Diabetic retinopathy is an ophthalmic condition affecting people suffering from diabetes mellitus. It can cause vision loss if left untreated. Treatments for diabetic retinopathy include laser surgery, injections in the eye, and vitrectomy. These procedures help prevent further eye damage and vision loss.
The global Diabetic Retinopathy Market is estimated to be valued at US$ 7.161 Bn 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 key trends:
The increasing prevalence of diabetes across the globe has accelerated the growth of the Diabetic Retinopathy Market. According to the International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 worldwide, and the number is expected to rise to 783 million by 2045. Moreover, diabetic retinopathy is one of the leading causes of blindness among working-age adults. As per the National Eye Institute, nearly all type 1 diabetics and over 60% of type 2 diabetics are likely to develop some stage of diabetic retinopathy over their lifetime. The rising cases of diabetes is prompting more eye screening which in turn is driving the demand for treatments in the Diabetic Retinopathy Market during the forecast period.
Segment Analysis
The global diabetic retinopathy market is segmented based on type into non-proliferative diabetic retinopathy and proliferative diabetic retinopathy. The non-proliferative diabetic retinopathy segment dominates the market currently due to high prevalence rate worldwide. According to World Health Organization (WHO), over 50% of diabetic patients suffer from non-proliferative diabetic retinopathy during the initial 10 years of diagnosis of diabetes.
Key Takeaways
Global Diabetic Retinopathy Market Size is expected to witness high growth during the forecast period of 2023-2030. The market size is projected to grow from US$ 7.161 Bn in 2023 to reach US$ 12.789 Bn by 2030, registering a CAGR of 6.4% during the forecast period.
Regional analysis
North America region currently dominates the global diabetic retinopathy market due to increasing prevalence of diabetes in the region. According to statistics, over 37 million Americans suffer from diabetes. Favourable reimbursement policies are also supporting market growth in the region. The Asia Pacific region is expected to witness fastest growth during the forecast period owing to improving healthcare infrastructure and increasing awareness about eye care.
Key players
Key players operating in the diabetic retinopathy market include Regeneron Pharmaceuticals, Inc., Alimera Sciences, Oxurion NV., Abbvie Inc. and F. Hoffmann-La Roche Ltd. Regeneron Pharmaceuticals dominates the market due to its flagship drug Eylea, which is a VEGF inhibitor used in the treatment of various eye diseases including diabetic retinopathy. Alimera Sciences also has a strong presence with Iluvien, a sustained release intravitreal implant used in the treatment of diabetic macular edema.
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