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Vision Disorders Market Overview
Vision Disorders Market Size is estimated to
reach $47.4 billion by 2027. Furthermore, it is poised to grow at a CAGR of 7.1%
over the forecast period of 2022-2027. Vision Disorders are defined as any impairment in the normal
sense of vision. Myopia, hyperopia, astigmatism, presbyopia, conjunctivitis,
cataract, corneal abrasion, entropion, and glaucoma are only a few of the
vision diseases that impact the vast majority of the world's population. The
majority of vision impairments are caused by poor nutrition, different
diseases, severe eye injury, insertion of foreign objects, and advancing age.
Despite tremendous advances in preventing and curing visual impairment in many
countries over the last two decades, the World Health Organization (WHO)
estimates that over 285 million people worldwide are still visually impaired in
2013. According to the WHO, simple eye examinations such as aberrant blinking
frequency, pupil size, and eye color can heal 80 percent of visually impaired
patients. Clinical and retinal examinations such as corneal topography,
keratometry, pachymetry, fluorescein angiography, Indocyanine Green study (ICG)
dye test, and other related studies can confirm the diseases. Ignorance and
neglect, on the other hand, might result in serious eye issues or irreversible
vision loss. In 2004, the Centers for Disease Control and Prevention (CDC)
published research estimating that around 14 million Americans over the age of
twelve were affected by various vision impairments, eyeglasses, and contact lenses
are generally used in eyesight. Silicone hydrogel contact lenses are a type of
advanced soft contact lens that allows more oxygen to pass through to the
cornea than traditional soft ("hydrogel") contacts.
Vision disorders Market Report Coverage
The report: “Vision Disorders Market Forecast (2022-2027)", by Industry ARC covers an in-depth
analysis of the following segments of the Vision Disorders Market.
Key Takeaways
- Geographically, North America held a dominant market share in the year 2021 on account of increasing pharmaceutical industries. Asia-Pacific is expected to offer lucrative growth opportunities to the manufacturers owing to the increasing manufacturing of ophthalmic products in the pharmaceutical industries. The proliferation of ophthalmic products is predicted to augment the market growth during the forecast period of 2022-2027.
- The growing number of ophthalmic pharmaceutical companies entering into strategic initiatives coupled with rising awareness regarding gene therapies are estimated to drive the market growth of the Vision Disorders Market. The growing number of patent expiry of blockbuster drugs poses threat to the Vision Disorders Market growth.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Vision Disorders Market Report.
Vision Disorders Market: Market Share (%) by region, 2021
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Vision Disorders Market Segment Analysis – By Disease Type
Vision Disorders Market based on disease type
can be further segmented into Dry Eye, Eye Allergies, Glaucoma, Cataract,
Pterygium, Retinopathy, Eye Infection, Retinal Disorders, Uveitis, and Others.
The Cataract segment held a dominant market share in the year 2021 and is
estimated to be the fastest-growing, with a CAGR of 8.1% over the forecast
period of 2022-2027. The increasing prevalence of cataracts is consequently
increasing the Eye disorders Market. According to WHO, in 2019, In
underdeveloped countries, the occurrence of cataracts similarly rises with age,
though it begins sooner in life and is more common. Visually significant cataracts,
for example, occurred 14 years earlier in an Indian study than in a comparable
study in the United States. The age-adjusted prevalence of cataracts in India
was three times that of the United States, with 82 percent of Indians aged 75
to 83 years old having visually significant cataracts or aphakia, compared to 46
percent of those aged 75 to 85 years in the United States (senile lens changes
associated with a visual acuity of 6/9 or worse, or a history of cataract
extraction). Moreover, at the same point, glaucoma prevalence is also
increasing. Hence, cataracts and glaucoma are expected to propel the market of
eye disorders in the forecast period 2022-2027.
Vision Disorders Market Segment Analysis – By Drug class
Vision Disorders Market based on Drug class
can be further segmented into Anti-allergy, Anti-inflammatory, Anti-VEGF (Vascular Endothelial Growth
Factor), Anti-glaucoma, Antibacterial, and Others.
The Risk Management & Safety Solution segment held a dominant market share
in the year 2021 and is estimated to be the fastest-growing, with a CAGR of 8.9%
over the forecast period of 2022-2027. Owing to the increasing prevalence of
eye diseases especially age-related macular degeneration, and diabetic retinopathy.
Anti-VEGF drugs prevent aberrant blood vessels from leaking, developing, and
bleeding beneath the retina. The protein vascular endothelial growth factor
(VEGF) encourages the formation of new blood vessels. It also renders blood
vessels more prone to leakage. Anti-VEGF drugs block the formation of new blood
vessels. Anti-VEGF medication has been approved for age-related macular
degeneration, diabetic retinopathy, retinal vein occlusion, and myopic
choroidal neovascularization in the treatment of vascular and exudative
diseases of the retina. Lucentis (ranibizumab) and Avastin are the two most
extensively utilized medications at the moment (bevacizumab). Both medications
are monoclonal antibodies that attach to each of the three types of VEGF, hence
expanding the segment growth.
Vision Disorders Market Segmentation Analysis- By Geography
The Vision Disorders Market based on
Geography can be further segmented into North America, Europe, Asia-Pacific,
South America, and the Rest of the World. North America held a dominant market
share of 31% in the year 2021 as compared to the other counterparts on account
of increasing pharmaceutical industries. Furthermore, the presence of prominent
competitors in this area, such as Pfizer, Inc., and Alcon, is projected to
boost the market growth. For example, Alcon got FDA approval for Pataday Once Daily
Relief and Pataday Twice Daily Relief for OTC sale in the United States in
February 2020. The Pataday brand is used to treat itching and allergies in the
eyes.
However, Asia-Pacific is estimated to be the fastest-growing over the forecast period of 2022-2027 on account of rising healthcare expenditure, and demand for better healthcare facilities. Local businesses are launching strategic endeavors to create and market innovative patient treatment solutions. As a result, market growth is likely to accelerate. Bridge Biotherapeutics, Inc., for example, acquired an early-stage drug candidate for the treatment of a back-eye disorder from Konkuk University (KU) in February 2020. The therapeutic candidate is an inhibitor of a yet-to-be-identified target protein.
Vision Disorders Market Drivers
Pharmaceutical businesses in the ophthalmic field are embarking on strategic efforts that are propelling the market forward
Ophthalmic pharmaceutical firms are pursuing
strategic efforts such as collaborations, acquisitions, and partnerships to add
new clinical-stage prospects to their product pipelines, which is projected to
enhance the market. Rising ophthalmic pharmaceutical business owing to
increasing prevalence of eye disorders. According to the World Health
Organization, over 2.2 billion individuals will have a vision impairment or
blindness in 2021, with at least 1 billion of those having a vision impairment
that can be avoided. Those with limited or severe vision impairment due to
unresolved refractive error (123.7 million), cataract (65.2 million), glaucoma
(6.9 million), corneal opacities (4.2 million), diabetic retinopathy (3
million), and trachoma (2 million), as well as those with imminent vision
impairment due to unspecified presbyopia (1.2 billion) (826 million). The
growing senior population is exacerbating the prevalence of ocular illnesses,
with uncorrected refractive errors and cataracts being the leading causes of
vision impairment. The majority of people with vision problems are above the
age of 50, enhancing the Vision Disorders Industry.
Rising prevalence of lifestyle changing diseases, especially diabetes is driving the Market for Vision Disorders
According to CDC, in 2021, Diabetic
retinopathy (DR) is a common diabetic condition. It is the primary cause of
blindness in adults in the United States. Progressive damage of the blood
vessels of the retina, the light-sensitive tissue at the back of the eye that
is required for good vision, characterizes it. Mild nonproliferative
retinopathy (microaneurysms), moderate nonproliferative retinopathy (blockage
in some retinal vessels), severe nonproliferative retinopathy (more vessels are
blocked, depriving the retina of blood supply, resulting in the formation of
new blood vessels), and proliferative retinopathy (growth of new blood vessels)
are the four stages of DR (most advanced stage). Both eyes are generally
affected by diabetic retinopathy.
Disease management, which includes adequate
control of blood sugar, blood pressure, and lipid abnormalities, reduce the
risk of DR. Early detection and treatment of DR lessen the risk of vision loss;
nevertheless, up to 50% of patients do not have their eyes tested or are
detected too late for effective therapy. It is the primary cause of
blindness among working-age adults in the United States, ages 20 to 74.
Retinopathy and vision-threatening retinopathy impact an estimated 4.1 million
and 899,000 Americans, respectively, thereby driving the market growth.
Vision Disorders Market Challenges
The increasing number of blockbuster medicine patents expiring is projected to stifle Market growth of Vision Disorders
Pharmaceutical businesses will lose
exclusivity when their patents expire, but medication producers will be granted
new chances and difficulties as the generic competition enters the market. The
introduction of generic glaucoma eye drops to the market has lowered patient
expenses and increased adherence in some patients thereby decreasing the
prevalence of glaucoma disorder Market. For instance, Prostaglandin analogs
are anticipated to cost patients more than $100 per month on average across the
country. When the first generic prostaglandin analog was introduced in 2011,
it was projected that patients switching to the generic version would save more
than $1,300 per year. 5 A 30-day prescription for generic latanoprost costs
between $19 and $30, according to recent data on www.GoodRx.com, where we
practice in mid-Missouri, whereas the same prescription for Xalatan
(latanoprost ophthalmic solution; Pfizer) costs between $139 and $154. Hence, the
increasing number of blockbuster medicine patents expiring is projected to
stifle Market growth of Vision Disorders.
Vision Disorders Industry Outlook
Product launches, mergers and acquisitions,
joint ventures, and geographical expansions are key strategies adopted by
players in the Vision Disorders Market. The top 10- Vision Disorders Market
companies are-
- Croda International Plc
- AbbVie Inc
- Aerie Pharmaceuticals, Inc.
- Novartis AG
- AkzoNobel N.V.
- F. Hoffmann-La Roche Ltd.
- Evonik Industries
- PolyOne Corporation
- DuPont
- Addcomp Holland
Recent developments
- In November 2021, Aerie Pharmaceuticals received marketing authorization approval from the European Commission for its Roclanda (netarsudil and latanoprost ophthalmic solution) 0.02%/0.005% for the reduction of elevated IOP in adult patients with primary open-angle.
- In October 2021, Abbvie Inc. launched a new drug named VUITYTM (pilocarpine HCl ophthalmic solution). Presbyopia, often known as age-related hazy near vision, is treated with VUITYTM (pilocarpine HCl ophthalmic solution) 1.25 percent in adults. VUITY is the first and only FDA-approved eye drop to treat this prevalent and degenerative eye disease, which affects 128 million Americans, or over half of the adult population in the United States.
- In September 2021, Novartis acquired Arctos Medical, bolstering its ophthalmology portfolio with a pre-clinical optogenetics-based AAV gene therapy program and Arctos' proprietary technology. Novartis' dedication to finding solutions for individuals with vision loss, as well as the potential of optogenetics as a foundation for successful therapeutics, is shown in this acquisition.