Global Diabetic Retinopathy Market Set for Rapid Growth

The global demand for diabetic retinopathy market was valued at approximately USD 6 billion in 2017 and is expected to generate revenue of around USD 9.3 billion by the end of 2024, growing at a CAGR of around 6.5 percent between 2018 and 2024. Diabetes obstructs the ability to store and use sugar in the body. High amounts of sugar in the blood can damage multiple organs in the body. Diabetes can lead to many complications when left untreated. Minor complications include hyperosmolar hyperglycemic state or diabetic ketoacidosis. It can lead to other long-term complications like chronic kidney disease, cardiovascular diseases, stroke, and eye damage. Diabetic retinopathy is a complication that affects the eyes of diabetic people. Incessant elevated blood sugar due to diabetes is linked with impairment of small blood vessels present in the retina. Diabetic retinopathy can induce retinal blood vessels to hemorrhage or cause fluid leakage. People suffering from diabetes for more than 20 years are at a very high risk of developing diabetic retinopathy. Diabetic retinopathy does not show early signs of warning. The continued high blood sugar levels lead to damage of retinal blood vessels. The retinal blood vessels may swell and trickle. In certain cases, unusual blood vessels develop on the retina.

The symptoms of diabetic retinopathy include visibility of a high number of floaters, blurry vision, changing vision from blurry to clear, visibility of dark or blank areas in the vision field, poor night visibility, and faded appearance of colors. The severity of diabetic retinopathy can be minimized by taking constant eye check-ups, controlling blood sugar and blood pressure levels, and taking note of vision problems as and when they occur. Diabetic retinopathy can develop in people with both type 1 and 2 diabetes. Diabetic retinopathy progresses in four stages: mild non-proliferative retinopathy, moderate non-proliferative retinopathy, severe non-proliferative retinopathy, and proliferative diabetic retinopathy (PDR). As per the WHO estimates, the diabetic population has grown from 108 million adults in 1980 to approximately 422 million adults in 2014. Furthermore, diabetic prevalence globally has doubled from 4.7 percent in 1980 to around 8.5 percent in2014. According to the Department of Assistive and Rehabilitative Services (DARS), around 78 percent diabetic retinopathy cases reported in 2013 might eventually cause a loss of vision. In U.K. diabetic retinopathy was the prominent cause of blindness in 2017, as per the Royal National Institute of Blind People (RNIB).

Growing baby boomer generation worldwide and rising occurrences of diabetes due to a sedentary lifestyle and an unhealthy diet are factors driving the growth of the global diabetic retinopathy market. Furthermore, delayed diagnosis of diabetes, refusal for treatment, rising occurrence of vision loss due to diabetes, increasing healthcare expenditure, development of innovative treatments, and increasing research and development activities will further propel market growth. Various government and non-government organizations are trying to increase awareness regarding diabetic retinopathy and rapid advancements in the technology are acting as growth opportunities for the market players in the diabetic retinopathy market. However, lack of skilled ophthalmologists, non-availability of insurance facilities, and sub-standard primary infrastructure in developing regions might restrict the growth of the global diabetic retinopathy market.

The global diabetic retinopathy market is divided into type, management, and region. By type, the diabetic retinopathy market is bifurcated into non-proliferative diabetic retinopathy and proliferative diabetic retinopathy. Non-proliferative diabetic retinopathy holds the majority market share, due to rising number of diabetic retinopathy patients and increasing awareness. The management segment of the market includes vitrectomy, anti-VEGF therapy, laser surgery, and intraocular steroid injection. Anti-VEGF therapy segment holds the majority share of the management segment, due to its multiple benefits when compared to other therapies.

North America is projected to be the leading region. Increasing prevalence of diabetic retinopathy and growing espousal of an unhealthy diet are driving the market growth in this region. Europe is projected to be the second largest market, owing to the increasing number of diabetic patients, rapid technological advancements, and increasing healthcare spending. Asia Pacific is projected to propagate at a speedy rate. Increasing geriatric population, growing diabetic population, and multiple governmental and non-governmental efforts will boost the market growth in this region. The Latin American market will develop at a significant rate. The Middle Eastern and African countries are expected to experience moderate growth in the near future. Some key players in the diabetic retinopathy market include Regeneron Pharmaceuticals, Novartis, Allergan, Genentech, Bayer AG, Aerpio Pharmaceuticals, BCN Peptides, Ampio Pharmaceuticals, ThromboGenics, Alimera Sciences, and Kowa Company, among others. – Zion Market Research