Diabetic Retinopathy Market: A Quantitative Analysis of Global Growth
The Diabetic Retinopathy Market Overview And Analysis by Type, Treatment , by End User and Region - Forecast till 2032
The diabetic retinopathy market is projected to expand USD 6.7 billion at a CAGR 6.4% during the forecast period 2023-2032.
The rapid rise of diabetic patients is estimated to be the most crucial factor driving the global diabetic retinopathy market. The increasing demand for diagnostic tests for diabetic retinopathy is estimated to escalate the market growth additionally. Further, the rise in the geriatric population is projected to play an important role in developing the global market. The growing favorable reimbursement policies, technical development, increasing incidence of blindness due to diabetes are anticipated to propel the market growth during the assessment period. Besides, the rise in disposable income and the rising concern towards the vision have led to an increase in expenditure of the individuals to avail of the treatment. Further, the minimal pain-inducing laser process with fast recovery is estimated to promote the market further in the coming period.
On the contrary, the development is restricted by the lack of expertise and prolonged approval period required for drugs. However, the emergence of combined therapies, increasing collaboration between the companies, and product launch is estimated to create a conducive environment, thereby creating lucrative opportunities for market growth.
Regional Analysis
Based on the region, the global digital diabetic retinopathy market size is segmented into North America, Asia-Pacific, Europe, and the Rest of the World (RoW). As per the analysis, North America is estimated to dominate the global market and is likely to exercise its force throughout the forecast period. The most significant factor leading to regional development is the increasing attention on preventive care for chronic diseases such as diabetes, obesity, and others. Further, favorable government initiatives, growing awareness among people are anticipated to develop the regional market additionally. Moreover, the region has a sufficient budget allotted for research and development, along with the fast adoption of technology, which is likely to boost the regional growth of the market.
Europe is estimated to take the second position owing to the rising cases of diabetes. Increasing research and development are further estimated to boost the market further. Also, the increasing technological development in the region is further expanding the market in the region.
The APAC region is projected to be the fastest-growing market during the assessment period. The regional market is majorly driven by the growing geriatric population, rising chronic patients, and the increasing demand for the cure is estimated to develop the regional market further. Also, the presence of emerging economies like India, China, and Japan is likely to make the most crucial participation in augmenting the regional market. Further, the developing regions are witnessing a rise in disposable income, leading to the expansion of the regional market.
The MEA region is anticipated to acquire the least market share due to the presence of poor economies. However, increasing health awareness is likely to promote diabetic retinopathy in the region.
Market Segmentation
The segment analysis of the global diabetic retinopathy market is done by treatment, type, and end-user.
The treatment-based segments of the global diabetic retinopathy market are laser photocoagulation, anti-VEGF drugs, vitreoretinal surgery, and steroid injection.
The type-based segments of the global diabetic retinopathy market are non-proliferative and proliferative.
The end-user-based segments of the global diabetic retinopathy market are ambulatory surgical centers, hospitals, and others.
Key Players
The renowned players of the global diabetic retinopathy market are Regeneron Pharmaceuticals, Inc., F.Hoffmann-La Roche AG, Alimera Sciences, Aurolab, Allergan PLC, Ampio Pharmaceuticals Inc., Abbott Laboratories, and others.
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