In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
The diabetic retinopathy market is estimated to garner a colossal revenue by growing at a noteworthy CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to the rising prevalence of type 1 and type 2 diabetes, growing technological advancements in terms of developing effective retinopathy treatment and increasing geriatric population around the globe. According to the World Health Organization (WHO), 422 million people worldwide are suffering from diabetes. Along with these, availability of favorable health insurance policies for ophthalmologic surgeries in developed nations is also a significant factor expected to drive market growth in the coming years. Furthermore, growing adoption of minimal pain-inducing laser procedures is projected to offer lucrative opportunities to the market during the forecast period.
The market is bifurcated by condition type into proliferative and non-proliferative DR, out of which, the non-proliferative DR segment is anticipated to hold the largest share in the diabetic retinopathy market on account of the commonness of this disorder and the abundant presence of medical resources required to control this condition at an early stage. However, the segment for proliferative DR is assessed to grow at a higher rate owing to the increasing population reaching the advanced stages of retinopathy. Additionally, on the basis of treatment, the anti-VEGF therapy acquired a substantial market share in the recent years and is evaluated to continue this trend over the forecast period. This can be credited to the high usage of anti-VEGF drugs in treating mild to moderate cases of non-proliferative DR, and rapid recovery rates.
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Regionally, the diabetic retinopathy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in North America occupied the largest share over the forecast period on the back of supportive reimbursement policies covering treatment costs, sophisticated healthcare infrastructure and allocation of substantial healthcare expenditure by government. In addition to this, Europe is the second largest shareholder in the market attributing to the increasing obese population in the region, who are prone to diabetes and other related vision disorders. It is calculated that around 3-4% of Europeans are diagnosed with diabetic retinopathy every year. Moreover, the market in Asia Pacific is predicted to witness a notable growth during the forecast period as a result of a huge patient pool, growing elderly populace and the rise in innovations for treatment of diabetic retinopathy. The growth of the market in this region is expected to be steered majorly by nations such as China and Japan owing to the escalating per capita income and significant developments in the medical sector.
The diabetic retinopathy market is further classified on the basis of region as follows:
Our in-depth analysis of the diabetic retinopathy market includes the following segments:
Ans: Rising occurrence of diabetes and growing technological advancements for retinopathy treatment to fuel market growth.
Ans: The market is anticipated to attain a noteworthy CAGR over the forecast period, i.e., 2021 – 2029.
Ans: Lack of skilled ophthalmologists in lower income economies is estimated to hamper the market growth.
Ans: Asia Pacific is estimated to provide more market growth opportunities on the back of increasing target patient pool and growing elderly population in the region.
Ans: The major players in the market are Pfizer Inc. Bayer AG, Abbott Laboratories, Novartis AG, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by condition type, treatment, end user and by region.
Ans: The anti-VEGF therapy segment is anticipated to hold largest market size in value and is estimated to grow at a high CAGR over the forecast period and display significant growth opportunities.