LONDON, Oct. 28, 2021 (GLOBE NEWSWIRE) — Global Diabetes Associated Ophthalmic Treatment Market size is estimated to grow a CAGR above 6.9% over the forecast timeframe and reach a market value of around USD 44.26 billion by 2028.
Diabetes associated ophthalmic treatment market is witnessing robust growth in the forecast period of 2021 to 2028, owing to the growing number of patients with diabetes across the world every day. The sudden rise in the number of diabetic patients throughout the world is due to unhealthy lifestyles, obesity, lack of physical activities, and diabetic family history. According to the International Diabetes Federation figures, more than 450 million people were diagnosed with diabetes in 2019. Ophthalmic treatments are considered an efficient method to treat diabetic eye diseases.
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Growth in the geriatric population and the rising prevalence of vision loss due to diabetes is primarily fueling global diabetes associated ophthalmic treatment market growth. The covid-19 pandemic impact on the diabetic and ophthalmic patient has only made their condition worst. Patients with Covid-19 are showing long-term progressions in diabetic as well as ophthalmic conditions. For instance, a study from Diabetes Research and Clinical Practice revealed that people with diabetes and ophthalmic conditions have a five-fold risk of requiring intubation when hospitalized with Covid-19 and that they may require intensive care treatment.
However, the extended approval time required for ophthalmic drugs and the lack of skilled ophthalmologists are some factors that are limiting the market growth. Besides, growing consciousness towards ophthalmic treatments and inclination towards early diagnosis of diabetic disorders are the factors that are likely to create numerous growth opportunities for the market in the coming years. Furthermore, the rising number of initiatives undertaken by world government organizations to spread the awareness for diabetes associated ophthalmic treatment further drives the market’s opportunity. For instance, an initiative was started by World Health Organization called as ‘WHO Diabetes Program’ aiming to prevent type 2 diabetes, reducing complications, and improving quality of life.
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Diabetic retinopathy application commanded the majority of the share in 2020
The diabetic retinopathy segment occupied the majority of the share in 2020 as it is highly observed in patients suffering from diabetes. The National Center for Biotechnology Information (NCBI) estimates that the number of people suffering from diabetic retinopathy (DR) will reach around 190 million by 2030. The center further stated that around 1.5% of patients suffering from type II diabetes have developed diabetic retinopathy. Moreover, the treatment of diabetic retinopathy is observed to be growing throughout the years because ignorance of this disorder may lead to severe blindness.
Drugs conquered a major chunk in the type segment
The drugs sub-segment dominated the market with maximum share and is likely to continue its trend throughout the forecast period. The high growth in the market is ascribed to the high adoption of ophthalmic drugs, and increased clinical trials and research & development activities to develop innovative drugs. However, the devices segment is expected to attain the fastest growth during the forecast period as they can efficiently diagnose the type of eye disorders and emphasize the appropriate treatment.
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Among end-use, hospital-acquired the largest market shares in 2020.
In 2020, the hospital end-use dominated the market with the largest shares and is expected to continue its trend throughout the forecast period. The growing number of hospital admissions of diabetes patients and the presence of advance medical facilities, as well as ICU, also contribute to the huge growth of the segment.
Regional Outlook
In 2020, the North American region lead the global diabetes associated ophthalmic treatment market with a major chunk. The growing numbers of diabetic patients present in the US and their awareness regarding the ophthalmic treatment are boosting the North American diabetes associated ophthalmic treatment growth. The Centers for Disease Control and Prevention (CDC) figures states that there were 34.2 million people in the US suffering from diabetes in 2020. Besides, the presence of a high percentage of the elderly population in the country also fuels the American market. However, the Asia-Pacific region is likely to witness the fastest growth right through the forecast period. The APAC region has also witnessed a huge percentage of growth in diabetic patients owing to the unhealthy lifestyle among the population and lack of awareness about the early treatment of diabetes in emerging countries such as China, India, Indonesia, and the Philippines among others.
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Major Players
Diabetes associated ophthalmic treatment Market is consolidated with a large number of players. The key players profiled in the report include Alcon, Allergan, Abbott Medical Optics, Bausch Health, Bayer AG, Carl Zeiss Meditec, Ellex Medical Lasers Ltd., F. hoffmann-La Roche Ltd, Genentech, Inc., IRIDEX Corp., Johnson & Johnson Services, Inc., Lumenis, Novartis AG, Pfizer, Inc., Quantel, Santen Pharmaceutical Co. Ltd., and Topcon Corp.
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