New York, Oct. 19, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners latest market study on "Diabetic Retinopathy Market Size, Share, Trends, Growth Strategy and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Treatment, Distribution Channel, Application, and Geography," the global diabetic retinopathy market size is expected to grow from USD 7.78 billion in 2021 to USD 12.04 billion by 2028; it is expected to grow at a CAGR of 6.5% from 2022 to 2028.
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Global Diabetic Retinopathy Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 7.78 Billion in 2021 |
| Market Size Value by | USD 12.04 Billion by 2028 |
| Growth rate | CAGR of 6.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Segments covered | Type, Treatment, and Distribution Channel |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Diabetic Retinopathy Market: Competitive Landscape
Abbott Laboratories, Alimera Science, Allergan Plc, Ampio Pharmaceuticals, Bayer AG, F. Hoffmann-LA Roche, Novartis International AG, PFIZER, Regeneron Pharmaceuticals Inc, and Valeant Pharmaceutical are a few of the key market players profiled during the study. Several other major companies were analyzed during this study to get a holistic view of the global diabetic retinopathy market.
Impact of COVID-19 Pandemic on Global Diabetic Retinopathy Market:
The COVID-19 pandemic adversely impacted the global diabetic retinopathy market. It led to disruption in the healthcare facilities, especially the ophthalmology clinics. The outpatient visits were reduced during the pandemic, which resulted in the late diagnosis of diabetic retinopathy, which ultimately resulted in a decreased demand for diabetic retinopathy drugs. According to the study by Strata Decision Technology, the ophthalmology market lost 81% of the volume share during the first wave of COVID-19. Further, ~30% of diabetic retinopathy patients missed clinic visits during the pandemic.
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Growth in Incidences of Diabetes Supports Global Diabetic Retinopathy Market:
The growth of the global diabetic retinopathy market is majorly attributed to the increasing prevalence of diabetes, the rise in the geriatric population, and increasing cases of diabetic retinopathy. However, slow drug approval and a lack of skilled ophthalmologists are hampering the growth of the market.
North America dominated the diabetic retinopathy market with ~38% share in 2021. The market growth in the region is majorly attributed to the presence of a huge diabetic population along with the presence of leading market players such as Abbott Laboratories, Alimera Science, Allergan Plc, Regeneron Pharmaceuticals Inc., and Pfizer. The below figure showcases the revenue growth trend in the North America diabetic retinopathy market:
Diabetic retinopathy is characterized by blurred vision and blindness as high sugar level damage the retina. According to the Centers for Disease Control and Prevention (CDC) data, diabetic retinopathy affects approximately one-third of the people with diabetes over the age of 40 years, and more than 4.2 million patients are currently living in the US with diabetic retinopathy. As a result, the market leaders are working on developing innovative treatments for diabetic retinopathy, and a wide variety of new related treatments are under investigation. Moreover, diabetes is one of the most commonly diagnosed noncommunicable diseases, and the increasing incidence of diabetes has contributed to the growth of the diabetic retinopathy market. According to the International Diabetes Federation (IDF) data, the number of diabetic patients is expected to grow from ~537 million in 2021 to 643 million by 2030.
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