.V. (US)
• Teva Pharmaceutical Industries Ltd.(Jerusalem)
• Sanofi (France)
• Pfizer Inc. (US)
• GlaxoSmithKline plc (UK)
• Novartis AG (Switzerland)
• Bayer AG (Germany)
• Eli Lilly and Company (US)
• Merck & Co., Inc. (US)
• Regeneron Pharmaceuticals Inc. (US)
• Allergan (Ireland)
• Neurotech, LLC (US)
• Gilead Sciences, Inc. (US)
• Adverum (US)
• STEMCELL Technologies Inc. (Canada)
• IVERIC bio (US)
• Kubota Pharmaceutical Holdings Co. Ltd. (US)
• Sanwa Kagaku Kenkyusho Co., Ltd (Japan)
• Opthea Limited (Canada)
• Santen Pharmaceutical Co., Ltd (Japan)
• PanOptica, Inc (US)
• Alcon (Switzerland)
• Phio Pharmaceuticals Corp (US)
• Bausch Health Companies Inc. (Canada) 

SKU-53100