The age-related vision dysfunction market is estimated to be valued at USD 3.8 Bn in 2024 and is expected to reach USD 5.75 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031. Factors such as the increasing life expectancies and burgeoning senior populations in developed nations are contributing to the growing incidence of vision problems arising from normal aging and age-related diseases. Additionally, improved access to diagnostic technologies and treatments is aiding to the expansion of age-related vision dysfunction market.

Market Driver - Increasing Aging Population Leading to a Higher Incidence of Vision Dysfunction

According to some estimates, the number of people aged 65 years or older is expected to double from approximately 700 million to nearly 1.5 billion between 2015 and 2050. At the same time, the number of people aged 80 years or older is also projected to triple from 125 million to 434 million over the same period.

Cataracts becomes increasingly prevalent with advancing age and is a leading cause of blindness globally. Even in developed countries, more than half of those aged 75 years or older either already have cataracts or will develop them in their lifetime. Glaucoma too is known to affect older individuals at a higher rate with the condition being eight times more common in people aged 75 years or older compared to those aged 45-54 years.

As populations continue to gray into the future, the cases of debilitating and vision-threatening conditions like these will also rise significantly. With larger sections of societies residing in their retirement years, vision dysfunction will emerge as a major healthcare challenge, and is expected to put immense pressure on vision care resources and associated industries.

Market Driver - Advances in Drug Development and Minimally Invasive Treatments

Researchers are relentlessly working towards developing newer and more effective treatment options with improved safety profiles and more convenient administration methods. For instance, some of the genetically engineered drug therapies currently under clinical trials show promise in slowing or halting the progression of debilitating conditions like macular degeneration which were previously untreatable.

Sustained and controlled drug delivery using implantable devices is also an active area of research. In addition, non-invasive surgical techniques like laser photocoagulation and photodynamic therapy continue to evolve as alternatives to traditional intraocular procedures for retinal diseases and glaucoma respectively. These advanced therapies help preserve patients' natural vision without risks of infection, long recovery times, and side effects commonly associated with conventional surgeries.

Widespread acceptance of the new technologies depends on demonstrating compelling clinical proof of their superiority however their commercial approval and market uptake is expected fuel the growth of this sector. The constant flow of innovative treatment concepts and refined minimally invasive options address the large unmet needs in fighting age-related vision loss while improving patients' quality of life, clinical outcomes, and adherence to care plans over time.

Market Challenge - High Cost of Treatments and Limited Access in Developing Regions

The age-related vision dysfunction market faces major challenges in the form of the high cost of treatments and limited access in developing regions. Many common age-related conditions like cataracts, glaucoma, and diabetic retinopathy require expensive surgical procedures or long-term pharmaceutical treatment in order to manage the condition and slow its progression. This presents a significant financial burden for many older patients, especially those in developing countries with lower incomes and less comprehensive public healthcare systems.

Even where public options are available, treatment backlogs and long wait times are common due to budget constraints. The high price of newer drugs and devices used in vision dysfunction treatment also means that patients in poorer nations often have little to no access to the latest treatment innovations. This disproportionately impacts the rapidly growing elderly populations in developing regions of the world.

Limited healthcare infrastructure and shortage of ophthalmic professionals compounds the problem further in many low and middle-income countries. Overcoming these affordability and access barriers will be a major challenge that needs to be addressed for the age-related vision dysfunction market to achieve its full potential worldwide.

Market Opportunity - Expanding Treatment Options in Emerging Markets

The age-related vision dysfunction market presents significant opportunities for growth by expanding treatment options available in emerging market regions. Currently, these areas account for a disproportionately low share of the global market due to the challenges outlined above.

However, as economies develop and middle-classes expand, demand for vision care is poised to rise dramatically. Pharmaceutical and device manufacturers should pursue strategies to make innovative products and therapies more affordable and accessible for these emerging populations. This could include value-based pricing models, partnerships with local providers for manufacturing and distribution, or philanthropic programs. There is also scope for portable or smartphone-based screening tools and tele-ophthalmology options that can extend the reach of eye care professionals.

By overcoming entry barriers, companies that first provide cost-effective solutions tailored to the needs of emerging markets stand to gain an enormous first-mover advantage. Doing so would not only open up vast new patient pools but also help address pressing global unmet needs for age-related vision services. It presents a major opportunity for market players willing to adopt inclusive and innovative business models.

Age-related vision dysfunction typically progresses through early, moderate, and advanced stages. For early dry age-related macular degeneration (AMD), prescribers commonly recommend lifestyle modifications like nutrition supplements containing antioxidants and zinc. If the condition advances, prescription of anti-VEGF medications may be considered.

In the moderate non-exudative AMD stage, prescribers regularly prescribe the off-label use of vitamins and minerals to reduce risk of progression. If the condition develops into the wet or exudative form of AMD, anti-VEGF therapies like EYLEA (aflibercept) or LUCENTIS (ranibizumab) intravitreal injections are the standard first-line treatment approach. Both appear equally effective but LUCENTIS tends to be prescribed more due to its longer market availability and familiarity.

In advanced "legal blindness" stages, options are limited but prescribers may consider surgical treatments if the person gains meaningful vision in only one eye. Stem cell therapies are an emerging area of interest but remain experimental.

Prescriber preference is also influenced by the patient's needs, insurance coverage, willingness to undergo frequent eye injections, and cost considerations between branded and biosimilar anti-VEGF drugs. Ongoing clinical trials may reveal new treatment strategies extending vision quality for more advanced cases.

Age-related vision dysfunction typically progresses through three main stages - early, moderate, and advanced.

In the early stage, where mild blurriness and difficulty seeing in low light occur, lifestyle modifications and over-the-counter reading glasses are usually the first-line treatment.

As the disease moves to the moderate stage with a decrease in central vision, prescription eye drops are often prescribed. Two of the most common prescription eye drops are Latanoprost (Xalatan) and Travoprost (Travatan Z). Both are prostaglandin analogs that work to lower eye pressure and improve blood flow to the retina. Travoprost is slightly preferred by some doctors as it only needs to be applied once per day versus Latanoprost which requires a dosage twice daily.

For those progressing to the advanced stage with severe central vision loss, treatment may involve invasive options. If the macula is still functional, doctors may recommend anti-VEGF injections like Ranibizumab (Lucentis) or Aflibercept (Eylea). These treatment options help slow progression by inhibiting vascular endothelial growth factor - a protein that promotes abnormal blood vessel growth. For geographic atrophy cases where the macula is damaged, options are limited but retinal implant clinical trials are underway.

R&D investing in new treatment therapies:

- Companies like Alcon, Bausch + Lomb, and Allergan have invested heavily in R&D to develop new treatment therapies for age-related macular degeneration (AMD), cataracts and other vision conditions. For example, between 2015-2020, Alcon spent over $1.5 billion in R&D, resulting in the launch of treatments like Lucentis and Eyelea that generated billions in revenue for treating wet AMD.

Partnering with technology players on digital vision aids:

- Players partnered with technology companies to develop digital vision aids like affordable computers and smartphone apps that help magnify text and images for low vision patients. For example, in 2018 Essilor partnered with Facebook to integrate Essilor's Varilux lens technology into Facebook's Ray-Ban Stories smart glasses.

Acquisitions of complementary businesses:

- Major players like Johnson & Johnson acquired eye care companies to expand their product portfolios and global presence. For example, in 2017 Johnson & Johnson acquired Abbott Medical Optics for $4.3 billion, gaining leadership in cataract and refractive laser surgery. This expanded J&J's global sales networks and access to new markets like Asia, strengthening its position in eye care.

Insights, By Disease: Advancing Age Drives Growth of Age-related Macular Degeneration

In terms of disease, age-related macular degeneration segment is expected to account for 40.6% share of the age-related vision dysfunction market in 2024, owning to the strong correlation between increasing age and risk of AMD. As the global population continues to age rapidly, the number of individuals at risk of developing AMD is growing exponentially.

AMD affects the macula, which is responsible for central vision used for tasks like reading, driving, and facial recognition. Late-stage AMD can cause severe vision loss or blindness. As people are living longer lives, more individuals are surviving into their 8th and 9th decades when the risk of AMD rises dramatically. Environmental and lifestyle factors may also influence AMD prevalence over time.

Better healthcare access in developing nations means more at-risk elders are able to receive screening and treatment now versus in past generations as well. All of these demographic trends converge to drive the growth of the AMD segment within the overall age-related vision dysfunction market. Advancements in anti-VEGF therapies now provide improved outcomes for wet AMD patients, further fueling segment expansion.

Insights, By Disease: Increased Diabetes Drives Rise of Diabetic Retinopathy

In terms of disease, diabetic retinopathy segment is projected to account for 46.9% share of the age-related vision dysfunction market in 2024, due to the unrelenting global diabetes epidemic. As obesity has climbed worldwide and diabetes emerges as a leading cause of blindness, more patients are developing diabetic eye disease.

Diabetic retinopathy is a microvascular complication of diabetes caused by damage to the small blood vessels in the retina. Sustained high blood sugar levels over time can cause these retinal vessels to weaken and leak fluid or bleed, potentially destroying vision if left untreated.

With over 460 million adults currently living with diabetes globally and those numbers expected to rise dramatically in the coming decades, more patients are becoming diagnosed with and requiring management for DR. Advances in anti-VEGF treatments and tighter diabetes control through medication and lifestyle changes have improved vision salvage outcomes in DR patients in recent years as well.

However, the sheer volume of new diabetes cases ensures continuing strong growth in the DR segment within the vision dysfunction market.

Insights, By Product: Increased Access to Care Boosts Prescription Drugs Segment

In terms of product, prescription drugs contribute the highest share of the market driven by improved access to affordable care. Advanced anti-VEGF biologics like Eylea and Lucentis have transformed wet AMD and diabetic retinopathy treatment through regular intravitreal injections administered in physicians' offices or clinics. These prescription medications now represent the standard of care for the leading segments within age-related vision dysfunction.

As populations in developing regions attain higher income levels and insurance coverage expands globally, more patients can afford sight-saving drug regimens. Governments and private insurers increasingly recognize these medications can prevent far costlier outcomes like blindness and loss of productivity. Reimbursement programs therefore facilitate prescription drug access in more countries.

Self-injectable versions also empower patients to participate more actively in their own care. Collectively, increased affordability and independence are stimulating prescription drug market expansion above surgical options. Innovation continues apace as well to develop even more effective and convenient next-generation retinal drugs.

• Prevalent Cases: The United States accounted for over 35% of wet age-related macular degeneration cases in 2023. Japan contributed 50% of diagnosed presbyopia cases in 2023.
• Vision dysfunction due to age-related conditions affects over 150 million people globally, with a sharp increase expected as populations continue to age. Treatments like anti-VEGF therapies and intraocular lenses (IOLs) are playing an essential role in managing these conditions.
• The introduction of longer-acting therapies, such as Regeneron’s new anti-VEGF drug, marks a significant improvement in the management of age-related macular degeneration, reducing the burden of frequent injections.
• Wet Age-related Macular Degeneration: New therapies like VABYSMO are improving patient outcomes by targeting specific disease pathways.
• Diabetic Retinopathy: FDA-approved treatments like LUCENTIS are expanding to cover more diabetic-related conditions.

The major players operating in the age-related vision dysfunction market include Novartis, Regeneron Pharmaceuticals, Roche, Bayer, Alcon, Genentech, Kodiak Sciences, Outlook Therapeutics, Roche, and Alimera Science.

• In August 2024, Novartis launched a new biologic therapy aimed at treating advanced stages of AMD, which is expected to significantly reduce the progression of vision loss. Novartis has been active in developing and launching biologic therapies for AMD. One of its key drugs, Beovu (brolucizumab), approved earlier, has been a significant advancement in the treatment of wet AMD, providing longer intervals between treatments and improved fluid reduction in the retina.
• In February 2024, Regeneron Pharmaceuticals announced the approval of a new anti-VEGF treatment, providing an extended dosing schedule, improving patient adherence. Recent advancements from Regeneron include trials for high-dose aflibercept (EYLEA HD), which aim to extend dosing intervals up to 12 or 16 weeks for conditions such as wet age-related macular degeneration (wAMD) and diabetic macular edema (DME). These trials, such as PULSAR and PHOTON, have shown promising results for maintaining efficacy with fewer injections, potentially improving patient adherence.
• In February 2024, Outlook Therapeutics declared that it plans to resubmit the Biologics License Application (BLA) for ONS-5010 by the end of 2024. This resubmission follows feedback from the FDA, including a requirement to conduct an additional clinical trial (NORSE EIGHT), which was scheduled to start in early 2024. The FDA has also provided guidance on addressing Chemistry, Manufacturing, and Controls (CMC) issues highlighted in the previous Complete Response Letter (CRL). If the trial and required work are successful, the BLA resubmission will include these results​.
• In November 2023, Kodiak Sciences presented the first-time primary endpoint data from their Phase III GLOW study for diabetic retinopathy. This presentation took place during the Retina Subspecialty Day at the American Academy of Ophthalmology (AAO) Annual Meeting in San Francisco. The study involved patients with non-proliferative diabetic retinopathy and showcased promising results, including a 2-step improvement on the Diabetic Retinopathy Severity Scale (DRSS). Additionally, tarcocimab tedromer demonstrated a significant reduction in sight-threatening complications like diabetic macular edema.
• In April 2023, Allegro Ophthalmics received an agreement from the U.S. FDA under a Special Protocol Assessment (SPA) for the design of its Phase IIb/III clinical trial of risuteganib (Luminate) for the treatment of intermediate, non-exudative age-related macular degeneration (dry AMD). This agreement is not an approval but indicates that the FDA agrees with the critical aspects of the trial’s design, such as entry criteria, endpoints, and analyses, which are important for supporting future marketing applications.

• By Disease
  • Age-related Macular Degeneration
  • Diabetic Retinopathy
  • Cataracts
  • Glaucoma
  • Presbyopia
• By Treatment
  • Anti-angiogenic Drugs
  • Laser Therapy
  • Photodynamic Laser Therapy
  • Minimally Invasive Glaucoma Surgery
• By Product
  • Prescription Drugs
  • Surgical Devices