May 26, 2024

The Rising Prevalence Of Diabetes Is Driving Growth Of The Diabetic Retinopathy Market

Diabetic retinopathy is a medical condition in which damage occurs to the retina due to complications from diabetes mellitus. Uncontrolled diabetes can damage blood vessels inside the retina, potentially resulting in blindness. Diabetic retinopathy predominantly affects individuals with diabetes mellitus type 1 and type 2. The key products in this market include anti-VEGF, steroid implants, laser surgery, and vitrectomy. Anti-VEGF drugs such as Lucentis and Avastin are becoming increasingly popular options for treating proliferative diabetic retinopathy and diabetic macular edema, as they suppress abnormal blood vessel growth and have minimal side effects. The global Diabetic Retinopathy Market is estimated to be valued at US$ 8.26 Bn in 2024 and is expected to exhibit a CAGR of 48.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends: One of the major trends in this market is the rising adoption of anti-VEGF drugs over laser surgery.Earlier,laser surgery was the standard treatment approachfor diabetic retinopathy.However, anti-VEGF drugs such as ranibizumab and aflibercept have emerged as more effective optionswith lessinvasive administrationthrough injectionsdirectly into the eye. These drugs suppress vascular endothelial growth factor (VEGF) which plays a key role in the development of retinal neovascularization in proliferative diabetic retinopathy. Compared to laser surgery which can cause side effects like visual field loss, anti-VEGF drugs offer targeted treatment and better visual outcomes. Their superior efficacyis driving a noticeable shift away from lasersurgeries towards anti-VEGF drugs inthe management of diabetic retinopathy.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the diabetic retinopathy market. High investment cost and intellectual property rights act as major entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate. The presence of several manufacturers and suppliers increases competition and thus provides buyers with multiple options.
Bargaining power of suppliers: The bargaining power of suppliers is low. Suppliers have no control over pricing since there are many substitutable components available in the market.
Threat of new substitutes: There is low threat of new substitutes as diabetic retinopathy has limited alternatives for treatment and management.
Competitive rivalry: The competitive rivalry in the diabetic retinopathy market is high with the presence of major established players. Players compete on the basis of innovation, pricing, and quality.

Key Takeaways
The Global Diabetic Retinopathy Market Growth is expected to witness high.

Regional analysis: North America currently dominates the market due to increasing diabetic population and rising adoption of advanced treatment procedures. Asia Pacific is expected to witness the fastest growth over the forecast period with rising medical tourism and growing geriatric population in countries like China and India.

Key players operating in the diabetic retinopathy market are IPT technology inc., Continental ag, Evatran group (plugless), Nidec mobility corporation, Renesas electronics, Powermat technologies, Qualcomm technologies, Robert Bosch Gmbh, Texas instruments, Toyota motor corporation, and Witricity. The key players are focusing on new product launches and strategic collaborations to expand their market share. For instance, in 2021, Qualcomm technologies collaborated with Renault to develop automated driving solutions for future vehicles.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it