Global Uncorrected Refractive Errors Market – Industry Trends and Forecast to 2030

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Uncorrected Refractive Errors Market Analysis and Size

Growing prevalence of refractive errors such as myopia, hypermetropia, astigmatism, and Presbyopia in developed as well as developing country anticipated to enhance market growth in the forecast period. Moreover, a growing number of initiative activities by major healthcare organizations and government bodies is anticipated to propel further market development.

Data Bridge Market Research analyses that the global uncorrected refractive errors market is expected to undergo a CAGR of 6.41% during the forecast period. This indicates that the market value. “myopia” dominates the type segment of the uncorrected refractive errors market owing to the increasing cases as well as the rise in disposable income and the presence of advanced healthcare infrastructure for uncorrected refractive errors. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Uncorrected Refractive Errors Market Scope and Segmentation

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Market Definition

Uncorrected refractive error (URE) is referred to as refractive error which is not screened, diagnosed, or treated. The growing pervasiveness of uncorrected refractive error is leading to inducing visual impairment. For instance, according to the World Health Organization’s data, nearly 95 million people belonging to age-group 50 years and above are visually impaired caused owing to uncorrected refractive errors. Consequently, it is also illustrating the future enormous demand market.

Global Uncorrected Refractive Errors Market Dynamics

Drivers

• Increase in the Incidence of Refractive Errors such as Myopia, Hypermetropia, Astigmatism, and Presbyopia

Growing prevalence of refractive errors such as myopia, hypermetropia, astigmatism, and presbyopia and the availability of effective products of the companies involved in research and development of Uncorrected refractive errors accelerate the market growth. The rising disease burden is primarily driving the uncorrected refractive errors industry, which results in a significant margin in the rise of uncorrected refractive error usage.

The World Health Organization (WHO), in its latest global statistics, has revealed that there are 37 million blind people, including 1.4 million children under the age of 15, and 125 million with severely impaired vision, resulting in a total of over 160 million visually impaired people.

• Rise in Rapid and Early Diagnosis of Refractive Errors

Refractive eye conditions like astigmatism, phoria, and accommodative dysfunctions can cause a reduction in the visual performance of the child and lead to ocular symptoms like eyestrain, headaches, blurred vision, and intermittent double vision. The high prevalence of significant refractive error and the costs associated with its correction, with spectacles, contact lenses, or surgery, pose significant public health and economic concerns.

Moreover, a growing number of initiative activities by major healthcare organizations and government bodies is anticipated to propel further market development. 

• Growing Awareness Regarding the Disease and Treatment

Growing awareness levels amongst patients and physicians pertaining to the applications is presumed to be contributing toward market growth. The aforementioned factor is believed to boost the adoption of a wide range of products which is expected to boost the uncorrected refractive errors market over the forecast period.

Awareness about the Refractive error, its associated symptoms along with different treatment modalities can play an important role in the prevention of blindness. An Informed public is more likely to be focused on prevention programs. There is no complete and documented survey on the perception and insight of the people about the awareness of Refractive Errors and their correction methods. Thus, an increase in product approvals for addressing the high demand for diagnosis of treatment may contribute to the growth of the respective market.

Opportunities

Furthermore, the rising demand for advanced technologies also boosts up the market growth which will extend profitable opportunities for the market players in the forecast period of 2023 to 2030. The space has the presence of advanced technology. Rising healthcare expenditure in developing countries will further contribute by generating immense opportunities that will further expand the market's growth rate in the future. 

A growing number of initiative activities by major healthcare organizations and government bodies is anticipated to propel further market development. Moreover, concern for optical health and rising per capita income in middle income countries act as opportunities for market growth.

Restraints/Challenges

On the other hand, the lack of accessibility of screening and diagnosis of eye examination is expected to obstruct the uncorrected refractive errors market growth in the above mentioned projected timeframe. Moreover, lack of affordability is projected to challenge the uncorrected refractive errors market in the forecast period of 2023-2030.

This Uncorrected refractive errors 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 uncorrected refractive errors market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In April 2019, Zydus Cadila announced the strategic partnership with SIFI S.p.A. The primary purpose of this strategic partnership is to market innovative surgical products and intraocular lenses in the Indian market. This strategy has helped the company to strengthen its footprints in the Indian market.

Global Uncorrected Refractive Errors Market Scope

The uncorrected refractive errors market is segmented on the basis of type, symptoms, and treatment type. 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

• Myopia
• Hyperopia/ Hypermetropia
• Presbyopia
• Astigmatism

Symptoms

• Blurred or Distorted Vision
• Headaches
• Squinting and Eye Strain
• Difficulty Reading
• Double Vision
• ‘Halos’ Around Bright Lights
• Haziness

Treatment Type

• Eyeglasses
• contact lenses
• surgery

Global Uncorrected Refractive Errors Market Regional Analysis/Insights

The Uncorrected refractive errors market is analysed and market size insights and trends are provided by country, type, symptoms, and treatment type.

The countries covered in the Uncorrected refractive errors 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 is expected dominate to the Uncorrected refractive errors market due to the presence of high healthcare expenditure, awareness regarding eyecare education among the population, and favorable reimbursement policies for uncorrected refractive errors.

Asia-Pacific is expected to grow at the highest growth rate during the forecast period of 2023 to 2030 owing to due to growing number of distinct awareness programs regarding eye care health in the 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, and 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, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure Growth Installed Base and New Technology Penetration

The uncorrected refractive errors market also provides you with a detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for the uncorrected refractive errors market, the impact of technology using lifeline curves and changes in healthcare regulatory scenarios and their impact on the uncorrected refractive errors market. The data is available for the historic period 2010-2021.

Competitive Landscape and Uncorrected refractive errors market Share Analysis

The uncorrected refractive errors 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 uncorrected refractive errors market.

Some of the major players operating in the uncorrected refractive errors market are:

• Abbott Medical Optics, Inc. (U.S.)
• Carl Zeiss AG (Germany)
• Alcon, Inc. (Switzerland)
• Bausch & Lomb Incorporated (Canada)
• Topcon corporation (Japan)
• Ellex Medical Lasers Limited (U.S.)
• Lumenis Ltd. (U.S.)
• SCHWIND eye-tech-solutions GmbH & Co. KG (Germany)
• Ziemer Ophthalmic Systems AG (Switzerland)
• Nidek Co., Ltd. (U.S.)
• Johnson & Johnson Vision (U.S.)

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