Diabetic retinopathy refers to damage occurring to the retina due to complications of diabetes mellitus. It is a leading cause of blindness among the working-age population. As diabetes begins to damage the tiny blood vessels inside the retina, they may swell and leak fluid. This causes the retinal tissue to thicken and distort vision. In its severe form, diabetic retinopathy can lead to blindness. The global diabetic retinopathy market includes devices such as funds for screening, vitrectomy packs used during retina surgery and devices assisting drug delivery such as intravitreal implants and injections.
The global diabetic retinopathy Market is estimated to be valued at US$ 7.161 Bn or Mn 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 Dynamics:
The diabetic retinopathy market is witnessing high growth owing to increasing prevalence of diabetes. As per World Health Organization, diabetes is one of the major causes of preventable blindness and was estimated to be the primary cause of blindness in adults aged 20-74 years globally. Nearly every person with type 1 diabetes and over 60% of people with type 2 diabetes are likely to develop some form of diabetic eye disease, with retinopathy rates higher among those with diabetes for longer. Thus, growing diabetes population is a key growth driver in this market. Another driver fuelling the market is increasing product approvals.Various new products are being approved for treatment of diabetic retinopathy such as intravitreal drug delivery implants and injections which sustained drug release inside eye. This is expected to boost the overall market growth over forecast period.
SWOT Analysis
Strength: Diabetic retinopathy is a common complication of diabetes that can potentially cause blindness if left untreated. The growing prevalence of diabetes worldwide is expected to drive the growth of the diabetic retinopathy market. Early screening and diagnosis help in timely treatment before vision loss occurs, which is considered a major strength. Advanced treatment options like anti-VEGF injections have significantly improved patient outcomes.
Weakness: Lack of awareness about diabetic retinopathy and its screening in developing nations is a major weakness. Many patients are diagnosed at advanced stages when vision loss has already occurred. The high cost of advanced treatment therapies like intravitreal injections is also a challenge, restricting their use especially in low and middle-income countries.
Opportunity: Governments and eye care organizations are working to spread awareness and promote regular eye screening programs which can help diagnose diabetic retinopathy early. This offers an opportunity to reach undiagnosed patients. Increasing access to affordable treatment in developing regions through collaborations also presents an opportunity.
Threats: Non-compliance to treatment regimen and lack of follow-ups threatens the efficacy of long-term management. Growing incidence of obesity and diabetes also increases the number of patients at risk of developing diabetic retinopathy.
Key Takeaways
Global Diabetic Retinopathy Market Size is expected to witness high growth. The market size for 2023 is projected to be US$ 7.161 Bn and is estimated to grow at a CAGR of 6.4% during the forecast period of 2023 to 2030. North America currently dominates the market due to high prevalence of diabetes and developed healthcare infrastructure for screening and treatment. However, Asia Pacific region is expected to grow at the fastest pace owing to large diabetes patient pool and improving awareness.
The Asia Pacific region holds significant growth potential for the diabetic retinopathy market due to the rising geriatric population, growing obesity, and increasing adoption of sedentary lifestyle in region which is leading to growing prevalence of diabetes. Countries like China, India, and Japan have a huge population with diabetes. However, awareness and advanced treatment offerings are still scarce in many Asian countries compared to Western nations. Key players are focusing on partnerships and initiatives to strengthen screening and management programs in this emerging region.
Key players operating in the Diabetic Retinopathy Market are Regeneron Pharmaceuticals, Inc., Alimera Sciences, Oxurion NV., Abbvie Inc. and F. Hoffmann-La Roche Ltd. Regeneron is a leading player dominating the anti-VEGF segment with its portfolio of Eylea and Lucentis. Alimera Sciences has a strong presence with Iluvien, a sustained-release intravitreal implant to treat DME.
Explore More Related Article On This Topic: https://www.newsanalyticspro.com/the-global-diabetic-retinopathy-market-propelled-by-advancement/
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