Diabetic Retinopathy Market size to exceed $11 Billion by 2023: Global Market Insights, Inc.
Diabetic Retinopathy Market size is projected to reach USD 11.1 billion by 2023; as per a new research report by Global Market Insights, Inc. rising diabetic patients suffering from visual impairments, and increasing demand for advance detection and regular screening for retinal disorders will drive global diabetic retinopathy market size.
To access sample pages or view this report titled, “Diabetic Retinopathy Market Size By Type (Proliferative Diabetic Retinopathy, Non-Proliferative Diabetic Retinopathy), By Management (Anti VEGF Drug, Intra-ocular Steroid Injections, Laser Surgeries, Vitrectomy), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Japan, China, Brazil, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents, please click on the link below:
Rising diabetes prevalence and increasing world geriatric population are major driving forces for global diabetic retinopathy market growth. Further growth enhancing factors are government initiatives, abundant R&D activities, and skill set enhancement of healthcare providers. Ophthalmologic Society of South Africa (OSSA) recently launched screening program which receives funds from African Eye Foundation. Such supportive initiatives coupled with rising awareness among patients are anticipated to result in lucrative growth. Global diabetic retinopathy market size was USD 6.5 billion in 2015, while 6.9% CAGR industry growth estimate.
The industry is also optimistically affected by the technological advances such as introduction of advanced screening instruments with smaller mirrors and methods for early detection and treatment of diabetic retinopathy. Advanced research is being conducted by key market players over provision of medication by novel drug delivery systems with higher therapeutic effects. IWT, an agency for innovation is set to extend funding for research and development of novel drugs for treatment of diabetic retinopathy, thereby expanding the market.
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Laser surgery segment is anticipated to witness highest penetration during the forecast owing to the rising geriatric population base suffering from proliferative diabetic retinopathy, with growth anticipation of 9.4% CAGR over 2016 to 2023.
Availability of advanced technology and minimal pain using laser procedure with quick recovery time is expected to promote patients’ willingness to adopt treatment options. Anti-VEGF treatment is expected to remain the largest during the forecast period and contribute substantially to the revenue. Intraocular steroid injections should witness moderate penetration due to higher emphasis on anti-VEGF novel drugs launch into the market.
High economic development across India, South Korea, Malaysia, Brazil, China, and Indonesia creates a potential growth channel for players owing to enhanced consumer buying capacity. APAC, with sizable potential in China and India diabetic retinopathy market share, could see revenue reach USD 2.2billion by 2023.
China is fastest growing region of diabetic retinopathy market in the Asia Pacific region followed by India. Japan is the largest market in the Asia Pacific region majorly on account of the presence of high healthcare expenditure levels and patient disposable incomes. Moreover, growing penetration rates of Lucentis (marketed by Novartis) is expected to drive regional growth.
Key insights from the report include:
- The global diabetic retinopathy market revenue was pegged at USD 6.5 billion in 2015, and anticipated to reach CAGR of 6.9%by 2023raising the market value to USD 11.1billion.
- North America led the global diabetic retinopathy market share, with more than 38%of 2015 revenue. Favorable government initiatives to curb rising burden of diabetes disorders, innovation trends, and quick access to treatment options drive regional penetration.
- Non-proliferative segment dominated the global diabetic retinopathy market share in 2015, at more than USD 4.5billionin revenue.
- Europe diabetic retinopathy market share, with Germany and UK bringing in over 47% revenue in 2015, looks poised at grow at 6.8% CAGR.
- Brazil diabetic retinopathy market dominated Latin America, at 36% revenue contribution in 2015.
- Strategic initiatives such as collaborations, and marketing agreements to share research costs may see new entrants enter the industry.
- Presence of a large geriatric population base across China, India and Japan, along with rising disposable incomes, and greater demand for early retinal screening in APAC should further enhance growth.
- Bayer, Regeneron, Novartis, Kowa, BCN, Actavis and Ampio are key participants in this industry.