Retina Health Market Global Synopsis, Surge, Future Scope, Analysis and Forecast to 2030
One of the main
reasons influencing the market is the rising occurrences of visual impairment
and myopia population, notably during the COVID-19 pandemic, due to increased
screen usage and participation in virtual meetings while working from home.
High myopia is associated with a higher chance of developing several chronic
eye conditions, including cataracts, glaucoma, and age-related macular
degeneration. The market is also being driven by an increase in the choice of
eye health supplements among older people and millennials who are more prone to
digital eye strain and myopia. The number of retinal illnesses such as diabetic
retinopathy and diabetic macular edema is increasing due to the increased
incidence of diabetes in emerging economies.
By 2030, the retina health market is anticipated to grow at a CAGR of
7.01% and reach USD 24.22 billion.
During the
projected period, the market for retinal disease treatments is anticipated to
rise as more skilled experts become available around the globe that specialize
in the treatment of retinal diseases. Millions of people worldwide are affected
by two major retinal diseases, macular degeneration, and diabetic retinopathy.
The increasing frequency of retinal disorders worldwide and the increase in
strategic initiatives are credited with driving the expansion of the global
market for retinal health. Additionally, it is anticipated that the market will
experience profitable growth during the projected period due to rising attempts
by both public and private organizations to raise awareness about retinal
diseases. However, it is projected that the dearth of knowledge about retinal
illnesses may impede market expansion.
Major Key
Players:
The Retina Health Market Players are Regenxbio Inc. (US), Spark
Therapeutics, Inc. (Us), Gensight Biologics (France), Hemera Biosciences LLC
(US), Meiragtx Limited (US), Allergan Plc (Subsidiary Of AbbVie Inc.)
(Ireland), Oxford Biomedica Plc (UK), Santen Pharmaceuticals Inc. (Japan),
Novartis AG (Switzerland), and Applied Genetic Technologies Corporation (AGTC)
(US).
Segment Analysis
By disease indication, the market includes diabetic
retinopathy, age-related macular degeneration, inherited retinal diseases, and
retinoblastoma. By treatment, the market includes drugs, Retinal Disease
Therapeutics, and surgery.
Regional Analysis
Due to several factors, including
the high prevalence of retinal illnesses and significant market participants in
the region, the North American retina health market is expanding. Due to
reasons like the high prevalence of wet AMD, rising diabetes rates, and a large
number of elderly individuals, the European retina health market is expanding.
Due to its weak economy, inadequate healthcare infrastructure, dearth of
qualified experts, and low public awareness, the remainder of the world is
predicted to have a slower CAGR than other regions. However, the market is
expected to expand significantly throughout the projected period in the
Asia-Pacific region. Numerous local market participants supply cutting-edge and
reasonably priced eye health supplements, and contract production centers for
these products emerged.
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