Diabetic
Retinopathy Market is Estimated To Witness High Growth Owing To Increasing
Prevalence of Diabetes and Technological Advancements in Ophthalmic Devices.

The
Diabetic Retinopathy Market is estimated to be valued at US$ 7.80 Billion In 2021 and is expected to exhibit a CAGR of 6.4% over the forecast period
2023-2030, as highlighted in a new report published by Coherent Market
Insights.



Market Overview:

Diabetic retinopathy is a common eye disease that affects people with diabetes.
It is caused by damage to the blood vessels in the retina, leading to vision
impairment and eventual blindness if left untreated. The market is driven by
the increasing prevalence of diabetes worldwide and the growing adoption of
advanced ophthalmic devices for the diagnosis and treatment of diabetic
retinopathy. The rise in the geriatric population and the increasing focus on
early detection and management of the disease are also contributing to market
growth. Various products such as diagnostic devices, therapeutics, and surgical
instruments are used for the management of diabetic retinopathy.



Market Dynamics:

The diabetic retinopathy market is driven by two main factors. Firstly, the
increasing prevalence of diabetes globally is fueling the demand for effective
diagnosis and treatment options for diabetic retinopathy. The World Health
Organization (WHO) estimates that the number of people with diabetes is
expected to reach 578 million by 2030. Secondly, technological advancements in
ophthalmic devices have led to the development of more accurate and efficient
diagnostic tools and treatment options for diabetic retinopathy. For instance,
the advent of telemedicine and digital imaging technologies has made it easier
for healthcare professionals to remotely diagnose and monitor diabetic
retinopathy. These factors are expected to drive Diabetic
Retinopathy Market growth over the forecast period.



SWOT Analysis:



Strength:

- Increasing prevalence of diabetes worldwide is driving the demand for
diabetic retinopathy treatment and diagnosis.

- Technological advancements in imaging techniques and drug delivery systems
are aiding in the early detection and effective management of diabetic
retinopathy.

- Growing awareness among healthcare professionals and patients about the
importance of regular eye screenings for diabetic retinopathy is boosting the
market growth.



Weakness:

- Limited accessibility and affordability of diagnostic and treatment options
for diabetic retinopathy in low-income and developing regions.

- Adverse side effects associated with certain treatment options for diabetic
retinopathy, hindering the adoption rate among patients.



Opportunity:

- Rising investments in research and development activities to develop novel
pharmaceutical products and advanced imaging techniques for diabetic retinopathy.

- Collaborations and partnerships between pharmaceutical companies and
healthcare organizations to improve access to diabetic retinopathy diagnosis
and treatment in underserved regions.



Threats:

- Stringent regulatory requirements for the approval of new drugs and treatment
options for diabetic retinopathy.

- Competition from alternative treatment options such as laser therapy and
vitrectomy, which may limit the market growth of pharmaceutical products.



Key Takeaways:



The global diabetic retinopathy market is expected to witness high growth,
exhibiting a CAGR of 6.4% over the
forecast period (2023-2030), due to
increasing prevalence of diabetes and growing awareness among healthcare
professionals and patients. The market size for 2021 is estimated to be US$
7.80 billion.



In terms of regional analysis, North America is anticipated to be the fastest
growing and dominating region in the diabetic retinopathy market, attributed to
the high prevalence of diabetes, advanced healthcare infrastructure, and favorable
reimbursement policies.



Key players operating in the diabetic retinopathy market include Novartis AG,
Regeneron Pharmaceuticals, Bayer Healthcare, Actavis Plc, Alimera Science,
Pfizer Inc., Hoffmann-La Roche Ltd, Abbott Laboratories Ltd, Sirnaomics,
Glycadia pharmaceuticals, Boehringer Ingelheim, Therapeutics Inc, Ampio
pharmaceuticals, Lupin ltd, and others. These companies are focused on research
and development activities and strategic collaborations to strengthen their
market presence and expand their product offerings for diabetic retinopathy.

Read More : https://www.feedsfloor.com/pharmaceuticals/diabetic-retinopathy-market-estimated-witness-high-growth-owing-increasing