by Diabetic retinopathy refers to damage to the retina due to complications of diabetes and it is a leading cause of blindness among adults aged 20-74 years. Retinal screening helps in early detection and prompt treatment helps preserve vision. Various treatment modalities like laser surgery, injections and vitrectomy are used for different stages of diabetic retinopathy. Advancements in treatment modalities are helping more people preserve vision for longer.
The global Diabetic Retinopathy Market is estimated to be valued at US$ 7.161 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Advancements in treatment modalities are driving growth in the diabetic retinopathy market. New drug therapies and surgical procedures help treat more advanced stages of diabetic retinopathy better and with fewer side effects. For example, drugs that inhibit VEGF have revolutionized treatment by controlling disease progression in many patients. Sustained drug delivery through implants also ensures prolonged therapeutic effects. Novel laser surgeries using micropulses provide targeted treatment while minimizing damage to the surrounding retina. These technological advancements are enabling treatment of a wider population suffering from diabetic retinopathy.
SWOT Analysis
Strength: Advancements in screening and diagnostic methods allow early detection of Diabetic Retinopathy which helps in timely treatment and prevention of vision loss. Weakness: Lack of awareness about diabetic retinopathy and its treatment options in developing regions. Opportunity: Rising geriatric population susceptible to developing diabetes propels the demand for effective treatment and management of associated complications like Diabetic Retinopathy. Threats: High cost of treatment procedures like injections and surgeries poses affordability challenges, especially in low-income countries.
Key Takeaways
Global Diabetic Retinopathy Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2023 is estimated to be US$ 7.161 Bn. Regional analysis North America dominates the global Diabetic Retinopathy market due to rising prevalence of diabetes and growing geriatric population in countries like US and Canada. Asia Pacific is poised to be the fastest growing market owing to increasing healthcare expenditure and large diabetic patient pool in major countries like India and China.
Key players Regeneron Pharmaceuticals, Inc., Alimera Sciences, Oxurion NV., Abbvie Inc. and F. Hoffmann-La Roche Ltd are the major companies operating in the Global Diabetic Retinopathy Market. Regeneron Pharmaceuticals dominates the market with its flagship product EYLEA, which is approved for treatment of diabetic retinopathy. Alimera Sciences is also a prominent player with its FDA approved product Iluvien, an intravitreal implant used for treatment of diabetic macular edema. The key players are engaged in new product launches and geographical expansion strategies to solidify their market positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
