Diabetic Retinopathy Market Analysis, Industry Trends, Forecast Report 2024
Date: 2018-08-07   Author: Rahul Sankrityayan  Category: #market

Diabetic Retinopathy Market Analysis, Industry Trends, Forecast Report 2024

Diabetic Retinopathy Market was valued over USD 7 billion in the year 2016 and is expected to grow with a CAGR of more than 6.5% from 2017 to 2024.

Diabetic retinopathy market will experience growth owing to the rising prevalence of diabetes among the geriatric population. According to National Institutes of Health, 8.5% of people worldwide are aged 65 and above and one third of this population has diabetes and about three quarters of the elderly population has pre-diabetes or diabetes. This number is expected to rise in the coming years, thus fueling future market growth.

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Increasing prevalence of diabetes fuels market growth. An estimated 30.3 million people in the U.S. were suffering from diabetes in 2015. This number is estimated to be about 9.4% of the total U.S. population. Approximately 1.5 million individuals in the U.S. are diagnosed with diabetes every year. This may be attributed to lifestyle factors such as obesity, unhealthy eating habits and sedentary lifestyle.  A similar trend is expected to be observed in the foreseeable future therefore propelling the market.

Inadequacy of trained ophthalmologists globally will serve as a deterrent to market expansion. Due to a shortage of qualified ophthalmologists, there are chances of diabetic retinopathy remaining undetected and therefore untreated. This will negatively impact the market growth significantly.

Non-proliferative diabetic retinopathy (NPDR) segment dominated the market in the year 2016 and is predicted to follow a similar trend in the forecast period. This can be accounted to the high prevalence of non-proliferative diabetic retinopathy as compared to other types of retinopathy. According to a study conducted by Br J Ophthalmol, 7.5% of the population in Spain had mild NPDR, 3.3% had moderate NPDR, and 0.86% had severe NPDR. Therefore, it is expected that the segment will continue to dominate in the coming years.

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Intraocular steroid injections are expected to grow with the fastest rate during the forecast period. Several benefits offered by intraocular injections such as improvement of vision or prevention of worsening of the vision can be accounted for the segment growth. Furthermore, routine operations can be resumed immediately after the procedure and low postoperative complications make the procedure more adaptable, thereby augmenting the segmental growth.

Due to factors such as increased prevalence of diabetes in the UK, increased levels of blood sugar in the working population, and complications during pregnancy, the diabetic retinopathy market in the UK is growing steadily. According to American Academy of Ophthalmology, about 30.3% patients with type 2 diabetes in the UK also suffer from diabetic retinopathy. Of these, 48% suffered from non-proliferative diabetic retinopathy and 2.9% suffered from proliferative retinopathy. Thus, there is expected to be a high scope of market growth in the UK in upcoming years.

Key players in the market include Allergan PLC, Bayer AG, Novartis AG, Regeneron Pharmaceuticals, ThromboGenics and Sirnaomics. These companies are undertaking various organic and inorganic strategies to sustain their position in the market. For instance, in December 2017, Regeneron announced that it has been working on developing a new injection for diabetic retinopathy and has received acceptance for review by the US FDA for the same. Other players are also taking similar initiatives in the field that will favor market growth during the forecast timeframe.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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