New York, USA, Sept. 29, 2022 (GLOBE NEWSWIRE) — The Global Diabetic Retinopathy Market Size Was USD 3.8 Billion In 2020 And Is Projected To Reach USD 103.2 Billion By 2030, Grow A CAGR Of 16.7%. As per the latest research report by Spherical Insights & Consulting.
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Technological improvements in ophthalmic surgical and diagnostic devices will fuel diabetic retinopathy market expansion. Optical coherence tomography and other technologically advanced diagnostic technologies produce better cross-sectional images, allowing doctors to make better conclusions. Furthermore, surgical instruments are more precise, which boosts operation success rates. As a result, the availability of such improved ophthalmic devices and instruments has made diagnostic and surgical operations easier, which has benefited the industry’s growth.
The availability of favourable reimbursement policies for ophthalmologic surgeries should have a positive impact on the diabetic retinopathy market’s growth. Diabetic retinopathy is a chronic eye disease that can lead to blindness in the elderly. Laser surgery not only helps to preserve vision, but it also helps to avoid further damage from proliferative diabetic retinopathy. Because of technology advancements in these treatments, older persons and those in emerging economies are facing economic concerns as the cost of surgery rises.
Some of the leading players in the global diabetic retinopathy market include Bayer AG, Alimera Sciences, Abbott, Pfizer Inc., F. Hoffmann-La Roche Ltd, Novartis AG, Regeneron Pharmaceuticals, Inc., Oxurion NV, amongst others.
Furthermore, rising demand for preventive medical care through frequent eye examinations, as well as increasing research developments in treatment and prevention, are likely to propel the worldwide diabetic retinopathy market forward throughout the forecast period. According to the Centers for Disease Control and Prevention (CDC), an estimated 4.2 million persons in the United States suffered with diabetic retinopathy in 2018.
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The diabetic macular edema (DME) segment is expected to dominate the market share in 2020 of global diabetic retinopathy market owing to rising geriatric population and the increasing occurrences of diabetes-related blindness are the main reasons for its large share. In addition, rising demand for frequent retinal screening among long-term diabetes patients is likely to drive category growth. rising prevalence of diabetic retinopathy, The rising prevalence of diabetes of all types, and the rising incidence of associated problems such as blindness. The anti VEGF drug segment is expected to dominate the market share in 2020 of global diabetic retinopathy market owing to commonly used to treat Proliferative Diabetic Retinopathy (PDR) (PDR). Anti-VEGF medicines were found to be more effective in PDR, particularly in situations of vitreous haemorrhage, neovascular glaucoma, and prior to vitrectomy. The hospital segment is expected to dominate the market share in 2020 of global diabetic retinopathy market owing to surging laser surgical treatments are becoming more common. Furthermore, hospitals are well-equipped with diagnostic devices and technology. North America is expected to dominate the market share in 2020 of global diabetic retinopathy market owing to the availability of modern healthcare infrastructure, favorable government activities relating to medication research, and a high degree of patient and practitioner knowledge are some of the market’s drivers.
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Key Companies & Recent Developments
Partnerships, strategic mergers, and acquisitions are expected to be the most successful strategies for industry participants to get speedy access to growing markets while also improving technological capabilities. For instance, in April 2019, Novartis received an approval for brolucizumab which will increase company’s product sales. In addition, product differentiation and developments, as well as service expansion, are projected to help organizations thrive in the market. For instance, in May 2019, Regeneron Pharmaceutical received the U.S. Food and Drug Administration (FDA) approval for EYLEA offering customize treatment as per patient need.
Browse key industry insights spread across 200 pages with 118 market data tables and figures & charts from the report “Global Diabetic Retinopathy Market Size By Type (Proliferative Diabetic Retinopathy, Diabetic Macular Edema (DME)), By Treatment Type (Anti VEGF Drug, Steroid Implants, Laser Surgeries, And Vitrectomy), By End User (Hospitals, Ophthalmic Centres, Ambulatory Surgery Centres, Others); By Region (U.S., Canada, Mexico, Rest Of North America, The UK, France, Germany, Italy, Spain, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest Of Europe, China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest Of Southeast Asia), Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest Of Middle East & Africa, Brazil, Argentina, Rest Of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends And Forecast, 2021-2030” in detail along with the table of contents
Market Segmentation of Global Diabetic Retinopathy Market Size
- Proliferative Diabetic Retinopathy
- Diabetic Macular Edema (DME)
By Treatment Type
- Anti VEGF Drug
- Steroid Implants
- Laser Surgeries
- Intraocular Steroid Injection
By End User
- Ophthalmic Centres
- Ambulatory Surgery Centres
- Bayer AG
- Allergan plc
- Novartis AG
- Oxurion NV
- Sirnaomics Inc.
- Alimera Sciences
- Ampio Pharmaceuticals
- BCN Peptides
- Kowa Company, Ltd.
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