Sellbyville, DE -- (SBWIRE) -- 10/11/2018 -- Diabetic Retinopathy Market size is set to exceed USD 11 billion by 2024; according to a new research report by Global Market Insights.
Numerous efforts made by organizations such as Canadian Diabetes Association to provide guidelines for diabetic retinopathy screening to patients suffering from diabetes will favor industry growth. Diabetic eye screening program, and other awareness campaigns arranged by government to reduce disease prevalence will further propel industry growth.
Increasing geriatric population base coupled with rising incidences of age related macular degeneration (AMD) and diabetes will drive diabetic retinopathy market over the coming years. Technological advancements pertaining to diabetic retinopathy treatment and increasing research activities towards developing innovative products for treating vision loss due to diabetes will fuel market growth.
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Urbanization, unhealthy eating habits and physical inactivity has surged number of people suffering from chronic conditions such as diabetes. Factors such as prolonged undiagnosed diabetes, ignorance towards treatment and uncontrolled glucose levels will accelerate incidences of diabetes retinopathy over the coming years. However stringent approval procedure and dearth of skilled ophthalmologists will hinder diabetic retinopathy market growth over the forecast timeframe.
Non-proliferative diabetic retinopathy market dominated the market in 2016 and is expected to show considerable growth over the coming years. Rising diabetic population as well as increasing number of people suffering from diabetic retinopathy will drive non-proliferative diabetic retinopathy market.
Laser surgery segment is anticipated to witness significant growth over the forecast period due to rising adoption of lasers in various healthcare settings for treatment of diabetic macular edema (DME). Technological advancements in laser treatment to detect eye diseases pre-occurrence of vision loss will further boost market growth. Growing incidences of advanced proliferative diabetic retinopathy will drive vitrectomy segment over the coming years.
UK diabetic retinopathy market should witness robust growth over the forecast period. High technological adoption coupled with rising number of people suffering from diabetic retinopathy will drive UK diabetic retinopathy market. Government initiatives including programs such as 'Action for Diabetes' undertaken to aware people about diabetic associated blindness will positively impact industry growth.
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Growing geriatric population base along with growing prevalence of diabetes will drive Japanese diabetic retinopathy market over the forecast period. Increasing application of vitrectomy for treating diabetic macular edema in the country will further boost market growth.
Some of the industry players operating in global diabetic retinopathy market are Allergan, Novartis, Bayer, Genentech and Regeneron Pharmaceuticals.
The companies operating in diabetic retinopathy market are focusing on developing new innovative products by adopting strategies such as strategic collaborations, partnerships and acquisition. For instance, Novartis acquired Encore Vision in December 2016 to strengthen its ophthalmic product portfolio. At present, several research projects are being conducted to identify exact inhibitor that leads diabetes to vision loss.