ID: MRFR/Pharma/3934-CR | July 2019 | Region: Global | 150 pages
Global Retinal Vein Occlusion Market, according to MRFR, is expected to register a CAGR of 11.2% to reach USD 15.88 Billion till 2023. Market development is projected to increase the prevalence of diabetes, shift in lifestyle, and increase the occurrence of glaucoma, lymphoma, and multiple myeloma worldwide.
The reduction is largely due to the epidemic of COVID-19, which has led to stringent containment initiatives including social distancing, remote jobs, and closing factories and other economic operations, resulting in organisational difficulties. The whole supply chain has been affected, adversely affecting the market.
Growing Prevalence of Eye Diseases to Fuel Market Growth
The major factors of the global retinal vein occlusion market are the rise in prevalence of eye diseases worldwide, increase in geriatric population, increase in understanding of eye disorders, strengthened health care facilities, technological developments, and upcoming novel therapies. The presence of a powerful pipeline and recent drug approvals will fuel the growth of the global market for retinal vein occlusion. The number of cases of retinal vein occlusion is increasing and there is an increase in the number of molecules under research for treatment. The efficacy of retinal vein occlusion therapy is rising with the presence of a strong pipeline and recent drug approvals. This, in essence, would fuel business growth by embracing retinal vein occlusion therapeutics.
Growing R&D investments to Create Growth Avenues for the Key Players
The global retinal vein occlusion therapeutics industry is positively influenced by developments in drug delivery technology. There are many benefits of innovative drug delivery systems, including decreases in the amount and duration of doses needed to maintain the optimal clinical response, reduced health care costs, and preferential patient compliance. In retinal vein occlusion therapeutics, such benefits would improve end-user demand for innovative drug delivery technologies, driving market development.
Increases in research and investment are expected to build business prospects for the creation of safe and economical therapies by market players.
High Treatment-Related Costs Impedes Market Growth
However, the demand is expected to be hampered by the current unmet needs existing in the retinal vein occlusion market for care aimed at restoring vision and at the same time being affordable. There is no question that demand growth is projected to decrease in the forecast timeframe with the introduction of biosimilars into the Retinal vein occlusion market. High treatment-related costs and associated side effects of these therapies are expected to hamper demand development during the forecast period.
The global retinal vein occlusion market, by type, has been bifurcated into branch retinal artery occlusion and central retinal vein occlusion.
The retinal vein occlusion industry has been defined as non-ischemic and ischemic based on condition.
Based on diagnosis, the market has been categorised as optical coherence tomography, fundoscopic examination, fluorescein angiography, and others. During the forecast era, the optical coherence tomography (OCT) segment is projected to rise.
By treatment, has been segmented into antivascular corticosteroid drugs, endothelial growth factor, laser retinal photocoagulation, and others.
The industry has been divided into hospitals and clinics, research & academic centres, and others dependent on end-users. A significant factor in the growth of the hospitals & clinics market is a strong preference for hospitals by the increasing elderly population.
The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
North America leads the Americas with established end-use Sectors
It is estimated that the Americas will have the highest share of the global demand for retinal vein occlusion. North America, primarily because of the growing prevalence of diabetes and the increasing occurrence of diseases such as glaucoma, lymphoma, and multiple myeloma, is expected to lead the market. Due to the rising prevalence of patients, the occurrence of main business players, and the production of surgical outcomes, the region of the Americas also dominates the retinal vein occlusion market. The demand in the area is further bolstered by additional factors, such as the effect of a good economic situation and the focus of academic institutions on upgrading technologies for modern and innovative treatment methods for retinal vein occlusion.
Germany to Lead Europe Market
During the projection period, Europe is projected to account for the second-largest market share. The emergence of a large geriatric population and high healthcare expenditure are the factors responsible for market growth in this region.
APAC to account as Fastest Growing Region
Due to the presence of a significant diabetes patient population, Asia-Pacific is expected to be the fastest-growing region on the global market, the presence of immense market expansion opportunities fuels the growth of the Asia-Pacific retinal vein occlusion market. Due to a rising number of developing nations present in this region, such as nations like China and India, the Asia Pacific region is also the fastest growing market.
MEA Region Driven by Development of the Healthcare Sector
Due to the existence of a well-developed healthcare system, the retinal vein occlusion market in the Middle East & Africa is anticipated to expand. Due to restricted connectivity to medical facilities and the slower development of the healthcare sector, the MEA market is likely to experience gradual growth. However, nations like Kuwait and Qatar are relying more on the healthcare sector and emerging medical facilities, which will improve the region's market.
Key Players focus on Mergers & Acquisitions to Expand their Business Standing
The Retinal Vein Occlusion sector has also become a very dynamic industry and this factor is advantageous to the market analysed as firms gain opportunity to develop their presence. In addition, major market players are concentrating on the extension of their regional presence. The major market players are likely to engage in collaborations, mergers & acquisitions, and product launches to expand their presence in the market and provide effective and reachable patient care.
December 2020: Arctic Vision, a clinical-stage ophthalmology company headquartered in China with a leading pipeline of breakthrough innovations, announced the approval of the Phase III Investigational New Drug (IND) for the treatment of Uveitic Macular Edema. It was China's first clinical trial for UME therapy and for suprachoroidal space (SCS) injection, which was supposed to include a new treatment choice for UME patients in China.
December 2020: Novartis confirmed promising findings from the first interpretable Phase III results of a clinical trial examining the effectiveness and safety of Beovu. Novartis's Beovu gave Regeneron's an anti-VEGF Eylea, one of the leading therapies to improve diabetic macular edema, close competition.
Frequently Asked Questions (FAQ) :
Retinal Vein Occlusion Market can register a CAGR of 11.2% from 2017 to 2023.
Retinal Vein Occlusion Market size can touch USD 15,889.59 million by 2023.
Prevalence of diabetes, cases of myeloma and glaucoma, and changing lifestyles of patients are major drivers of the Global Retinal Vein Occlusion Market.
High costs of treatment and its adverse effects can hamper the Global Retinal Vein Occlusion Market growth.
GlaxoSmithKline PLC, F. Hoffmann-La Roche AG, Lumenis, IRIDEX Corporation, Regeneron Pharmaceuticals, Bayer, Novartis AG, Allergan PLC, Ellex Medical Lasers Ltd, Bristol-Myers Squibb, Quantel Medical Inc., NIDEK CO., LTD, Topcon Medical Systems, Inc., and ZEISS are prominent players of the Global Retinal Vein Occlusion Market.