Diabetic Retinopathy Market Is Estimated To Witness High Growth...

Diabetic Retinopathy Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Diabetes

Posted 2024-02-01 10:51:02

Diabetic retinopathy is a medical condition caused by damage to the retina due to complications of diabetes mellitus. Retinopathy can lead to blindness if not diagnosed and treated early. Diabetic retinopathy is diagnosed through regular dilated eye exams, which can detect early signs of the disease even before vision symptoms arise. The exams help create individualized treatment plans depending on the severity of retinopathy. The global diabetic retinopathy market is estimated to be valued at US$ 8.26 Bn in 2023 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 Dynamics:
Increasing prevalence of diabetes is a key driver for the growth of diabetic retinopathy market. According to World Health Organization estimates, over 422 million people worldwide have diabetes, over 90% of them have type 2 diabetes. Poor lifestyle choices leading to obesity are major risk factors for type 2 diabetes. Additionally, rising geriatric population also increases risk of diabetes as aging is a non-modifiable risk factor. As per WHO, the global geriatric population is expected to reach 2 billion by 2050 from 900 million in 2015.

Growing prevalence of diabetes leads to higher number of people experiencing diabetic retinopathy. Therefore, demand for diagnostic tests and treatment devices for retinopathy is expected to increase significantly during the forecast period. Additionally, increasing awareness and screening initiatives undertaken by governments worldwide are also expected to propel market growth.

SWOT Analysis
Strength: Diabetic retinopathy market is growing at a rapid pace due to increasing prevalence of diabetes. Early diagnosis helps in timely treatment and management of the condition. Availability of advanced screening and treatment technologies allows accurate detection and treatment of diabetic retinopathy.

Weakness: Lack of awareness about diabetic retinopathy especially in developing countries is a major challenge. Many people are unaware of retinal damage caused by diabetes. Lack of healthcare infrastructure and skilled professionals in remote areas also limits access to screening and treatment services.

Opportunity: Government initiatives to spread awareness about diabetes complications provide opportunities for market players. Growing geriatric population susceptible to diabetes expands the patient pool. Emerging economies with large diabetes populations offer high growth prospects.

Threats: High cost of advanced devices and treatment procedures pose affordability challenges. Long-term management of diabetes requires repeated screening and treatment which increases overall cost of care. Patents on existing drugs and technologies expiring allow entry of generic drugs and biosimilars impacting prices.

Key Takeaways
The Global Diabetic Retinopathy Market Share is expected to witness high over the forecast period of 2024 to 2031. The market size valued at US$ 8.26 Bn in 2024 is projected to reach over US$ 48 Bn by 2031, registering a CAGR of 48%.

Regional analysis: North America currently dominates the global market due to high diabetes prevalence and availability of advanced healthcare facilities. However, Asia Pacific region is expected to offer lucrative growth opportunities owing to rapidly growing diabetic population, increasing healthcare spending, and rising medical tourism.

Key players analysis: 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. These companies are investing in development of advanced screening devices, drugs, and treatment modalities to strengthen their market position.