PUBLISHER: Grand View Research | PRODUCT CODE: 1363066
PUBLISHER: Grand View Research | PRODUCT CODE: 1363066
The global retinal vein occlusion treatment market size is expected to reach USD 4.18 billion by 2030, growingat a CAGR of 6.92% from 2023 to 2030, according to a new report by Grand View Research, Inc.. Growing prevalence of eye diseases, increasing geriatric population, coupled with rising awareness about ophthalmic disease treatment are the key factors boosting the market growth. The presence of already existing products or approved products and a strong product pipeline are factors anticipated to fuel the market growth. Furthermore, the increasing prevalence of diabetes and atherosclerosis may increase the prevalence of RVO and positively impact the market during the study period. Rising approval of novel drugs for RVO is expected to offer lucrative opportunities for the market during the study period.
Samsung Bioepis developed the first biosimilar drug Byooviz (ranibizumab-nuna) for the treatment of retinal disorders, such as macular edema, neovascular age-related macular degeneration, myopic choroidal neovascularization, and RVO. In September 2020, the drug was approved by the FDA for commercialization. However, the high cost associated with drugs may limit the prescription of drugs and hinder market growth. According to a 2021 study published in BMC Ophthalmology, the treatment of central RVO(CRVO) and branch RVO (BRVO) with ranibizumab costs approximately USD 449.17 and USD 454.75 per quality-adjusted life year (QALY) in China. Therefore, the introduction of affordable drugs with high efficacy and safety is expected to create new growth opportunities for the market during the projected timeframe.
Moreover, conditions, such as diabetic retinopathy, cataract, glaucoma, and age-related macular degeneration, are major causes of the disorder globally. A rise in the elderly population is creating a proportionate increase in number of people suffering from RVO. In addition, lifestyle changes have also resulted in increased incidence of various diseases causing RVO, such as cardiovascular diseases & hypertension. According to the Lancet Global Health Commission's report on global eye health, it was estimated that in 2020, 510 million people worldwide had uncorrected close vision impairment, and 596 million people worldwide had uncorrected distance vision impairment. Thus, the increasing prevalence of secondary conditions may increase the prevalence of RVO and support market growth.