by Diabetic retinopathy is a complication arising due to damage of blood vessels of the retina due to diabetes. Retinal complications include macular edema, proliferative retinopathy, and diabetic macular edema. Growth in geriatric population suffering from diabetes leads to increase in cases of diabetic retinopathy worldwide.
The 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 from 2024 to 2030.
Key Takeaways
Key players operating in the diabetic retinopathy market 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.
Diabetic retinopathy presents significant growth opportunities for players in the market through development of predictive diagnostic tools and therapies.Advancement in screening, diagnosis, and treatment are expected to aid early detection and management of the disease.
Geographic expansion into emerging markets of Asia Pacific and Latin America provides lucrative growth prospects for players. Rising healthcare expenditures and diabetes epidemic in these regions is driving focus towards retinopathy care.
Market Drivers
Rising geriatric population is a major driver fueling of the Diabetic Retinopathy Market Growth . According to WHO, the population aged over 60 years is expected to doubled from 12% to 22% between 2015 and 2050. Elderly adults are more prone to develop diabetes and related complications like diabetic retinopathy. This presents a strong patient pool base driving industry revenues.
PEST Analysis
Political: Government regulations for product approval and healthcare reimbursement impact the market. Requirements for quality certifications affects demand.
Economic: Rising healthcare costs and growing incidence of diabetes drive market growth. Disposable incomes influence adoption of advanced diagnostics and therapeutics.
Social: Increasing awareness about eye complications associated with diabetes raises screening rates. Growing geriatric population susceptible to the disease expands patient pool.
Technological: Advances in imaging modalities and AI improve detection accuracy. Digital tools enhance screening accessibility. Development of novel drugs and procedures boost treatment effectiveness.
Geographical Concentration
North America accounts for the largest share of the diabetic retinopathy market due to high diabetes prevalence, developing healthcare infrastructure, and rapid uptake of new technologies. Favorable reimbursement policies increase affordability.
Fastest Growing Region
Asia Pacific is poised to grow at the fastest pace during the forecast period attributed to rising healthcare spending, large diabetic population, growing medical tourism, and increasing initiatives to spread awareness. Expansion of healthcare systems and insurance penetration support regional market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
