USD 11.49 billion
Report ID: SQMIG35H2062 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 92 | Figures: 76
Global Retinal Disease Therapeutics Market size was valued at USD 11.49 billion in 2021 and is poised to grow from USD 12.57 billion in 2022 to USD 25.69 billion by 2030, growing at a CAGR of 9.3% in the forecast period (2023-2030).
Retinal disorders are a growing issue in both developed and developing nations, affecting over 253 million people worldwide, and are expected to place a significant financial strain on the healthcare sector in the years to come. Since 81 percent of patients with vision impairment are over 50, the increased life expectancy of the population is predicted to place tremendous pressure on the ophthalmic care business. The number of cases of retinal illnesses such as diabetic retinopathy, diabetic macular edema, etc. is increasing as a result of the increased incidence of diabetes in emerging economies. During the projected period, the market is estimated to rise as more skilled experts become available around the globe that specialize in the treatment of retinal diseases. Additionally, it is expected that by the end of 2028, the growth of the market would be aided by improved reimbursement policies in various nations for the expensive treatment of retinal illnesses.
US Retinal Disease Therapeutics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 11.49 billion
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Retinal Disease Therapeutics Market is segmented based on type, dosage form, distribution channel, and region. Based on type, the Retinal Disease Therapeutics Market is divided into macular degeneration, diabetic retinopathy and others. Based on dosage form, the global Retinal Disease Therapeutics Market is segmented into gels, eye solutions, capsules & tablets, eye drops, ointments. Based on distribution channel, the Retinal Disease Therapeutics Market is segmented into hospital pharmacy, online pharmacy, retail pharmacy. Based on region, the Retinal Disease Therapeutics Market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Retinal Disease Therapeutics Market Analysis By Application:
The global retinal disease therapeutics market has been divided into macular degeneration, diabetic retinopathy, and other conditions based on the kind of retinal pathology. Wet macular degeneration and dry macular degeneration are further subtypes of macular degeneration.
The global market was dominated by macular degeneration, which is anticipated to increase at the quickest rate over the projection period. One of the main elements influencing the segment growth is the introduction of new products for the treatment of macular degeneration. Additionally, over the forecast period, rising consumer awareness of this type of retinal condition is anticipated to drive market expansion. For instance, age-related macular degeneration patients now have access to SightMatters.com, a new instructional online resource, thanks to an announcement by Bausch & Lomb Incorporated, the International Agency for the Prevention of Blindness has estimated that by 2022 around 210 million peoples will be affected by AMD globally.
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North America is expected to lead the global market for treating retinal illnesses, due to a higher rate of treatment seeking and higher uptake of retinal disease treatment choices. Owing to substantially higher prevalence of retinal illnesses and higher rate of treatment seeking, Europe is expected to be the second most attractive market for the treatment of retinal disorders. Due to rapidly rising disease awareness and increased product penetration, Asia-Pacific is expected to have the fastest growth in the global market for treating retinal diseases. India and China, two of the world's fastest-growing economies, are also projected to contribute to the market growth for treating retinal diseases in the APAC region. Latin America’s market is expected to witness steady growth due to increased diagnosis of the condition. Due to low rates of treatment seeking, limited product penetration, and low rates of diagnosis, the Middle East and Africa have the least market share in the global market.
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Retinal Disease Therapeutics Market Driver
Growing Initiatives for Retinal Diseases Awareness
Globally a number of programmes have been launched to raise knowledge of retinal disease diagnosis and treatment options. The mission of the International Centre for Eye Health is to raise public knowledge of eye health issues and available treatments. For the past six years, the World Glaucoma Association has organized the World Glaucoma Congress to promote debate of glaucoma treatment breakthroughs. The Macular Degeneration Association, Inc. hosts seminars every month in a variety of locations to improve the uptake of age-related macular degeneration treatments (AMD). These activities are expected to promote the use of different treatment modalities, which is projected to drive the retinal disease therapeutics market expansion.
Retinal Disease Therapeutics Market Restraint
Higher Cost Associated with the Treatment of Retinal Diseases
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The global retinal disease therapeutics market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For instance, in October 2018, the University of Florida Research Foundation and the University of Pennsylvania reached an agreement with Ophthotech Corporation (IVERIC bio) to develop and market an adeno-associated virus (AAV) gene therapy product for the treatment of Best Vitelliform Macular Dystrophy (BVMD). The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective and customized solutions for students. For instance, in May 2019, the FDA approved REGENERON's Eylea (aflibercept) injectable to treat all phases of diabetic retinopathy, lowering the risk of blindness in patients.
Retinal Disease Therapeutics Market Top Players Company Profiles
Retinal Disease Therapeutics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global retinal disease therapeutics market analysis, the prevalence of eye-related illnesses is increasing, particularly in developed nations, which is expected to drive the growth of the global market. North America is expected to lead the global retinal disease therapeutics market for treating retinal illnesses, due to a higher rate of treatment seeking and a higher uptake of retinal disease treatment choices. The market was dominated by macular degeneration, which is anticipated to increase at the quickest rate throughout the projection period. One of the main elements influencing the segment growth is thought to be the introduction of new products for the treatment of macular degeneration.
|Market size value in 2021||USD 11.49 billion|
|Market size value in 2030||USD 12.57 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Retinal Disease Therapeutics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Retinal Disease Therapeutics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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