February 21, 2024

Diabetic Retinopathy Market Propelled By Rapid Growth In Prevalence Of Diabetic Retinitis

The diabetic retinopathy market consists of medical devices and therapeutics that are used for screening, monitoring, and treatment of diabetic retinopathy. Diabetic retinopathy is a medical condition in which damage occurs to the retina due to complications of diabetes mellitus and is a leading cause of blindness among working-age adults. The rapidly increasing prevalence of both type 1 and type 2 diabetes across the globe due to unhealthy lifestyle habits and obesity is driving the growth of the diabetic retinopathy market. The global diabetic retinopathy market is estimated to be valued at US$ 8.26 Bn in 2024 and is expected to exhibit a CAGR of 48.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The key trend propelling the growth of the diabetic retinopathy market is the rapid increase in the prevalence of diabetes over the past few decades. As per the International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 worldwide and the number is expected to rise to 78 million by 2030. Since diabetic retinopathy is a microvascular complication of diabetes, the increasing incidences of diabetes has augmented the risk of developing diabetic retinopathy. The growing geriatric population is another factor fueling the diabetic retinopathy market size as aging is a critical risk factor for type 2 diabetes as well as visual impairment due to diabetic retinopathy. Developed regions including North America and Europe have the maximum number of diabetic individuals thereby holding the maximum share in the global diabetic retinopathy market. However, Asia Pacific region is expected to exhibit the most rapid growth owing to the rising economic wealth in countries such as India and China and adoption of sedentary lifestyle in these countries.

SWOT Analysis
Strength
: The diabetic retinopathy market is witnessing strong growth due to the rising prevalence of diabetes and growing awareness.
Weakness: Limited treatment options and high cost of therapies are key challenges.
Opportunity: Development of new drugs and alternative treatment methods present significant opportunities.
Threats: Drug development challenges and stringent regulations can hamper market growth.

Key Takeaways
The Global Diabetic Retinopathy Market Scope is expected to witness high. The market size is forecasted to reach US$ 8.26 Bn by 2024, growing at a CAGR of 48% during the forecast period of 2024 to 2031.

Regional analysis comprises North America dominates the global market currently due to availability of advanced healthcare facilities. Asia Pacific region is expected to grow at the fastest rate over the forecast period owing to rising prevalence of diabetes.

Key players operating in the diabetic retinopathy market are IPT technology inc., Continental ag, Evatran group (plugless), Nidec mobility corporation, Renesas electronics, Powermat technologies, Qualcomm technologies, Robert Bosch Gmbh, Texas instruments, Toyota motor corporation, and Witricity. Iptech has a leading share with its laser photocoagulation devices. Continental AG focuses on development of driver assistance systems.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it