PUBLISHER: The Business Research Company | PRODUCT CODE: 1415805
PUBLISHER: The Business Research Company | PRODUCT CODE: 1415805
“Retinal Vein Occlusion Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on retinal vein occlusion market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for retinal vein occlusion? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The retinal vein occlusion market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Retinal vein occlusion (RVO) is a medical condition occurring when a blockage or hindrance in the veins that carry blood away from the retina, the light-sensitive tissue at the rear of the eye. The prevention of RVO involves managing other illnesses related to blood vessels that increase the risk of RVO development. This management includes adopting a low-fat diet, engaging in regular exercise, and maintaining a healthy body weight.
The main categories of retinal vein occlusion encompass branch retinal artery occlusion and central retinal vein occlusion. Branch retinal artery occlusion is characterized by reduced arterial blood flow to a branch of the central retinal artery, resulting in ischemic damage in the affected area of the retina. Treatment for this condition typically involves ocular hypotensive drugs like topical timolol or intravenous (IV) and oral acetazolamide. These conditions are further divided into non-ischemic and ischemic types, with diagnosis relying on methods such as optical coherence tomography, fundoscopic examination, and fluorescein angiography. Treatment strategies encompass antivascular endothelial growth factor therapy, corticosteroid medications, and laser retinal photocoagulation, with end users including hospitals, clinics, research and academic centers, among others.
The retinal vein occlusion market research report is one of a series of new reports from The Business Research Company that provides retinal vein occlusion market statistics, including retinal vein occlusion industry global market size, regional shares, competitors with a retinal vein occlusion market share, detailed retinal vein occlusion market segments, market trends and opportunities and any further data you may need to thrive in the retinal vein occlusion industry. This retinal vein occlusion market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The retinal vein occlusion market size has grown rapidly in recent years. It will grow from $13.79 billion in 2023 to $15.43 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to aging population, advancements in diagnostic imaging, pharmaceutical developments, increased diabetes prevalence.
The retinal vein occlusion market size is expected to see rapid growth in the next few years. It will grow to $23.08 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to innovative treatment approaches, telemedicine and remote monitoring, personalized medicine, regulatory approvals. Major trends in the forecast period include non-invasive treatment options, gene therapy breakthroughs, patient-centric care, digital health tools.
The anticipated rise in the prevalence of eye disorders is poised to stimulate the growth of the ocular drug delivery market in the future. Eye disorders encompass a broad spectrum of conditions affecting the eyes, vision, or the structures surrounding the eyes. The increasing incidence of renal vein occlusion is contributing to the growth of the renal vein occlusion market, resulting in a heightened demand for innovative diagnostics and treatments to address this condition. For example, in March 2023, the World Health Organization, a United Nations agency based in Switzerland, estimated that globally, around 2.2 billion people will experience impairment in near- or far-sighted vision. Cataracts (94 million) and uncorrected refractive issues (88.4 million) represent the primary causes of visual impairment or impaired vision. Additionally, other common contributors to vision loss include glaucoma (7.7 million cases), corneal opacities (4.2 million cases), diabetic retinopathy (3.9 million cases), and trachoma (2 million cases). Hence, the increasing prevalence of eye disorders will be a driving force behind the retinal vein occlusion market.
The expected increase in the incidence of glaucoma is set to propel the growth of the retinal vein occlusion market in the coming years. Glaucoma is an eye condition characterized by elevated intraocular pressure within the eye, posing a risk to the optic nerve and potentially leading to vision loss or blindness if left untreated. The prevalence of glaucoma cases significantly contributes to the expansion of retinal vein occlusion, underscoring the crucial need for effective prevention and management strategies. These strategies aim to reduce the risk of retinal vein occlusion and enhance overall quality of life. For instance, as of October 2022, the BrightFocus Foundation, a U.S.-based nonprofit organization dedicated to advancing research and support for macular degeneration and glaucoma, reported a current global estimate of 80 million individuals with glaucoma, with a projected increase to over 111 million by the year 2040. Therefore, the rising incidence of glaucoma will drive the growth of the optic atrophy management market.
A potential obstacle to the expansion of the retinal vein occlusion (RVO) market during the forecast period is the decreased sales of medicines. This decline in medicine sales has the potential to impact the market by reducing the revenue generated by pharmaceutical companies and limiting the availability of treatment options. For instance, in May 2023, the Assistant Secretary for Planning and Evaluation (ASPE), the principal advisor to the Secretary of the U.S. Department of Health and Human Services on policy development, reported that following a shortage, there was a notable decrease in medicine sales volume, ranging between 28% and 35% compared to the year before the drug entered a shortage. Consequently, the diminished sales of medicines are affecting the growth of the retinal vein occlusion market.
Companies operating within the retinal vein occlusion market are embracing innovative approaches to enhance patient care and treatment outcomes while maintaining their competitive position in the market. Progress in drug development holds the potential to expand the range of treatment options for RVO, delivering more precise and effective treatments. For instance, in April 2023, Iridex Corporation, a U.S.-based ophthalmic medical technology company, introduced the next-generation Iridex PASCAL. This cutting-edge platform integrates rapid and precise pattern scanning capabilities, endpoint management technology, pattern scanning laser trabeculoplasty, and micropulse technology into a more compact, ergonomically designed integrated laser platform. This advancement is designed to offer personalized care to patients with retinal diseases.
In September 2021, Boston Scientific Corporation, a U.S.-based medical device manufacturer, completed the acquisition of the surgical business of Lumenis Ltd. for $1.07 billion. This strategic move by Boston Scientific aims to integrate the Lumenis laser portfolio and establish a global surgical laser center of excellence in Yokneam, focusing on driving innovation to assist surgeons in enhancing patient care. Lumenis Ltd. is an Israel-based manufacturer of surgical and laser equipment designed for ophthalmic and aesthetic applications.
Major players in the retinal vein occlusion market are Pfizer Inc., Roche Holding AG, Merck & Co. Inc., Bayer AG, Novartis AG, Bristol-Myers Squibb Company, Amgen Inc., Allergan PLC, Regeneron Pharmaceuticals Inc., Biogen Idec Inc., Vertex Pharmaceuticals Inc., Bausch Health Companies Inc., Carl Zeiss AG, Santen Pharmaceutical Co. Ltd., Lumenis Ltd., Coherus Biosciences Inc., Genentech Inc., Topcon Corporation, Nidek Co. Ltd., IRIDEX Corporation, Alimera Sciences Inc., Ocular Therapeutix Inc., EyePoint Pharmaceuticals Inc., Kodiak Sciences Inc., Ellex Medical Lasers Ltd., Adverum Biotechnologies Inc., Avik Pharmaceutical Limited (Avik), Outlook Therapeutics Inc., Annexin Pharmaceuticals AB, Ingenia Therapeutics Inc .
North America was the largest region in the retinal vein occlusion market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in retinal vein occlusion report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the retinal vein occlusion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The retinal vein occlusion market consists of revenues earned by entities by providing services such as surgery and pan retinal photocoagulation. The market value includes the value of related goods sold by the service provider or included within the service offering. The retinal vein occlusion market also includes sales of ranibizumab and aflibercept. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.