Retina Health Market
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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