Transparency Market Research (TMR) found that the global proliferative diabetic retinopathy market has a considerably strong competitive landscape due to the influence of a few leading players. Allergan Plc, Regeneron Pharmaceuticals, Inc., Merck KGaA, Cipla, Ltd., Genentech, Inc. (Roche Holdings), Novartis AG, and Pfizer, Inc., are some of the companies upholding leading shares in the market. To stand out from this market competition, the large and small-scale market players are putting efforts to introduce new offers. These players are concentrating on bringing forth immense improvements in the products to sustain in the cutthroat competition of the market. Also, new companies are also concentrating on offering low-priced advanced products.
According to TMR, the global proliferative diabetic retinopathy market is expected to swell with a stellar CAGR of 9.5% over the forecast period from 2017 to 2026. Furthermore, the global proliferative diabetic retinopathy market is projected to reach a value of US$1,000 mn by the end of 2026. Based on distribution channel, the global proliferative diabetic retinopathy market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. Among these, hospital pharmacies accomplished maximum sale of drugs in proliferative diabetic retinopathy market.
U.S. led the North America proliferative diabetic retinopathy market in 2016. This is owing to rising incidences of irreversible blindness, which is a severe condition arising from diabetic retinopathy. Growing prevalence of diabetes among the youth will further drive the market.
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Increasing Prevalence of Diabetes, Propels the Growth of the Global Market
Growing number of baby boomers universally combined with increasing prevalence of diabetes will be the major factors for proliferative diabetic retinopathy market. Old-aged people are inclined to suffer from chronic disorders like diabetes along with age related macular degeneration (AMD). As stated by National Eye Institute (NEI), almost 5.4-mn populaces in the US will suffer from AMD in the near future.
Rising adoption of inactive lifestyle along with unhealthy diets has increased number of people suffering from obesity, consequently increasing prevalence of diabetes. Furthermore, aspects like uncontrolled glucose levels and blood pressure, non-compliance to treatment, and prolonged undiagnosed diabetes lead to incidence of proliferative diabetic retinopathy. Growing prevalence of eyesight loss owing to diabetes will boost the proliferative diabetic retinopathy market immensely.
Existence of associations like American Diabetes Association focusing towards generating awareness about proliferative diabetic retinopathy will drive the market. Numerous efforts are undertaken by domestic governments to decrease disorders occurrences. This can reduced by conducting plans like diabetic eye screening (DES) and numerous awareness campaigns, which will drive the proliferative diabetic retinopathy market. A rising demand for innovative diabetes treatments and advancements in R&D provides a huge impetus to the market. Such a growth graph is foretold to continue even in future for the global proliferative diabetic retinopathy market.
Shortage of skilled ophthalmologists combined with poor primary infrastructure in remote regions restraints the market. Moreover, lack of insurance facilities makes it difficult for patients to pay for their treatments. However, numerous new unorthodox diabetic treatments in the form of spiritual and ayurvedic channels are replacing the traditionally used ones. This could pave new way for the global proliferative diabetic retinopathy market, thus countering the major challenges.