Amblyopia Treatment Market: Introduction
According to the report, the global amblyopia treatment market was valued at US$ 4 Bn in 2020 and is projected to expand at a CAGR of 3.7% from 2021 to 2031. Amblyopia is defined as the reduction of best-corrected visual acuity of one or both eyes that cannot be attributed exclusively to a structural abnormality of the eye. Amblyopia develops during childhood and results in the interruption of normal cortical visual pathway development. Different types of treatment options are available for amblyopia including eye patches, eye drops, eye glasses, and video games. The global amblyopia treatment market is driven by the rise in prevalence of amblyopia and launch of technologically advanced products.
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North America dominated the global amblyopia treatment market in 2020. This trend is anticipated to continue during the forecast period. Highly structured healthcare industry, early adoption of new products, high prevalence rate of amblyopia, and presence of major players are expected to propel the amblyopia treatment market in North America. Asia Pacific is likely to be a highly lucrative region of the global amblyopia treatment market during the forecast period. The market in the region is projected to expand at a fast-paced CAGR from 2021 to 2031.
Rise in Prevalence of Amblyopia, Launch of Technologically Advanced Products to Drive Global Market
The increase in the number of patients suffering from amblyopia is anticipated to boost the global amblyopia treatment market. The global prevalence of amblyopia stands at approximately 1%–5%. According to the World Health Organization (WHO), 19 million children less than 15 years of age are visually impaired; of these, 12 million are impaired due to uncorrected refractive errors and amblyopia. About 2 to 3 in every 100 children in the U.S. experience amblyopia, more commonly known as a lazy eye. Adults may also experience this condition, but it is most common in children up to seven years of age.
Technological advancement is a major factor driving the demand for amblyopia treatment products. In August 2019, Smart Optometry Ltd. launched a subscription-based digital vision therapy platform for the treatment of amblyopia. The platform provides monocular and binocular therapy. Monocular vision therapy caters to cases where one eye is worse than the other. In such cases, the lazy eye needs to be developed before starting the binocular therapy, which strengthens the lazy eye, while training the brain to use both the eyes together.
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Strabismic Amblyopia to Dominate Amblyopia Treatment Market
In terms of type, the global amblyopia treatment market has been classified into deprivation amblyopia, refractive amblyopia, strabismic amblyopia, and others. The strabismic amblyopia segment dominated the global amblyopia treatment market in 2020. This trend is expected to continue during the forecast period. Strabismus is the most common cause of amblyopia. The increase in the number of patients suffering from strabismic amblyopia is estimated to fuel the segment during the forecast period.
Refractive amblyopia was the second largest segment in terms of market share in 2020. The rise in the prevalence of refractive amblyopia is likely to drive the segment during the forecast period. According to the American Academy of Ophthalmology, the prevalence of anisometropic amblyopia is about 4.7% in children.
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Eye Patches Treatment Held Significant Market Share in 2020
In terms of treatment, the global amblyopia treatment market has been divided into eye patches, eye drops, eye glasses, video games, and others. The eye patches segment led the global amblyopia treatment market in terms of revenue in 2020. This trend is projected to continue during the forecast period. Eye patches are most commonly used for the treatment of amblyopia. Wearing an eye patch is a simple, cost-effective treatment for lazy eye. It helps improve vision in the weaker eye. The launch of new eye patches for the treatment of amblyopia is expected to drive the segment during the forecast period.
North America to Lead Amblyopia Treatment Market
In terms of region, the global amblyopia treatment market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global amblyopia treatment market in 2020. It was followed by Europe. The large market share of North America can be ascribed to early adoption of technologically advanced products, rise in the number of amblyopia patients, new product launches, and presence of major players in the region.
The amblyopia treatment market in Asia Pacific is anticipated to expand at a high CAGR from 2021 to 2031. This can be ascribed to the presence of developing countries with commercial hubs, expanding business organizations, rise in awareness about amblyopia disease, improving healthcare infrastructure, and increase in investments by companies.
Competition Landscape of Amblyopia Treatment Market
The global amblyopia treatment market is fragmented due to the presence of a large number of players. Key players operating in the global market include 3M, Vivid Vision, Inc., NovaSight, RevitalVision, Hilco Vision, Krafty Eye Patches, Fresnel Prism and Lens Co., OpthoPatch, Lancastle International Ltd., Amblyoptica (Holding) Pty Ltd., HOYA Vision Care Company, Good-Lite, and ORTOPADUSA
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