Diabetic Retinopathy Market To Hit Value .8 Billion By 2030 |Grand View Research, Inc.Posted by Mrudula Karmarkar on July 21st, 2022 The global diabetic retinopathy market size is expected to reach USD 13.8 billion by 2030 registering a CAGR of 6.4%, according to a new report by Grand View Research, Inc. The incidence rate of diabetes has been increasing dramatically. According to the International Diabetes Federation, in 2021 there were about 537 million diabetic cases, which is projected to rise to 643 million by 2030 and 783 million by 2045. Diabetes is among the leading cause of blindness in people. Blindness is caused due to leaking or rupturing of retinal blood vessels, which may be permanent or temporary in nature depending on the disease stage. Studies suggest that in 2020 the number of diabetic retinopathy cases were about 103.12 million; the cases are expected to reach 160.5 million by 2045. Rising patient awareness levels and increasing healthcare expenditure are also among the factors which are likely to propel market growth. Moreover, the increasing geriatric population in both developed and developing nations is expected to propel the market over the forecast period. According to the Population Reference Bureau report titled "Aging in the United States”, the number of people in the U.S. aged 65 years and over was projected to increase from around 46 million in 2016 to over 98 million by 2060. Early detection and treatment guidelines for diabetic retinopathy had significantly reduced due to the COVID-19 pandemic-related constraints. When compared to 2022, intravitreal injections for diabetic retinopathy had decreased significantly globally throughout the pandemic, ranging from around 30 to over 100 percent reduction. However, now that the lockdown restrictions have been removed, the market is expected to grow at a significant rate. The rising prevalence of diabetes, growing geriatric population, and increasing prevalence of blindness due to diabetes are among the major factors anticipated to boost market growth over the forecast period. The market is further propelled by the increasing awareness about diabetes management and care and new product launches. Diabetes is a serious and growing problem globally, where the inefficiency of the pancreas to produce insulin results in an increase in blood glucose levels. Diabetic retinopathy is caused by damage to the blood vessels in the retina. This leads to blurred vision and vision loss in most cases. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/diabetic-retinopathy-market/request/rs1 Risk factors such as high blood sugar levels and poor monitoring of the constant fluctuating BG levels are said to fuel the cause of diabetic retinopathy. Early detection of diabetes in patients, treatment correction, constant self-monitoring by the patients using advanced tools, and adoption of a healthier lifestyle may reduce the damage to the retinal blood vessels, decreasing the prevalence of diabetic retinopathy among patients. Despite all the necessary measures adopted by the diabetic population, diabetic retinopathy can lead to permanent blindness, based on the disease stage and severity of the condition. According to the Department of Assistive and Rehabilitative Services (DARS), Texas, around 78.0% of cases of diabetic retinopathy were reported in 2013 which may eventually lead to loss of vision. Diabetic Retinopathy Market Report Highlights
Major players are focusing on collaborations, partnerships, mergers, and other strategic activities to improve their market position. Market leaders face increased competition from new drug launches and new management treatment approval from regulatory bodies, making it difficult for them to sustain themselves in the ever-changing market. However, heavy investments in R&D conducted by market leaders are said to boost the market growth. Some of the prominent players in the diabetic retinopathy market include:
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