Diabetic Retinopathy Market Size Will Achieve USD 10329.7 Mn by 2028 growing at 6.5% CAGR - Exclusive Report by Brandessence Market Research

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30 Nov, 2022, 11:00 GMT

LONDON, Nov. 30, 2022 /PRNewswire/ -- The Global Diabetic Retinopathy Market is anticipated to reach a valuation of USD 10329.7 million from USD 6647.3 million in 2021. It is expected to expand at a CAGR of 6.5% over 2022-2028.

Diabetic retinopathy is referred to as a type of eye-based ailment which is predominantly caused due to high blood sugar levels or diabetes. This disease involves the expansion of abnormal blood vessels in the back of the eye, also known as the retina. It leads to severe vision problems and may also result in partial to complete blindness if left undiagnosed. Some of the early symptoms of this ailment include difficulty in perceiving colors, blurriness, dark vision, and floaters. The disease, if determined at an early stage can be treated by proper diabetes management. But advanced cases of diabetic retinopathy may require surgery or laser treatment.

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Global Diabetic Retinopathy Market Outlook (2022-2028)

The growing prevalence of diabetes, rise in the geriatric population base, and rising medical expenditure across the globe are augmenting the outlook of this business vertical.

Also, unhealthy lifestyle habits of the masses, rising R&D activities in this sector, along with the rapidly evolving healthcare infrastructure across various nations are creating lucrative opportunities for this industry sphere to prosper.

Moreover, increasing health consciousness of individuals, rising cognizance regarding the benefits of early disease diagnosis, and emergence of advanced therapies that are equipped with the ability to treat diabetic retinopathy are adding traction to the development of this marketplace.

Further, favorable medical reimbursement scenario across developed and developing economies is aiding the expansion of this industry.

On the contrary, high risks of related side effects caused by laser and surgical treatment methods along with their excessive costs are hindering the remuneration scope of global diabetic retinopathy market.

The COVID-19 pandemic also negatively impacted this market's growth. Due to high infection rates, hospital and other healthcare sectors started accommodating COVID-19 infected patients while postponing the treatment procedures pertaining to other health conditions. Ophthalmic patient visits were reduced only to emergent cases, thereby disrupting the entire workflow of this healthcare sub-domain.

Competitive Hierarchy

The prominent players characterizing the competitive terrain of global diabetiv retinopathy market are Bayer AG, Ampio Pharmaceuticals, Allergan plc, Oxurion NV, Novartis AG, Sirnaomics Inc., Alimera Sciences, Genentech, BCN Peptides, and Kowa Company, Ltd.

These players are focusing on the amplification of their reach in the global market. They are adopting organic and inorganic business growth strategies such as mergers & acquisitions, strategic alliances, product launches, and R&D activities, among others, to successfully meet their expansion goals.

Segmental Outlook

By Type

  • Non-proliferative
  • Proliferative

By Management

  • Vitrectomy
  • Laser Surgery
  • Anti VEGF
  • Intraocular Steroid Injection

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Region-wise Insights

Which is the fastest growing region in the global diabetic retinopathy market?

North America is presently leading the market in terms of CAGR due to the increase in geriatric population base, changing lifestyle trends, and favorable medical reimbursement policies in the region.

Also, promptly developing medical infrastructure, technological advancements, and escalating demand for early disease diagnosis are further contributing to the progression of this regional market.

What is Europe's position in the business vertical?

Europe has been registering a widespread growth in terms of revenue share. This is attributable to the growing pervasiveness of diabetics, increasing healthcare expenditure, rising R&D investments in the field, and surge in the number of medical product approvals.

Category-Wise Outlook

Define the type of segment dynamics of global diabetic retinopathy market?

The proliferative segment is poised to amass notable gains over the stipulated timeline since this disease requires surgical intervention to be treated at a later stage. Also, an increase in the geriatric population who are highly vulnerable to severe diabetic retinopathy is adding to this segmental growth.

Which management segment presently dominates the industry?

The vitrectomy segment currently dominates the market sphere and is expected to highlight similar development trends in the ensuing years. This is ascribed to the growing popularity of minimally invasive procedures since they are less painful and pose lower risks of side effects.

Market growth comparison pertaining to the historical years and forecast timeline of 2022-2028

The global diabetic retinopathy market has been witnessing tremendous growth over the assessment period due to the presence of various industry development propellants.

The world has been registering a steep rise in the occurrence of diabetes. This is primarily powered by the growing adoption of a sedentary lifestyle, rising consumption of unhealthy food, along with excessive smoking or alcohol intake among the masses. The drastic lifestyle changes in the people are having a grave impact on their health. It is evident that diabetes, if not responsibly managed may lead to diabetic retinopathy and other ailments. This factor is stimulating the dynamics of this business vertical.

There has been a widespread increase in the number of elderly individuals worldwide. They are highly susceptible to chronic disorders like diabetes as they have a weakened immune system. Moreover, most of the elderly patients diagnosed with diabetic retinopathy tend to lose their vision if the condition goes undiagnosed at an early stage. This in turn is adding momentum to the industry's progression.

Furthermore, favorable government initiatives to support the development of advanced therapeutics in this field are propelling the market growth.

On Special Requirement Diabetic Retinopathy Market Report is also available for below region:

North America

  • U.S, Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC (Asia Pacific)

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA (Middle East & Africa)

Major Developments

In February 2019, Google announced to have joined hands with Verily to jointly develop an advanced technology powered with the ability to detect diabetic retinopathy and macular edema within a shorter time span.

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