Global Amblyopia Therapeutic Apparatus Market - 2022-2029

Market Overview

Amblyopia Therapeutic Apparatus Market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of 2.9 % during the forecast period (2022-2029).

Amblyopia therapeutic apparatus is a device used to treat Amblyopia, often referred to as "lazy eye" Amblyopia is reduced vision in one or both eyes owing to abnormal vision production in infancy or childhood. There might not be an apparent issue with the eye in Amblyopia. Vision deficiency happens when the nerve impulses between the brain and the retina are not adequately activated. The brain "learns" to see only fuzzy images of an amblyopia eye, even though glasses are used. Consequently, one eye is favored by the brain, usually due to impaired vision with the other eye. Amblyopia therapeutic apparatus is widely used in homecare, hospitals and ophthalmologic centers. The growth of the amblyopia therapeutic apparatus market is the growing demand for amblyopia therapeutic apparatus due to rising healthcare expenditure and favorable government regulations.

Market Dynamics: The increasing prevalence of impairments or blindness incidence across the globe is driving the market's growth.

Growth in expenditure incurred on healthcare equipment and technology will propel the market's growth. Besides, the increasing prevalence of impairments or blindness across the globe drives the market's growth over the forecast years. For instance: as per World Health Organization 2021, at least 2.2 billion people worldwide have a vision impairment or blindness, of whom at least 1 billion have a vision impairment that could have been prevented or has yet to be addressed. Blindness is due to unaddressed refractive error (88.4 million), cataract (94 million), glaucoma (7.7 million), corneal opacities (4.2 million), diabetic retinopathy (3.9 million), and trachoma (2 million), as well as near vision impairment caused by unaddressed presbyopia (826 million). Also, the favorable government initiatives taken regarding treating several eye diseases in the Children or Adolescents population across the globe are expected to create a lucrative opportunity for the market's growth over the forthcoming period.

However, the lack of a skilled workforce hampers market growth. Significant evidence has emerged for effective treatment of amblyopia, occlusion therapy and atropine. However, amblyopia diagnosis remains difficult, primarily due to compliance problems and sub-optimal care results during occlusion and atropine penalization. The requirement of skilled professionals for advanced technology, lack of knowledge about amblyopia therapeutic and huge costs incurred in training new professionals limit the market growth.

Market Segmentation: The color/Icon apparatus segment is projected to be the market's dominant segment during the forecast period.

Based on the product, the amblyopia therapeutic apparatus market has been classified into Color/Icon apparatus and comprehensive apparatus.

Color/Icon apparatus dominated the global market in 2021, whereas the organic amblyopia therapeutic apparatus is expected to present considerable growth shortly. Color/icon amblyopia therapeutic apparatus is much more appropriate for getting rid of amblyopia. Therefore, the increasing usage of color/Icon Apparatuses in the amblyopia therapeutic apparatus is expected to propel the near future segmental growth.

Amblyopia therapeutic apparatus is segmented based on application, which includes an eye hospital and vision recovery center.

Eye hospital segment held significant market share in global amblyopia therapeutic apparatus market. Most of this amblyopia therapeutic involves the diagnosis and treatment care of the patients for various amblyopia. These services are provided through public or private eye hospitals and clinics. The countries are developing their public and private hospitals to provide better medical treatments to the population. Moreover, the increasing number of overall treatments in hospitals includes procedures including Glasses and eye patches, further driving the market growth. According to the American Academy of Ophthalmology report published in 2021, According to the United States Census Bureau stated, the population of the United States is 289 million; among this, 151 million people require some form of vision correction, and 24% of the population (69 million people) is myopic, and it is estimated that about 43 million of these are candidates for refractive surgery. 60% have less than 2 diopters (D) of myopia, 39% have 2 to 8 D of myopia, and fewer than 1% have more than 8 D of myopia. Approximately 26% of the United States population (75 million people) are hyperopic, but only 15 million of these are candidates for refractive surgery. The average age of refractive surgery patients with myopia is 40 years, and with hyperopia, 55 years.

Geographical Penetration: Asia Pacific is the dominating region during the forecast period.

Based on geography, the study analyzes the amblyopia therapeutic apparatus market globally, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

The Asia Pacific is the leading/significant region globally in terms of market share due to the increasing growth in healthcare expenditure and technological advancement. In comparison, the region is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2026. Factors such as the rising population of children suffering from amblyopia would create lucrative growth prospects for the customized medical amblyopia therapeutic apparatus market across the Asia-Pacific region. Moreover, the Middle East & Africa and South America are also expected to grow with a healthy CAGR over the forecast period.

North America and Europe are estimated to hold a significant share in the global market. Increasing demand in eye hospitals across these regions also increases the number of vision recovery centers.

Competitive Landscape:

The amblyopia therapeutic apparatus market is moderately competitive, due to major market players in the key regions such as the US, China, India and others. Market players contributing to the growth of the global market include Guangzhou Boshi, Guangzhou Shijia, Xi'an Huaya, Shenzhen ElmmediCare, Guangzhou Shizheng, Xi'an Aile, Zhongke Hengtong, Beijing Tongming, among others. The major players are adopting new product launches and expansion strategies for global growth in the Amblyopia Therapeutic Apparatus market. In January 2022, Medtronic, a global leader in healthcare technology, has a definitive agreement to acquire Affera, Inc, a Boston area-based, privately held medical technology company. This acquisition helps to expand Medtronic's cardiac ablation portfolio, including first-time entry into mapping and navigation, within one of the fastest-growing MedTech markets. In October 2021, FDA approved Luminopia's digital therapeutic to enhance vision in children with lazy eyes. Luminopia One as a prescription therapy is indicated for enhancement in visual acuity in children with amblyopia aged between four and seven years and associated with anisometropia or mild strabismus.

COVID-19 Impact: Negative impact on the global amblyopia therapeutic apparatus market.

The demand for medical amblyopia therapeutic equipment is projected to expand rapidly due to the global burden of COVID-19. As a result of the pandemic, suppliers of the Medical Amblyopia Therapeutic Apparatus industry were forced to suspend their business operations to comply with the new government regulations. This break-in operation significantly affects the sales flow in the global industry for medical amblyopia.

The global amblyopia therapeutic apparatus market report would provide an access to approximately 56 market data tables, 41 figures and 170 pages