Entropion Treatment Market Segmentation by Type (Congenital, Paralytic, and Others); by Treatment (Artificial Tears, Skin Tape, Anti-inflammatory Drugs, Surgery, and Others); and by End-User (Specialty Clinics, Hospital, and Others) – Global Demand Analysis & Opportunity Outlook 2030
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
July, 2021: Bausch & Lomb Incorporated, announced the launch of hydration boost lubricant eye drops and micellar eyelid cleansing wipes, under the brand name BioTrue.
October, 2020: Novartis AG to acquire Vedere Bio, in order to expand its portfolio to ophthalmology and opto-genetic gene therapy technology for treating blindness.
The global entropion treatment market is estimated to grow at a significant CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing cases of entropion amongst the geriatric population globally. Entropion is a condition in which the eyelid folds inwards, and can happen in either eyelid. It can lead to corneal ulcer, retinal infection, and even vision impairment due to corneal damage. According to the data by the World Health Organization (WHO), corneal opacities cause moderate to severe distance vision impairment or loss of vision in over 4.2 million people. Meanwhile, 2.2 billion people suffer from partial or complete blindness globally. The growing awareness regarding optical diseases, and penetration of healthcare services in remote areas worldwide are some of the major factors anticipated to drive the market growth.
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Moreover, the growing global geriatric population is also estimated to boost the market growth, as entropion is more common in old age. According to the World Bank census, the total share of global population aged above 65 years in 2020 was 9.318%, up from 8.223% in 2015, and this share is expected to further increase in the upcoming years.
The market is segmented by treatment into artificial tears, skin tape, anti-inflammatory drugs, surgery, and others, out of which, the surgery segment is anticipated to hold the notable share in the global entropion treatment market over the forecast period as surgery is required in almost every critical case of entropion. Along with this, the artificial tears segment is also estimated to gain significant share during the forecast period owing to the high application of this treatment method in mild cases of entropion.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global entropion treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of large geriatric population in countries, such as India and China. According to the data by the World Bank, the population above 65 years of age in India crossed 90,719,952 in 2020, while, it crossed 167,808,567 in China. Moreover, improving healthcare facilities, and rising health awareness amongst the people, are projected to boost the market growth. The market in North America region is anticipated to gain the largest market share throughout the forecast period on account of the presence of major pharmaceutical companies in the United States, along with efficient medical facilities available in the region. Moreover, the favorable reimbursement and health insurance policies in the region, combined with high individual disposable income, are projected to boost the market growth.
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The global entropion treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global entropion treatment market includes the following segments:
By Type
By Treatment
By End-User
Growth Drivers
Challenges
Ans: The growing cases of entropion in the geriatric population is estimated to boost the market growth.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2030.
Ans: The market in the Asia Pacific region is estimated to provide more business opportunities over the forecast period owing to the high geriatric population in the region.
Ans: The major players in the market are Sun Pharmaceutical Industries Ltd., Novartis AG, Sanofi-aventis Groupe, Abbott Laboratories, Merck & Co., Inc., Siemens Healthcare GmbH, Pfizer Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, treatment, end-user, and by region.
Ans: The congenital segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Ans: Lack of awareness regarding ophthalmic disorders and complications in surgery are estimated to hamper the market growth.
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