The Global Diabetic Retinopathy Market growth is driven by Rising...

The Global Diabetic Retinopathy Market growth is driven by Rising Prevalence of Diabetes

نشر بتاريخ 2024-02-26 10:02:05

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Key Takeaways
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.

The growing prevalence of diabetes worldwide has significantly driven the demand for diagnostic and treatment products in the diabetic retinopathy market. As per reliable studies, nearly 463 million adults worldwide were estimated to be living with diabetes in 2019 and the numbers are expected to rise to 700 million by 2045. Early diagnosis and management of diabetic retinopathy is crucial to prevent vision loss associated with advanced stages of the disease.

Major players in the market have been expanding their operations globally, especially in developing economies of Asia Pacific, Middle East, and South America. For instance, Optovue launched its next-generation OCT device AngioVue XR Avanti in India in 2021 to offer reliable and faster retinal imaging solutions. Collaboration with local healthcare facilities has further aided in improving access to diabetic retinopathy screening and management in rural areas.

Market drivers
The rising geriatric population worldwide is a major driver boosting the growth of the Diabetic Retinopathy Market Demand . Older population aged above 65 years is more prone to diabetes due to age-related physiological changes and comorbid conditions. As per WHO, the number of people aged 65 years and above is projected to reach 1.5 billion by 2050 from 727 million in 2020. With increased life expectancy, people are likely to suffer from age-related diabetic complications including retinopathy for longer durations which fuels the demand for management and treatment of the same.

The current ongoing geopolitical conflicts are impacting the growth of the Diabetic Retinopathy market. The rising political tensions between countries are disrupting supply chains and trade routes globally. This is affecting the availability of key raw materials and components used in producing diagnostic equipment and drugs to treat Diabetic Retinopathy.

The market is witnessing shortages of specialized chemicals, semiconductors, as well as price volatility in fuel costs which are adding to production and transportation expenses. This is challenging manufacturers to maintain affordable product pricing.

Geographically, North America currently leads the market in terms of value, accounting for over 35% share. This is owing to the region's advanced healthcare infrastructure and higher diagnosis rates. However, restrictions on trade and immigration from certain countries can potentially impact the inflow of skilled medical professionals required to operate specialized retinal screening systems in this region.

Asia Pacific is poised to be the fastest growing regional market during the forecast period fueled by a rapidly aging population susceptible to eye diseases. Countries like China and India are witnessing rising per capita incomes and government investments to strengthen primary healthcare systems which is improving diagnosis and treatment rates for Diabetic Retinopathy. However, ongoing geopolitical issues surrounding these nations can threaten foreign investments and technology transfers critical to further develop their ophthalmology sector capabilities.

To ensure stable long term growth, market players must diversify their manufacturing footprints beyond politically volatile regions and establish local supply partners. Upgrading trade policies and funding collaborative research networks between international eye hospitals can help make diagnostic procedures and medications more accessible globally despite geopolitical challenges. Adopting tele-ophthalmology via smartphones and portable retinal cameras can further aid in remotely monitoring at-risk patients irrespective of their locations.