Diabetic Retinopathy Industry Overview
The global diabetic retinopathy market size was valued at USD 6.6 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 6.4% from 2022 to 2030. The rising prevalence of diabetes, growing geriatric population, and increasing prevalence of blindness due to diabetes are among the major factors anticipated to boost market growth over the forecast period. The market is further propelled by the increasing awareness about diabetes management and care and new product launches. Diabetes is a serious and growing problem globally, where the inefficiency of the pancreas to produce insulin results in an increase in blood glucose levels. Diabetic retinopathy is caused by damage to the blood vessels in the retina. This leads to blurred vision and vision loss in most cases.
Risk factors such as high blood sugar levels and poor monitoring of the constant fluctuating BG levels are said to fuel the cause of diabetic retinopathy. Early detection of diabetes in patients, treatment correction, constant self-monitoring by the patients using advanced tools, and adoption of a healthier lifestyle may reduce the damage to the retinal blood vessels, decreasing the prevalence of diabetic retinopathy among patients. Despite all the necessary measures adopted by the diabetic population, diabetic retinopathy can lead to permanent blindness, based on the disease stage and severity of the condition. According to the Department of Assistive and Rehabilitative Services (DARS), Texas, around 78.0% of cases of diabetic retinopathy were reported in 2013 which may eventually lead to loss of vision.
Gather more insights about the market drivers, restraints, and growth of the Global Diabetic Retinopathy market
In addition, as per the Royal National Institute of Blind People (RNIB), diabetic retinopathy was among the leading causes of blindness in the U.K. in 2018. Rising patient awareness levels and increasing healthcare expenditure are also among the factors which are likely to propel market growth. Additionally, the WHO claims that the world’s aging population will more than double by 2050, as compared to that in 2020. Hence, it is important to maintain a healthy lifestyle, control obesity, and continuously monitor BG levels in the vulnerable population.
The COVID-19 pandemic impacted the market negatively. Closure of manufacturing units, dramatic economic decline, national lockdowns, shutting of logistic services, and reduced diagnostic activities due to the fear of virus spread were few among the many reasons for the dip in the market. Postponement of sales activities, reduction in R&D activities undertaken by leaders to launch advanced products, and most importantly, economic setbacks experienced by patients led to the dramatic decline in 2020. However, the market is said to bounce back by mid-2022.
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Diabetic Retinopathy Market Segmentation
Grand View Research has segmented the global diabetic retinopathy market based on type, management, and region:
Diabetic Retinopathy Type Outlook (Revenue, USD Million, 2018 - 2030)
- Proliferative diabetic retinopathy
- Non-proliferative diabetic retinopathy
Diabetic Retinopathy Management Outlook (Revenue, USD Million, 2018 - 2030)
- Anti-VEGF
- Intraocular steroid injection
- Laser surgery
- Vitrectomy
Diabetic Retinopathy Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Key Companies profiled:
Some of the prominent players in the diabetic retinopathy market include:
- Bayer AG
- Allergan plc
- Novartis AG
- Oxurion NV
- Sirnaomics Inc.
- Genentech
- Alimera Sciences
- Ampio Pharmaceuticals
- BCN Peptides
- Kowa Company, Ltd.
Order a free sample PDF of the Diabetic Retinopathy Market Intelligence Study, published by Grand View Research.
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