Hypermetropia is a form of refractive error, wherein parallel rays of light coming from infinity are focused behind the light sensitive layer of the retina, when the eye is at the rest.
Hypermetropia treatment Market: Introduction
Hypermetropia (hyperopia or far- sightedness or long-sightedness) is a form of refractive error, wherein parallel rays of light coming from infinity are focused behind the light sensitive layer of the retina, when the eye is at the rest. Hyperopia is a common general vision condition in adults. People with hypermetropia must squint to see only nearby objects. Reading, writing, computer work or drawing for longer duration of time may cause headache & eye strain.
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The hypermetropia treatment market can be segmented based on type, end-user, and region. Based on type, the market can be categorized prescription lenses and surgery. The prescription lenses can be further sub-segmented into corrective lenses & eyeglasses. The surgery segment can be further split into laser procedures, IOL implantation & non laser procedures. The laser procedures sub-segment can be categorized into Photorefractive keratectomy (PRK), Laser assisted in situ keratomileusis (LASIK), Laser epithelial keratomileusis (LASEK), Epi-LASIK & Laser thermal keratoplasty (LTK).
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Additionally, the IOL implantation sub-segment can be divided into Ahakia correction, Refractive lens exchange (RLE) & Phakic IOL. While the non-laser procedures sub-segment can be further segregated into Conductive keratoplasty (CK), automated lamellar keratoplasty (ALK) & Keratophakia and Epi-keratophakia. Based on end-user, the market can be split into hospitals, specialty centers, diagnostic centers, clinics & others.
Key Drivers, Restraints, and Opportunities of Global Hypermetropia treatment Market
Increasing incidences of vision loss largely due to hypermetropia along with rising incidence cases of distance vision impairment due to uncorrected hypermetropia is a key factor that is expected to drive the growth. Higher prevalence of hypermetropia is projected to drive the market. More than 1.1 billion individuals around the world are suffering from hypermetropia, out of which, one-third are above 50 years of age. More than 90% of this patient pool belongs to developing countries. Hence, developing countries are expected to exhibit significant demand for hypermetropia treatment during the forecast period.
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Rise in geriatric population prone to vision loss along with the number of individuals above 40 years of age across the world is likely to fuel the market. Most adults, in their mid-40s, start developing age-related eye diseases, thus augmenting the demand for hypermetropia treatment.
Increase in healthcare costs, which restrict a large section of the population from using these corrective treatment methods, is anticipated to be a major factor that restrains the hypermetropia market. Furthermore, in emerging economies, access to affordable healthcare is limited, which is projected to hamper the market during the forecast period.
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Asia Pacific to Capture Major Share of Global Hypermetropia treatment Market
Among regions, North America is anticipated to offer significant opportunity for the hypermetropia treatment market during the forecast period, due to an increase in prevalence of hypermetropia among the population in the region. For instance, according to American Academy of Ophthalmology, in 2016, approximately 9.6 million adults in the U.S. were suffering from far-sightedness. Among these, around 820,000 have a degenerative form of the disease and over 41,000 suffer from a complication called hypermetropia.
Moreover, presence of key players including Visioneering Technologies, Inc., Carl Zeiss, and Alcon in Europe is estimated to fuel the hypermetropia treatment market in Europe, as these players are continuously concentrating on product development and launches
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Key Players Operating in Global Hypermetropia treatment Market
The global hypermetropia treatment market is highly fragmented, with the presence of various key players. A large number of manufacturers hold a major share in their respective regions. Major players operating in the global hypermetropia treatment market are:
- Allergan plc
- Abbott Laboratories Inc.
- ALCON VISION LLC
- Bausch + Lomb Incorporated
- Carl Zeiss Inc.
- Essilor Ltd.
- Haag-Streit UK
- Johnson & Johnson Vision
- Lasersight Technologies Inc.
- Nidek Co. Ltd.
- ORASIS Pharmaceuticals Ltd.
- Topcon Corporation
- Visioneering Technologies, Inc.
- Ziemer Ophthalmic Systems AG
- Zeiss International
- Others
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