by Diabetic retinopathy is a medical condition in which damages occur to the retina due to diabetes. It is a leading cause of vision loss in diabetics. There are two main types of diabetic retinopathy viz. Non-proliferative diabetic retinopathy and proliferative diabetic retinopathy. Non-proliferative diabetic retinopathy occurs in the early stages of diabetes where microaneurysms, hemorrhages, cotton-wool spots are observed. As the disease progresses in advanced stages, proliferative diabetic retinopathy develops which is characterized by the growth of new blood vessels as a response to hypoxia. These new blood vessels are abnormal and fragile leading to vision threatening complications.
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 Dynamics:
Rising Prevalence of Diabetes- According to the International Diabetes Federation, in 2021, approximately 537 million adults were living with diabetes and by 2030, the number is projected to rise to 643 million. Therefore, increasing diabetic patient pool will directly fuel the growth of diabetic retinopathy market over the forecast period.
Rising Cases of Diabetes Driving the Market- Diabetic retinopathy is mainly caused due to prolonged exposure to high blood glucose levels in diabetes patients. Advanced management of diabetes using insulin may reduce but not completely prevent the risk of developing diabetic retinopathy. Therefore, the rising cases of diabetes remains the primary driver of the global diabetic retinopathy market.
Segment Analysis
The global diabetic retinopathy market is dominated by the non-proliferative diabetic retinopathy sub segment. Approximately 90% of people with diabetes have non-proliferative diabetic retinopathy. This type of retinopathy is the beginning stage of diabetic eye disease where microaneurysms, hemorrhages, cotton-wool spots appear in the retina due to damages to blood vessels caused by high blood sugar levels over time. The remaining 10% accounts for proliferative diabetic retinopathy which is a more severe stage where new, abnormal blood vessels grow on the surface of the retina. These abnormal fragile blood vessels can leak blood and cause vision loss. Due to the higher prevalence, the non-proliferative diabetic retinopathy sub segment generates the highest revenue.
PEST Analysis
Political: Governments across countries focus on increasing awareness and screening for early detection of diabetic retinopathy through campaigns. For example, the National Diabetic Retinopathy Screening Program in the UK facilitates screening for all people with diabetes every 1-2 years.
Economic: Rising healthcare spending, growing diabetes prevalence and increasing focus on Value Based Healthcare are driving the market. However, high treatment costs pose a challenge, especially in low-income countries.
Social: Changing lifestyles, lack of physical activity and unhealthy diets have increased the risk of diabetes which subsequently drives up demand for retinal screening and treatment. Better awareness has encouraged early diagnosis.
Technological: Advanced imaging modalities like optical coherence tomography aid in accurate diagnosis and treatment monitoring. Innovations in drug delivery systems and nanotechnology based therapies offer new hope.
Key Takeaways
Global Diabetic Retinopathy Market Size was valued at US$ 7.161 Bn in 2023 and is expected to witness high growth over the forecast period. North America dominated the market due to the high prevalence of diabetes and greater awareness levels in the region. Asia Pacific is expected to be the fastest growing market owing to the rapidly increasing diabetic population in countries like India and China.
Regional analysis
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period. This is attributed to rapid economic growth in economies such as India and China, rising incidences of diabetes brought about by increasing geriatric population, changing lifestyle habits and dietary patterns. Also, increased healthcare expenditure by governments and rise in awareness regarding early screening and treatment for retinopathy are expected to drive market growth.
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 Pharmaceuticals dominates the market with its VEGF inhibitors Eylea which had sales of US$ 4.5 billion in FY2020. Alimera Sciences focuses on ILUVIEN, a sustained release intravitreal implant delivering fluocinolone acetonide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
