Global Diabetic Retinopathy market from 2016 to 2023 scrutinized in new research
Global diabetic retinopathy market was valued at USD 7.9 Bn in 2015, and is expected to reach USD 12.6 Bn by 2022, expanding at a CAGR of 6.7% from 2016 to 2022.
According to the latest report published by Credence Research, Inc. “Diabetic Retinopathy Market Growth, Future Prospects and Competitive Analysis, 2016-2022,” the global diabetic retinopathy market was valued at USD 7.9 Bn in 2015, and is expected to reach USD 12.6 Bn by 2022, expanding at a CAGR of 6.7% from 2016 to 2022.
Perpetual growth in the prevalence of diabetes in middle- and low-income countries and further anticipation of future rise indicates the growth in prevalence of diabetic related complications, and hence diabetic retinopathy. Diabetic retinopathy is among the key causes of legal blindness in working adult population. With overall prevalence of around 34% in the total diabetes population, the burden in form of direct and indirect management cost of diabetic retinopathy is humongous. Treatment for diabetic retinopathy is determined upon the severity of condition, where non-proliferative diabetic retinopathy is excuses from treatment.
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Along with high prevalence of diabetes and hence diabetic retinopathy, wide availability of treatment options also serve as key drivers of this market. At present, diabetic retinopathy is mostly treated with laser treatment and vitrectomy. As the prevalence of macular edema in diabetic retinopathy is on rise, it is anticipated that the demand for treatment drugs and injections will steadily grow. Rise in healthcare expenditure is another key contributor to the growth of diabetic retinopathy market. However, the market growth may be shunted due to shortage of skilled professional for treating diabetes and related complications. The key diabetic retinopathy treatment drugs studied in this report are Aflibercept (Eylea), Bevacizumab (Avastin), Fluocinolone acetonide (Iluvien), Ranibizumab (Lucentis) and Triamcinolone acetonide.
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Geographically, this report studies the diabetic retinopathy for North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America markets. These regions are further split into key country-level markets that determine the overall trends in respective regional market. Among the considered geographies, North America and Europe together take over 50% of the global market share for diabetic retinopathy treatments. High awareness, early introduction of breakthrough treatment devices and drugs, extensive research initiatives being taking place in the U.S. and Western Europe and favorable reimbursements are the key factors that contribute to the dominance of these regions.
Phenomenal rise in prevalence of diabetes in India, China and other middle- and low-income countries of Asia-Pacific and Middle East and Africa make these regions the fastest growing geographical markets during the forecast period. Other drivers of diabetic retinopathy market in Asia-Pacific and Middle East and Africa markets are rapid development of healthcare infrastructure, growing focus of market players to develop their foothold in Asia and Middle East markets, and growing government and non-government initiatives for developing awareness about diabetes management in the general population.
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Credence Research is a worldwide market research and counseling firm that serves driving organizations, governments, non legislative associations, and not-for-benefits.
Sep 13, 2016