According to Future Market Insight, the global diabetic retinopathy market is likely to reach USD 15.50 billion by 2033, registering a CAGR of 5.8%. This is a significant rise from the estimated value of USD 8.82 billion in 2023.
The rise in diabetes cases directly correlates with an increase in the number of people at risk of developing diabetic retinopathy. As the diabetic population grows, there is a higher demand for diabetic retinopathy screening, diagnosis, and treatment services, which drives market growth.
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The risk of diabetic retinopathy increases with age. With the global population aging, there is a higher prevalence of diabetes-related eye complications, including diabetic retinopathy. The aging demographic contributes to the expanding patient pool and, consequently, an increased need for diabetic retinopathy management.
Increased awareness among patients and healthcare professionals about the importance of regular eye examinations for individuals with diabetes has led to higher early detection rates. Early detection is vital for effective management, and this growing awareness fuels the diabetic retinopathy market expansion.
Supportive government initiatives and policies, along with reimbursement schemes, reduce the financial burden on patients seeking diabetic retinopathy treatment. This encourages patients to seek early intervention and contributes to market growth.
Technological advancements in retinal imaging, including optical coherence tomography and fundus photography, have enabled earlier and more accurate detection of diabetic retinopathy. Early diagnosis allows for timely intervention and better patient outcomes, driving the adoption of such diagnostic tools and positively impacting the market.
Pharmaceutical and biotech companies’ investments in research and development have led to the discovery of new treatment modalities and drugs targeting diabetic retinopathy. These innovations offer better therapeutic options and create a competitive landscape in the market.
The use of combination therapies, such as combining anti-VEGF (Vascular Endothelial Growth Factor) agents with laser photocoagulation, has shown to be more effective in managing diabetic retinopathy than single treatments alone. This trend encourages research and development of novel combination therapies, providing new opportunities for diabetic retinopathy market players.
The integration of telemedicine in the field of ophthalmology enables remote consultations, diagnosis, and follow-up care. Telemedicine reduces geographic barriers to accessing eye care services, especially for patients in remote or underserved areas. This trend improves patient compliance and enhances the overall management of diabetic retinopathy cases.
Minimally invasive surgical techniques, such as vitrectomy, have become more popular for advanced stages of diabetic retinopathy. These procedures offer faster recovery times and reduced patient discomfort, leading to greater patient acceptance and adoption of such treatments.
The development of user-friendly, reliable, and affordable home-based monitoring devices allows patients to monitor their condition regularly. These devices can provide valuable data to healthcare professionals and enable early detection of any changes in diabetic retinopathy status.
Key Takeaways from the Diabetic Retinopathy Market
- The diabetic retinopathy industry in the United Kingdom is anticipated to rise sizably, exhibiting a CAGR of 5.4% through 2033, driven by the National Health Service’s (NHS) increased focus on preventive eye care programs.
- The United States held a 32.1% share of the global diabetic retinopathy industry in 2022, driven by advancements in telemedicine services expanding access to remote diabetic eye screenings across the country.
- With a CAGR of 6.4% over the forecast period, India is predicted to develop rapidly in the diabetic retinopathy industry, fueled by the government’s initiatives to strengthen the healthcare infrastructure and enhance diabetic patient awareness programs nationwide.
- In 2022, Japan had a 3.5% share of the diabetic retinopathy industry globally, driven by the country’s continuous efforts to adopt advanced medical technologies and implement efficient diabetic care management systems.
- The diabetic retinopathy industry in China is expected to flourish speedily, registering a CAGR of 5.6% over the forecast period, bolstered by the Chinese government’s investments in expanding healthcare access and promoting early diabetic retinopathy screenings across the nation.
- Germany accounted for 4.6% of the global diabetic retinopathy industry in 2022, with its contribution driven by the country’s strong focus on research and development, leading to the adoption of innovative treatments and technologies for diabetic eye care.
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Competitive Landscape in the Diabetic Retinopathy Market
Key players are actively engaged in developing innovative diagnostic and treatment solutions. They invest heavily in research and development to improve early detection methods and offer advanced therapies to manage the condition effectively. Additionally, these companies focus on expanding their global presence by forming strategic partnerships and collaborations with healthcare providers and organizations. They aim to address the rising prevalence of diabetic retinopathy, enhance patient outcomes, and increase awareness among healthcare professionals and patients about the importance of regular screening. Their objectives also focus on timely interventions to combat this sight-threatening diabetes complication.
Recent Developments
In January 2023, Eyenuk, a renowned global digital health company specializing in artificial intelligence (AI) and the leading provider of AI Eye Screening and AI Predictive Biomarkers solutions, obtained regulatory approval to introduce its EyeArt AI eye screening system in the European Union. This approval extends to novel applications, including the detection of age-related macular degeneration (AMD) and glaucomatous optic nerve damage, which is indicative of glaucoma.
In June 2022, Regeneron Pharmaceuticals, Inc. made an announcement stating that the United States Food and Drug Administration (FDA) accepted the supplemental Biologics License Application (sBLA) for EYLEA (aflibercept) Injection. The sBLA is under review for the 2 mg dosing regimen every 16 weeks, following the initial monthly doses, specifically for patients with diabetic retinopathy (DR).
Key Companies
Bayer Healthcare, Novartis AG, Regeneron Pharmaceuticals Inc., Allergan plc, Oxurion, and others.
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Key Segments
By Type:
- Proliferative
- Non-proliferative
By Management:
- Anti VEGF
- Intraocular Steroid Injection
- Laser Surgery
- Vitrectomy
By Region:
- North America
- Asia-Pacific
- Europe
- Middle East & Africa
- Latin America
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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