Global Amblyopia Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value

"The Business Research Company recently released a comprehensive report on the Global Amblyopia Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The amblyopia market size has grown steadily in recent years. It will grow from $4.45 billion in 2023 to $4.65 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to a rise in the incidence of ophthalmological illnesses, rise in consumer demand for affordable glasses, the prevalence of hyperopia and myopia, an increased elderly population, and increased adoption of telemedicine.

The amblyopia market size is expected to see steady growth in the next few years. It will grow to $5.59 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to the rise of digital health platforms, increasing availability of resources and support for parents, growing emphasis on preventive healthcare for children, increasing awareness about amblyopia, and the proliferation of specialized eye care centers and clinics. Major trends in the forecast period include technological advancements in diagnostics, the development of new treatment modalities, advances in the understanding of visual development, discoveries in neuroplasticity, and the development and approval of new drugs.

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Market Drivers and Trends:

The rise in the incidence of ophthalmological illnesses is expected to propel the growth of the amblyopia market going forward. Ophthalmological illnesses are disorders affecting the eyes, which can range from common issues such as cataracts and glaucoma to rare conditions such as retinitis pigmentosa and ocular tumors. The rise in ophthalmological illnesses is due to increased screen time, aging populations, and environmental factors such as pollution. Amblyopia can lead to ophthalmological illnesses by causing the brain to ignore input from the weaker eye, potentially resulting in permanent vision impairment and issues with depth perception if untreated. For instance, in January 2024, according to the Centers for Disease Control and Prevention, a US-based science and data-driven service organization that protects the public's health, over 3.4 million Americans aged 40 years and older were blind or visually impaired, which is expected to double by 2030. Therefore, the rise in the incidence of ophthalmological illnesses drives the growth of the amblyopia market.

Major companies operating in the amblyopia market are focusing on technological advancements in treatment, such as digital therapeutics, to better serve customers. A digital therapeutic is an evidence-based therapeutic intervention driven by high-quality software programs to prevent, manage, or treat a medical disorder or disease. It uses behavioral and lifestyle changes, often spurred by digital impetuses, to improve health outcomes and can be used as a standalone therapy or in conjunction with conventional treatments. For instance, in September 2021, Luminopia Inc., a US-based biotechnology company developing a digital therapeutic, announced the FDA approval of its digital therapeutic, Luminopia One. This innovative treatment utilizes televisions (TV) shows to improve vision in children diagnosed with amblyopia. Luminopia's treatment is the first FDA-approved digital therapeutic for a neuro-visual disorder in children and the first to use TV shows as a treatment for amblyopia. The efficacy of the treatment was confirmed in a phase 3 pivotal trial involving 105 children. The results showed a statistically significant improvement in visual acuity in the treatment group compared to the control group. On average, the treatment group showed an improvement of 1.8 lines, while the control group showed an improvement of 0.8 lines. Moreover, 62% of patients in the treatment group exhibited a strong response, defined as a 2-line or greater improvement, compared to 33% in the control group.

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Major Key Players of the Market:

Novartis AG, Takeda Pharmaceutical Company Limited, Biocon Limited, Astellas Pharma Inc., Alcon Vision LLC, Bausch Health Companies Inc., HOYA Corp., UnityPoint Health, Integra LifeSciences, Wockhardt Ltd., Welch Allyn, Heidelberg Engineering Inc., Orbis International, Oculus Optikgeräte GmbH, Ocutrx Vision Technologies LLC, AccuVision, Vivid Vision Inc., Fresnel Prism and Lens Co., RevitalVision, WOW Vision Therapy, Lancastle International Ltd., Novasight, Eyenovia Inc., Adaptica Srl, AmblyoPlay

Amblyopia Market 2024 Key Insights:

• The amblyopia market size is expected to see steady growth in the next few years. It will grow to $5.59 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%.
• Rise In The Incidence Of Ophthalmological Illnesses Propel Growth Of Amblyopia Market
• Luminopia Revolutionizes Amblyopia Treatment With Innovative Digital Therapeutic
• North America was the largest region in the amblyopia market in 2023

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