Lazy Eye - Global Market Outlook (2021 - 2028)
According to Stratistics MRC, the Global Lazy Eye Market is expected to grow at a CAGR of 10.2% during the forecast period. The lazy eye disease or amblyopia is a childhood condition affecting the development of vision. In this disease, the brain does not acknowledge the images seen by the eye. The condition affects only one of the eye but can further result in the impairment of vision in the other eye. The youngsters face this problem at an early age when there is a refractive error in one or both the eyes and if not cured in the initial stages may also develop adverse effects which may ultimately lead to loss of vision.
Market Dynamics:
Driver:
Growing child population
Premature birth children are likely to be more prone toward lazy eye condition, and the trend of preterm births is rising across the globe. Preterm birth is a major factor for neonatal morbidities and mortalities, and it also has long-term adverse effects on neonatal health. According to WHO report, an estimated around 15 million babies are born preterm every year globally. This factor is likely to drive the demand for lazy eye treatment. Demand for lazy eye treatment products has increased in emerging as well as developed markets. Thus, industry players are adopting practices of appointing third-party distributors to expand their market presence. This has led to a surge in the number of distributors and suppliers in emerging markets.
Restraint:
High costs
The overall growth in the market has been expediently rising but certain factors hinder the growth process of the market which include large sums of money to be invested initially in setting up amblyopia treatment companies and thus it restricts various new players to enter the markets. The high cost of amblyopia bars most of the patients who are not aptly equipped with all the financial resources and also affects amblyopia market share since it cannot cater to the diverse variety of patients of different sections of the society. The Government also tries to curb the cost of such treatment which als affects the healthcare workers negatively.
Opportunity:
Growing health awareness programs
The ever-increasing health awareness programs and missions which have motivated people all over the world towards improvement in their health stats and to also be aware of various impairment disorders or other visual incapacities which could affect them and also lead to loss of vision. For instance, The Eye Patch Club is a program geared towards children with amblyopia and their families. Eye doctors commonly treat amblyopia by having the child wear a patch over the unaffected eye for extended periods of time. The Eye Patch Club program is designed to encourage the children to wear their patches as prescribed by their doctor. Among other materials, members of the club receive their own special calendar and stickers. The program meets National Health, National Science and National Physical Education standards and includes presentation guides, eye exam diagrams, in-class worksheets and an activity book for children to take home.
Threat:
Negative impact on market due to covid-19
The covid 19 pandemic has negatively impacted the lazy eye industry since the rising number of amblyopia cases have faced a standstill since people have now been locked in their homes and there remains no chance for anyone to move out for amblyopia treatment unless it is too necessary due to which the amblyopia companies have faced shortages in personnel, accumulated stocks, and forced shutdowns. Due to the Covid 19 effect, it has been observed that a large number of amblyopia companies are forced to lay off employees, but it is assumed that the market will soon pick up the pace and the demand would increase.
The bruckner test segment is expected to be the largest during the forecast period
The bruckner test segment is estimated to have a lucrative growth. Increasing research & development and continuous improvements in the Brückner test is fueling the growth of this segment in the global lazy eye market. The Brückner Test with the direct ophthalmoscope is a simple and useful examination to diagnose ametropia and abnormalities of the eye at an early stage to prevent irreversible amblyopia. The Bruckner Test uses the light reflex from the retinal tissue in the back of the eye to assess visual ability. It is essential to perform the Brückner test at a close distance as well as at a long distance.
The strabismic amblyopia segment is expected to have the highest CAGR during the forecast period
The strabismic amblyopia segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the increase in the number of patients suffering from strabismic amblyopia. Strabismus is a predominant cause of amblyopia. The brain lacks the visual feedback from the misaligned eye to prevent double vision caused by incorrectly aligned eyes, resulting in amblyopia in that eye. This type of amblyopia is called strabismus amblyopia. Strabismus amblyopia results from suppression of the deviating eye. Constant strabismus leads to more severe amblyopia than intermittent strabismus.
Region with highest share:
Europe is projected to hold the largest market share during the forecast period. Availability of funds for research and huge patient population are the major drivers of the market growth within the region. On the regional basis, the European market for lazy eye is segmented into Western Europe and Eastern Europe. The European region has also been experiencing major growth with contributions coming from developed nations such as France, Germany, Denmark, Belgium, etc. since a majority of the population in this region is quite young which has increased the number of cases in this region rapidly. Also, rapid improvements in technology have led to the widespread development of the market in these countries.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period owing to the developing healthcare sector and rising per capita healthcare expenditure. Moreover, the presence of the developed economies like India and China within the region fuels the market. According to the Indian Brand Equity Foundation, the Indian healthcare sector was estimated to be one of the fastest growing sectors. Moreover, the market is expected to reap positive results from the Asia Pacific region where the demand for amblyopia is expected to be high due to a large proportion of the geriatric population residing in these countries and the increasing number of cases of cataracts and other disorders in the countries of these regions.
Key players in the market
Some of the key players profiled in the Lazy Eye Market include 3M, Adwia Pharmaceuticals Co, Bausch & Lomb Incorporated, Fresnel Prism, Hilco Vision, Johnson And Johnson Services, Inc, Krafty Eye Patches, NovaSight, OpthoPatch, Pfizer Inc, Rebion, RevitalVision, TCI Chemicals (India) Pvt. Ltd, Vivid Vision, Inc, and Luminopia.
Key Developments:
In October 2021, Luminopia announced that the U.S. Food and Drug Administration (FDA) has granted de novo premarket approval for Luminopia One as a prescription therapy to improve vision in children with amblyopia (lazy eye), the leading cause of vision loss in children. Luminopia One is indicated for improvement in visual acuity in children with amblyopia, aged 4-7, associated with anisometropia and/or with mild strabismus, having received treatment instructions as prescribed by a trained eye-care professional.
In June 2021, Johnson & Johnson Vision, a global leader in eye health and part of the Johnson & Johnson Medical Devices Companies, announced the expansion of nonprofit program Sight For Kids. Co-founded in 2002, the program is collaboration between the company and Lions Clubs International Foundation (LCIF) to close the gap in access to eye health for children in low income and underserved communities.
Types Covered:
Strabismic Amblyopia
Refractive Amblyopia
Deprivation Amblyopia
Anisometropia Amblyopia
Reverse Amblyopia
Diagnosis Covered:
Squint Test
General Eye Test
Visual Acuity Tests
Photo Screening
Bruckner Test
Treatments Covered:
Corrective Eyewear
Surgery
Eye Patches
Atropine Eye Drops
Video Game
Distribution Channels Covered:
Drug Store
E-Commerce
End Users Covered:
Retail Pharmacies
Hospitals
Eye Care Clinics
Regions Covered:
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
South America
Argentina
Brazil
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook