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Retinal vein occlusion (RVO) is a common eye problem that can lead to vision loss, making it one of the most widespread causes of vision problems worldwide. Even though it's the second most common reason for vision loss due to retinal vascular disease, it still affects a lot of people. The market for dealing with retinal vein occlusion is expected to grow a lot because more people are getting eye diseases and other chronic conditions like diabetes, which can also harm the eyes. The demand for better treatments for eye problems is increasing, giving a boost to the market. Many companies in this market have opportunities to grow by using smart plans like expanding to different places. According to the World Health Organization, about 60 million people in Europe have diabetes, and diabetes is a big risk for eye diseases. In the United States, nearly 14 million people aged 12 and older have vision problems. In China, more people are getting diabetic retinopathy, especially with the rise in diabetes cases. Japan has 7.2 million people with diabetes, and this number is going up because of lifestyle changes and an increase in diseases like obesity. In Australia, almost 1.2 million people, which is about 5.1% of the population, have been diagnosed with diabetes.
The reason the market for treating retinal vein occlusion is growing is because more and more people are facing eye problems, especially due to conditions like diabetes. Diabetes is a significant risk factor for eye diseases, and as the number of people with diabetes increases, so does the need for effective treatments for eye issues like retinal vein occlusion. The demand for better and more advanced methods to treat these eye problems is driving the growth of the market. Companies that offer solutions for retinal vein occlusion have a great chance to expand their business, especially by reaching more places around the world. This is important because eye diseases and conditions are becoming more common globally.
Looking at the numbers, it's clear that diabetes is a big player in the rise of eye problems. In Europe, a massive 60 million people are dealing with diabetes, putting them at risk for eye diseases. In the United States, around 14 million people, who are 12 years and older, are struggling with vision issues. China is seeing an increase in diabetic retinopathy as the number of people with diabetes rises. In Japan, where 7.2 million people have diabetes, the cases are going up due to lifestyle changes and the growth of diseases like obesity. Australia has almost 1.2 million people diagnosed with diabetes, making up about 5.1% of the population. All these numbers point to a growing need for effective treatments for eye problems, pushing the retinal vein occlusion market to expand.
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Retinal Vein Occlusion Market Highlights:
Retinal Vein Occlusion Market Overview
Retinal Vein Occlusion Market, according to MRFR, is expected to register a CAGR of 15.56% to reach USD 0.014 Billion till 2030. Market development is projected to increase the prevalence of diabetes, shift in lifestyle, and increase the occurrence of glaucoma, lymphoma, and multiple myeloma worldwide.
COVID-19 Analysis of Retinal Vein Occlusion Market
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.
Retinal Vein Occlusion Market Trends
Drivers
Growing Prevalence of Eye Diseases to Fuel Market Growth
The major factors of the 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 retinal vein occlusion market. 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.
Opportunities
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.
Restraints
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.
Retinal Vein Occlusion Market Segment Insights
Retinal Vein Occlusion Type Insights
The retinal vein occlusion market, by type, has been bifurcated into branch retinal artery occlusion and central retinal vein occlusion.
Retinal Vein Occlusion Condition Insights
The retinal vein occlusion industry has been defined as non-ischemic and ischemic based on condition.
Retinal Vein Occlusion Diagnosis Insights
Based on diagnosis, the retinal vein occlusion 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.
Retinal Vein Occlusion Treatment Insights
By treatment, has been segmented into antivascular corticosteroid drugs, endothelial growth factor, laser retinal photocoagulation, and others.
Retinal Vein Occlusion End-User Insights
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.
Retinal Vein Occlusion Market Regional Analysis
The geographical overview of the global retinal vein occlusion 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 retinal vein occlusion 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 retinal vein occlusion 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 retinal vein occlusion 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.
Competitive Landscape
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.
- Allergan PLC
- Bayer
- Bristol-Myers Squibb
- Ellex Medical Lasers Ltd
- GlaxoSmithKline PLC
- IRIDEX Corporation
- Lumenis
- Novartis AG
- NIDEK CO., LTD
- Regeneron Pharmaceuticals
- Hoffmann-La Roche AG
- Quantel Medical Inc.
- Topcon Medical Systems, Inc.
- ZEISS
Recent Development
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.
Retinal Vein Occlusion Market Segmentation
Retinal Vein Occlusion Type Outlook
- Branch Retinal Artery Occlusion
- Central Retinal Vein Occlusion
Retinal Vein Occlusion Condition Outlook
- Non-Ischemic
- Ischemic
Retinal Vein Occlusion Diagnosis Outlook
- Optical Coherence Tomography
- Fundoscopic Examination
- Fluorescein Angiography
- Others
Retinal Vein Occlusion Treatment Outook
- Antivascular Endothelial Growth Factor
- Corticosteroid Drugs
- Laser Retinal Photocoagulation
- Others
Retinal Vein Occlusion End-User Outlook
- Hospitals and Clinics
- Research & Academics Centers
- Others
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