Global Diabetes Associated Ophthalmic Treatment Market Surpass More Than US$ 26 Billion by 2020 | CAGR 6%
Ameco Research Analyst imply that the global market for diabetes associated ophthalmic treatment will raise at a CAGR of more than 6% throughout the forecast period, with market size of more than US$ 26 Bn in 2020.
The growing prevalence of diabetes in the world drives diabetes associated ophthalmic treatment market. Diabetes affects around 422 million people worldwide, the majority of whom reside in emerging countries, and it is unswervingly responsible for more than 1.5 million deaths for every year. Both the number of patients and the frequency of diabetes have risen significantly in recent decades. Hyperglycemia, or high blood sugar, is caused by uncontrolled diabetes and causes long-term damage to many of the body’s systems, including neurons and blood vessels. High blood sugar level causes eye illness and damages the eye retina causing diabetic retinopathy.
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The increasing cases of diabetic retinopathy support global diabetes associated ophthalmic treatment industry
The number of adults with diabetic retinopathy globally was forecast to reach 103.12 million in 2020; by 2045, that number is expected to rise to 160.50 million. Africa (35%) and North America and the Caribbean (33%) had the highest frequency of diabetic retinopathy, whereas South and Central America had the lowest (13%). Diabetic Retinopathy (DR) is closely linked to the rise in diabetes prevalence. Diabetes was formerly regarded to be a disease of the wealthy, but it has now spread to both developed and developing countries in epidemic proportions. Diabetes affects at least 366 million people globally, and the number is expected to rise due to an aging global population, urbanization, rising obesity rates, and sedentary lifestyles. Although recent advances in diabetes management have reduced macrovascular mortality, more diabetic patients are living long enough to develop DR and vision-threatening diabetic retinopathy (VTDR).
The rapid surge in the number of the elderly population that is highly prone to diabetes is also expected to propel the demand for the industry. One in every six people on the earth will be 60 years old or older by 2030. By 2050, the number of individuals aged 60 and up will have increased from 1 billion in 2020 to 1.4 billion. The world’s population of individuals aged 60 and older will have doubled by 2050 (2.1 billion). The number of persons aged 80 and more is expected to triple between 2020 and 2050, reaching 426 million.
However, the extensive approval time for ophthalmic drugs and the lack of skilled ophthalmologists present in the world are the factors that may restrain the market from growing. Furthermore, increasing investments in diabetes treatment, and the growing number of government initiatives to spread awareness for diabetes treatment are expected to generate certain growth opportunities for the market in the coming years.
Global Diabetes Associated Ophthalmic Treatment Market Classification
Diabetes associated ophthalmic treatment market is divided into four categories: type, application, end-user, and regions. The type segment can be categorized into drugs and devices. Among them, the drugs accumulated the prime market share in 2020. Increasing consumption of drugs all over the world is the major factor boosting segmental growth. However, the devices segment is likely to attain the fastest growth rate during the forecast period 2021 – 2028. Cataracts, diabetic associated macular degeneration, diabetic macular edema, diabetic retinopathy, eye allergy and infection, glaucoma, uveitis, and others are the categorization of application segments. In 2020, diabetic retinopathy (DR) accounted for the leading market share since it is the prevalent reason for eye disorders in diabetes patients. Based on end-user, the segmentation is given as hospitals, ophthalmic clinics, ambulatory surgical centers, and others. Among them, the hospital segment gathered a significant amount of share in 2020 owing to the increasing admissions of diabetes patients in hospitals.
North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa (MEA) are the regional categorization of global diabetes associated ophthalmic treatment market. North America accounted for the maximum share in 2020 due to the presence of a large number of diabetic patients in the US. According to the Centers for Disease Control and Prevention’s (CDC) data for 2020, there were 37.3 million persons diagnosed with diabetes, or more than one-third of the population (11.3 percent of the U.S. population). In addition, the presence of leading companies, the presence of advanced healthcare facilities, and favorable reimbursement policies are also supporting the growth of the North America diabetes associated ophthalmic treatment market. Meanwhile, the Asia-Pacific region is likely to witness the highest growth rate due to the increasing expenditure by the government for diabetes treatment, rising sedentary lifestyle leading to rapid growth in diabetic patients, and raising awareness among the population about ophthalmic treatment.
The top players offered in the report include Alcon, Abbott Medical Optics, Allergan, Bayer AG, Bausch Health, Carl Zeiss Meditec, Ellex Medical Lasers Ltd., Genentech, Inc., F. Hoffmann-La Roche Ltd, IRIDEX Corp., Johnson & Johnson Services, Inc., Novartis AG, Lumenis, Pfizer, Inc., Santen Pharmaceutical Co. Ltd., Quantel, and Topcon Corp.
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