Market Insights
In the latest report on the global amblyopia market, published by Market Research Future (MRFR), it forecast that the market is anticipated to touch a substantial valuation over the review period, as it is likely to grow with a striking CAGR between 2017 and 2023.
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Market Drivers and Barriers
The escalation in number of ophthalmic disorders cases is observed to surge the global amblyopia market. Amblyopia, generally known as lazy eye, mostly develops in childhood. The lack of awareness regarding the onset of amblyopia often leads to severe complications like blindness, with age. Hence, the growing number of undiagnosed incidences are likely to impel the global amblyopia market growth. Furthermore, this is triggering an urgency in the need for early diagnosis. Consequently, an upsurge in the market growth can be expected due to the availability of advanced ophthalmic diagnostic solutions. The market can also experience an amplified growth over the assessment period owing to the hike in per capita income and increase in medical assistance from the government.
The high cost of treatment due to limited treatment options can constraint the amblyopia market growth, despite the presence of such potent market drivers.
Segmental Analysis
The global amblyopia market study has been segmented on the basis of type, diagnosis, treatment, and end user.
Based on the type, the amblyopia market has been segmented into reverse amblyopia, strabismus amblyopia, deprivation amblyopia, and refractive amblyopia. Owing to the high prevalence of strabismus amblyopia, its segment is likely to proliferate at a rapid pace and register the highest CAGR in the review period.
Based on the diagnosis, the amblyopia market has been segmented into Bruckner Test, Visual Acuity Tests, and Photo Screening.
Based on the treatment, the amblyopia market has been segmented into video game, eye patches, glasses, and atropine drops.
Based on the end-use, the amblyopia market has been segmented into ophthalmic clinics, and hospitals and pharmacies.
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Regional Outlook
Based on the region, the amblyopia market has been studied across Americas, Asia Pacific, Europe, and the Middle East and Africa.
In 2017, The American amblyopia market was worth USD 1,639.61 million, and by the end of 2023, it is projected to reach USD 2,043.96 million. The regional market is predicted to exhibit a CAGR of 3.20% during the forecast period. North America is augured to garner the largest market share with 78.7% for the American market.
The surge in the prevalence of ophthalmological malaises like macular degeneration, glaucoma, and cataract, and the availability of useful diagnostic aids are expected to shoot up the amblyopia market growth. Where North America can dominate the American amblyopia market, South America can demonstrate an escalated growth of the market in the coming years, due to the growing pediatric population.
Following the Americas, Europe accounted for the second largest market share due to hike in amblyopia cases. The Asia Pacific amblyopia market is anticipated to grow with 4.35% CAGR during the forecast period. The strong economy, numerous growth windows, the presence of a huge patient pool, and rapid technological advancements are factors contributing to the regional market growth. The low income is accounted for the Middle East and Africa market to hold the least market.
Key Players
McKesson Corporation, Amblyoptica (Holding) Pty Ltd, Amblyotech, Inc, Good-Lite Co, Vivid Vision, Inc., Krafty Eye Patches¸ Fresnel Prism and Lens Co., Hilco Vision, Novartis AG., Carl Zeiss AG, HOYA Corporation, Cooper Vision, and Johnson & Johnson are some key vendors that are profiled by MRFR which are operating in the amblyopia market.
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