Market Research Future (MRFR)’s study reveals that the global diabetic retinopathy market is anticipated to expand at a CAGR of 5.2% during the forecast period 2017 to 2023. The rising burden of diabetes is prognosticated to emerge as the driving force of market growth. In addition, rising awareness about the disease has intensified the need for advanced diagnostic tests for early diagnosis. This, in turn, is forecasted to accelerate the revenue creation for the market participants.
Key players are investing in research & development for bringing technologically advanced devices and diagnostics in order to treat the disease effectively. It is presumed to encourage the expansion of the diabetic retinopathy market over the next few years.
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Some of the key players profiled in the report are
- Novartis AG
- Regeneron Pharmaceuticals Inc
- Kowa Group
- Glycadia Pharmaceuticals
- Actavis Plc
- Ampio Pharmaceuticals
- Alimera Sciences
- BCN Peptides
- By type, the global diabetic retinopathy market has been segmented into non-proliferative diabetic retinopathy and proliferative advanced diabetic retinopathy.
- By diagnosis, the diabetic retinopathy market has been segmented into fluorescein angiography and optical coherence tomography.
- By treatment, the global diabetic retinopathy market has been segmented into laser treatment, anti-VEGF Therapy, vitrectomy, and others. The laser treatment is sub-segmented into focal laser treatment and scatter laser treatment.
- By end-user, the diabetic retinopathy market has been segmented into hospitals and clinics, diagnostic centers, research institutes, and others.
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The global diabetic retinopathy market, by region, has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas is expected to hold the largest share of the global market over the assessment period. Led by the U.S., this region is poised to benefit from the rising awareness about the disease and the increasing demand for early diagnosis. An upsurge in demand for diagnostic tests is also projected to be witnessed in the diabetic retinopathy market across the review period. The consolidation of key players in the region is further prognosticated to augment the regional diabetic retinopathy market in the foreseeable future.
Increasing patient population and availability of diagnosis for diabetes are driving the market growth in Europe. Germany is anticipated to contribute substantially over the next couple of years. Other factors forecasted to aid the proliferation of the diabetic retinopathy market in the region are high demand for early diagnosis, increasing research & development, changing lifestyle, etc.
Factors such as high prevalence of chronic diseases, presence of a huge geriatric population, lifestyle changes, etc. are poised to expedite the growth trajectory of the diabetic retinopathy market in Asia Pacific. Meanwhile, the Middle East & Africa is expected to exhibit steady growth driven by the increasing demand for diabetes management.
In January 2019, Brazilian and Australian researchers have developed an algorithm that leverages artificial intelligence technology for spotting key marker of diabetic retinopathy with 98% accuracy.
In January 2019, a camp was organized in Hyderabad, India, under the auspices of Indian Institute of Public Health (IIPH, Hyderabad) for raising awareness about diabetic retinopathy.
In December 2018, Google has developed an AI model that detects diabetic retinopathy with an accuracy of human retinal specialists. It is rolling out its diabetic retinopathy initiative in India with Verilywhich works on life sciences research and development.
In April 2018, The U.S. Food & Drug Administration (FDA) has permitted the marketing of the first AI-based device that facilitates the detection of diabetic retinopathy.
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