Diabetic Retinopathy Market Expected to Reach $2,490 Million, Globally, by 2022-Allied Market Research
PORTLAND, Oregon and PUNE, India, April 19, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Diabetic Retinopathy Market: Global Opportunity Analysis and Industry Forecast, 2014-2022," the global market was valued at $966 million in 2015, and is projected to reach $2,490 million by 2022, growing at a CAGR of 14.4% from 2016 to 2022. The proliferative diabetic retinopathy segment accounted for more than half of the total market in 2015.
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Diabetic retinopathy (DR) is a medical condition of the eye prevalent in diabetic individuals. It is mainly caused due to damage of the blood vessels of the retina. Without timely treatment, the disease leads to bleeding in the eyes, cloudy vision, and may even destroy the retina. DR is amongst the common cause of loss of vision in the diabetic population. From 1990 to 2010, DR holds the fifth position among the most common causes of preventable blindness and severe visual impairment.
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The market is expected to witness significant growth during the forecast period due to factors such as increase in prevalence of diabetes, growth in geriatric population, rise in incidence of blindness due to diabetes, and augment in focus on awareness, which facilitates early diagnosis to control the diseases. Although these factors garner the growth of the market, dearth of skilled ophthalmologists and extended approval time for drugs can pose as a major obstacle for the growth of the diabetic retinopathy market. On the other hand, emergence of combined therapies for treatment of diabetic macular edema, and the emerging markets of the Asia-Pacific and LAMEA regions are anticipated to provide several opportunities for the market growth.
Proliferative diabetic retinopathy segment accounted for a major market share (more than half) in 2015 as the disease is one of the leading causes of blindness in diabetic patients. Moreover, nearly 20% of the people suffering from diabetic retinopathy (any type) have proliferative diabetic retinopathy.
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Key findings of Diabetic Retinopathy Market
- Based on treatment type, laser surgeries segment accounted for more than two-fifths of the total market in 2015.
- Anti-VEGF drugs accounted for more than one-third of the total market in 2015.
- Diabetic macular edema segment is expected to grow at a high CAGR of 14.6% from 2016-2022
- Asia-Pacific is expected grow at a high CAGR of 15.4%, owing to the presence of ample growth opportunities in terms of unmet medical needs for the treatment of diabetic retinopathy.
North America accounted for majority of the share (nearly two-fifths) in the market in 2015, and is expected to remain dominant throughout the forecast period. This is attributed to the increase in incidence of diabetes along with the rise in geriatric population, increased patient awareness about diabetic retinopathy, and favorable reimbursement framework for retinopathy procedures. In addition, presence of highly sophisticated healthcare infrastructure is anticipated to provide new growth opportunities for the key players in this market.
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The major companies profiled in the report include Abbott Laboratories, Alimera Science, Allergan plc, Ampio Pharmaceuticals., Bayer AG, F. Hoffmann-La Roche, Novartis International AG, Pfizer, Regeneron Pharmaceuticals Inc., and Valeant Pharmaceutical. Other key players in the value chain include Boehringer Ingelheim GmbH, KOWA Company, Ltd., BCN Peptides S.A., and ThromboGenics NV.
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