Diabetic retinopathy is a leading cause of preventable blindness and vision loss across the globe. It refers to damage to the retina due to complications of diabetes. Some key symptoms of diabetic retinopathy include blurred vision, dark or empty areas in field of vision, lines or spots floating in vision, difficulty seeing at night among others. The market is primarily driven by the increasing prevalence of diabetes. As per reports, around 463 million people globally were estimated to have diabetes in 2019 and this number is expected to rise to over 700 million by 2045. It is a major cause of blindness, end stage renal disease, lower limb amputation and cardiovascular disease. Hence, regular screening and early detection of diabetic retinopathy is crucial to prevent vision loss.
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 2030.
Key Takeaways
Key players operating in the Diabetic Retinopathy 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. Early diagnosis can halt progression of disease and prevent blindness. Hence, key players are focusing on developing advanced screening devices, AI-based diagnostic solutions and laser therapies to optimize treatment outcomes.
The growing diabetic population and increased demand for effective screening and treatment devices present lucrative growth opportunities in the market. Market players are investing heavily in R&D to develop innovative drugs and advanced diagnostic devices. Furthermore, initiatives by healthcare organizations to spread awareness about diabetic retinopathy screening are also expected to boost market potential over the forecast period.
Geographically, North America and Europe hold the largest share in the Global Diabetic Retinopathy Market Size due to growing public health awareness, rapidly ageing population and availability of advanced treatment options in these regions. However, Asia Pacific region is anticipated to exhibit highest growth rate during the forecast period owing to rising prevalence of diabetes, increasing healthcare expenditure and improving medical facilities.
Market drivers:
- Increasing prevalence of diabetes globally due to sedentary lifestyle and obesity is the prime market driver. This elevates the risk of developing diabetic retinopathy.
- Advancements in screening, diagnostic and treatment devices enabling early detection and improved clinical outcomes are propelling the market growth.
Market restrain:
- High cost of advanced laser therapy devices and procedures limits their adoption in low and middle-income countries.
- Lack of awareness about diabetic retinopathy screening in developing regions also poses challenges to market expansion.
Segment Analysis
The diabetic retinopathy market is segmented into non-proliferative diabetic retinopathy and proliferative diabetic retinopathy. Non-proliferative diabetic retinopathy is the dominating segment as it affects majority of the patients initially. In this stage, microaneurysms, hemorrhages, cotton-wool spots are seen but there is no severe vision loss. It is estimated that around 60-70% of diabetes patients are affected by non-proliferative diabetic retinopathy.
Regional Analysis
North America is the fastest growing as well as dominating regional market for diabetic retinopathy. High prevalence of diabetes, developed healthcare infrastructure, extensive research activities for developing novel diagnostic and therapeutic options are driving the growth of North America diabetic retinopathy market. According to Centers for Disease Control and Prevention (CDC), nearly 12% of the US adult population is affected by diabetes. The growing diabetic population will further boost the demand for diabetic retinopathy treatment in the region during the forecast period.
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