PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1445545
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1445545
The global diabetic retinopathy market is projected to witness a CAGR of 6.26% during the forecast period 2024-2031, growing from USD 9.03 billion in 2023 to USD 14.68 billion in 2031. The global diabetic retinopathy market is being driven by various factors, such as the increasing prevalence of diabetes, technological advancements, an increasing number of diabetes related disorders, growing demand for non-proliferative diabetic retinopathy, and increasing popularity of anti-VEGF medications. Advancements in cutting-edge technologies, especially the integration of artificial intelligence, play an important role in influencing the global diabetic retinopathy market. AI is responsible for improving the speed and accuracy of diagnosis by analyzing large amounts of complex data for patterns that indicate diabetic retinopathy. Both public and private firms are investing significantly in diabetic retinopathy related technologies. These investments are used for R&D purposes, which help in developing advanced solutions for the market. Often, public and private firms utilize each other's strengths to spur innovation in the global diabetic retinopathy market, which, in turn, helps expand the market demand.
Another important aspect influencing the global diabetic retinopathy market is the increasing prevalence of diabetes. Diabetic retinopathy is found in patients, where diabetes is not detected in the early stages or the patients who don't receive proper treatment. Early care is key to preventing the disease's progression, so there is a greater demand for medications for non-proliferative DR which is an early stage of the disease. Patients prefer non-invasive forms of treatment for treating diabetic retinopathy, such as medications. These medications have proven to be highly effective in combatting the disease. Major market players are conducting clinical trials, which leads to the discovery of effective and innovative drugs.
In November 2023, Exonate Ltd, a mRNA therapy company involved in creating solutions for the treatment of diabetic complications, announced the successful completion of a clinical trial for EXN407, its lead asset for ophthalmology. EXN407 is the first topical treatment for diabetic macular edema and diabetic retinopathy.
Technological Advancements
The expansion of the global diabetic retinopathy market is being significantly affected by advancing technologies, specifically related to AI. The integration of AI improves the detection efficiency and accuracy of diabetic retinopathy by using advanced diagnosis tools. Through AI algorithms, physicians can predict the chances of a patient developing diabetic retinopathy earlier with high accuracy. This capability is crucial for early prognosis since it makes timely interventions that might save lives. As a result, AI is causing a revolution in the field of diabetic retinopathy, improving outcomes and accelerating the expansion of the enterprise. Also, the use of injectable medications and laser technologies helps diabetic retinopathy effectively. In April 2023, Sankara Nethralaya, an eye hospital based in Chennai, India, announced its partnership with RetinaRisk, a health tech company from Iceland, to adopt a mathematical tool to predict the chances of a person developing diabetic retinopathy.
Significant Investments by Key Market Players
Another significant market trend includes significant investments by various medical device companies to drive innovation and technological advancements in the global diabetic retinopathy market. This access to funding is necessary to enable the development of new strategies for the detection of diabetic retinopathy and technologies to enhance research and development initiatives. To create new treatments for diabetic retinopathy, pharmaceutical companies are heavily funding research and development. Additionally, partnerships between pharmaceutical companies, academic institutions, and healthcare organizations are assisting in the development of cutting-edge diabetic retinopathy therapies. Combination therapies, which use several medications or therapeutic modalities, are becoming more and more popular in the management of diabetic retinopathy.
On 14th february 2024, the Advanced Research Projects Agency for Health (ARPA-H) granted funding of $20 million to a biomedical engineering professor in the McKelvey School of Engineering at Washington University. The contract is a component of ARPA-H's initial request for proposals, which aims to provide innovative methods for enhancing health outcomes for various patient populations, communities, diseases, and health conditions using ground-breaking research and cutting-edge technologies.
Increasing Demand for Non-Proliferative Diabetic Retinopathy Medications
The growing need for therapies that address the early stages of the illness, known as non-proliferative diabetic retinopathy (NPDR), is a major factor driving the growth of the global diabetic retinopathy market. The need for early detection and treatment of diabetic eye problems has increased due to the global rise in the prevalence of diabetes. The goal of NPDR treatments is to prevent or slow the disease's advancement to its more serious proliferative stages, which increases the risk of complete loss of vision. Increased awareness and use of advanced screening procedures have led to an earlier detection of the condition, thus surging the demand for these drugs. The global diabetic retinopathy market is being driven by this trend, which incentivizes pharmaceutical companies to heavily invest in the study to develop specialized treatments for NPDR.
OcuTerra Therapeutics, Inc., a clinical-stage ophthalmology company, announced in July 2023 that the clinical trial assessing OTT168 topical eye drops for adult patients with moderately severe to severe non-proliferative diabetic retinopathy has completed enrollment in the Phase 2 DR:EAM trial (Diabetic Retinopathy: Early Active Management).
Growing Popularity of Anti-VEGF Medications
The global diabetic retinopathy market is undergoing significant expansion due to the increasing demand for anti-VEGF medications to treat diabetic retinopathy. Anti-VEGF medications are used to treat early symptoms of diabetic retinopathy to prevent further vascular leakage, reduce inflammation, and prevent loss of vision. Anti-VEGF medications, such as aflibercept and ranibizumab, stop the abnormal blood vessels behind the retina from rupturing, expanding, and eventually bleeding. Vascular endothelial growth factor (VEGF) is a protein that causes aberrant blood vessels to form in the retina, and anti-VEGF works against this protein.
In April 2023, Ximluci, a ranibizumab biosimilar, was introduced in many European countries by STADA Arzneimittel, a pharmaceutical company, Xbrane Biopharma, based in Sweden.
North America Dominates the Market
North American countries possess a robust healthcare ecosystem that is concentrated with technologically advanced medical device and pharmaceutical companies. The region leads the global diabetic retinopathy market for a variety of reasons. The area has a higher-than-average incidence of diabetic retinopathy driven by the growing aging population and sedentary lifestyles. The public is also aware of diabetes and its complications, which promotes early detection and intervention. Furthermore, North America is known for its emphasis on research and development, along with advanced healthcare infrastructure and significant healthcare budgets, which makes it easier to obtain state-of-the-art diabetes treatments and diagnostics.
In April 2023, the LumineticsCore AI diagnostic system was launched by Digital Diagnostics, an AI-based diagnostic healthcare company, in the southeast region of the US. It is an FDA-approved device that helps in examining the retinal images of people suffering from diabetic retinopathy.
Future Market Scenario (2024 - 2031F)
The future of the global diabetic retinopathy market includes smart devices that will enable the diagnosis of diabetic retinopathy without the need for human intervention.
Globally, many children are being diagnosed with type-1 and type-2 diabetes, thus increasing the number of childhood hyperglycaemia cases, which are associated with an increased risk of developing diabetic retinopathy in the future.
The introduction of a new class of therapeutics called "Stress Resilience-Enhancing Drugs" (SREDs) is going to drive the global diabetic retinopathy market. Through phosphodiesterase inhibition, these medications protect the structure and function of the degenerating retina.
Biomarkers and OCTA (Optical Coherence Tomography Angiography) are being used extensively for assessing and monitoring diabetic retinopathy and diabetic macular edema. Biomarkers provide an in vivo assessment of the health of the retina and choroid non-invasively. OCTA, on the other hand, offers detailed information on the retinochoroidal microvasculature, including precise areas of capillary non-perfusion, presence of collaterals or retinal/optic nerve head neovascularization, and abnormalities of the foveal avascular zone.
Key Players Landscape and Outlook
To strengthen their position in the market and expedite the creation and dissemination of cutting-edge therapies, major players in the global diabetic retinopathy market are forming partnerships. Through partnerships, companies can broaden their geographic reach and penetrate new markets by capitalizing on the regulatory and local expertise of their partners. This cooperative strategy promotes competition, which can result in better patient outcomes and cost savings, in addition to advancing the development of more accessible and effective treatments for diabetic retinopathy.
In November 2023, Lupin Ltd, an Indian multinational pharmaceutical company, and Amman Pharma, one of the first pharmaceutical companies in the MENA region, entered a collaboration for the supply and licensing of Ranibizumab in the Middle East and North Africa region, including Iraq, Saudi Arabia, Jordan, the UAE, Lebanon and other GCC countries. It is a biosimilar drug used for the treatment of diabetic retinopathy.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.