Diabetic retinopathy is a medical condition which damages the retina of the eyes due to complications of diabetes mellitus. Damage occurs when diabetes affects the small blood vessels (capillaries) that nourish the retina, causing them to swell and leak. Diabetic retinopathy can cause vision loss or even blindness if it is undetected and untreated. It generally affects people who have had diabetes for a long time. Regular eye screening is very important for early detection and timely treatment of diabetic retinopathy.
The global diabetic retinopathy Market is estimated to be valued at US$ 7.161 Bn in 2023 and is expected to exhibit a CAGR of 6.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The Asia Pacific region, especially countries like India, China, and Japan are expected to provide huge growth opportunity for diabetic retinopathy market. Factors such as rapidly developing healthcare infrastructure, rising awareness about diabetes management, and increasing disposable income are contributing to growth of the diabetic retinopathy treatment market in Asia Pacific region. According to WHO, nearly 60% of world's diabetic population resides in Asia and the number is projected to rise to 582 million by 2035. Early detection and treatment of diabetic retinopathy can save millions from vision loss. This provides huge opportunity for market players to promote awareness and detection programs in developing countries of Asia Pacific to tap the high growth potential.
Porter’s Analysis
Threat of new entrants: The diabetic retinopathy market has moderate threat of new entrants due to the presence of established key players and requirement of huge capital investments for R&D activities.
Bargaining power of buyers: Buyers have low bargaining power in the global diabetic retinopathy market due to the availability of limited treatment options and acute nature of the disease.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of alternative treatment options.
Threat of new substitutes: Threat of substitutes is low as retinopathy can only be treated through strict glycemic control, laser surgery, anti-VEGF injections and vitrectomy.
Competitive rivalry: The market witnesses high competitive rivalry due to the presence of major players.
SWOT Analysis
Strength: Rising diabetic population, availability of advanced treatment options.
Weakness: High cost of treatment, lack of awareness.
Opportunity: Emerging economies, new product innovations.
Threats: Stringent regulations, reimbursement issues.
Key Takeaways
Global Diabetic Retinopathy Market Size is expected to witness high growth at a CAGR of 6.4% during the forecast period of 2023 to 2030. The market was valued at US$ 7.161 Bn in 2023 and is expected to reach US$ 12.38 Bn by 2030.
Regional analysis: North America dominates the global market and is estimated to retain its dominance during the forecast period. This is attributed to the rising prevalence of diabetes and growing geriatric population in the region. The Asia Pacific region exhibits the fastest growth during the forecast period owing to increasing healthcare expenditure, rapidly developing healthcare infrastructure, and rising medical tourism in the region.
Key players: Key players operating in the diabetic retinopathy market are Regeneron Pharmaceuticals, Inc., Alimera Sciences, Oxurion NV., Abbvie Inc. and F. Hoffmann-La Roche Ltd. Regeneron is one of the leading players dominating the market with its anti-VEGF drug Eylea. Alimera Sciences offers ILUVIEN, a sustained-release intravitreal implant for the treatment of DME.
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