May 22, 2024
Diabetic Retinopathy Market

Diabetic Retinopathy Market is projected to propel by increasing adoption of artificial intelligence and deep learning technologies

Diabetic retinopathy is a disease affecting the retina of the eyes of people suffering from diabetes. Uncontrolled diabetes can cause damage to small blood vessels throughout the body, including the eyes. The blood vessels in the retina can swell and leak fluid or grow abnormal new blood vessels. This can cause blindness if not treated properly. The early stages of diabetic retinopathy usually don’t have symptoms, while later stages present vision problems. Regular eye screening exams help catch signs of diabetic retinopathy early when treatment is usually effective.

The Global Diabetic Retinopathy Market is estimated to be valued at US$ 8.26 Bn in 2024 and is expected to exhibit a CAGR of 48% over the forecast period 2024 to 2030.

Diabetic retinopathy occurs due to long term diabetes that leads to progressive damage to blood vessels inside the retina responsible for clear and distinct vision. Symptoms include blurred vision, dark or empty areas in the visual field, and shadows or dark spots that float across the field of vision. With increasing prevalence of diabetes globally, the number of people suffering from diabetic retinopathy is also expected grow significantly in the coming years.

Key Takeaways

Key players operating in the Diabetic Retinopathy Market Demand are IPT technology inc., Continental ag, Evatran group (plugless), Nidec mobility corporation, Renesas electronics, Powermat technologies, Qualcomm technologies, Robert Bosch Gmbh, Texas instruments, Toyota motor corporation, and Witricity. These players are developing advanced artificial intelligence and deep learning powered solutions to detect diabetic retinopathy at an early stage. Growing incidence of diabetes across both developing and developed nations has fueled the demand for screening and treatment of diabetic retinopathy. Major players are expanding their presence globally, especially in emerging Asian and Latin American countries to tap the potential opportunities.

Regular eye screening helps detect signs of diabetic retinopathy early. Early detection is important as it leads to timely treatment which is more effective in preventing vision loss. However, lack of awareness and access to screening in remote areas has been a challenge. Market players are focusing on developing affordable screening devices and tele-retinal screening programs to improve access and coverage in underserved regions globally. Countries in Asia Pacific and Middle East & Africa are eying massive opportunities in diabetic retinopathy management owing to growing diabetic populations.

Market Key Trends

The increasing adoption of artificial intelligence and deep learning technologies for diabetic retinopathy screening is one of the key trends in the market. AI & deep learning techniques can automatically analyze retinal scan images to detect signs of diabetic retinopathy. This allows for widespread implementation of digital retinal screening programs. AI tools have shown accuracy at par or better than expert clinicians in diagnosing different stages of diabetic retinopathy from retinal images. AI based screening is more economical and scalable than relying solely on ophthalmologists and specialists. This is expected to transform diabetic retinopathy management by enabling large scale screening of at-risk population and facilitating early detection.

Porter’s Analysis

Threat of new entrants: Large capital investments in R&D and clinical trials create barriers for new companies.

Bargaining power of buyers: Several effective therapeutics and devices are available, giving buyers more options.

Bargaining power of suppliers: Suppliers of core components and technologies have some pricing power.

Threat of new substitutes: Alternative therapies for treating retinopathy symptoms pose threats.

Competitive rivalry: Concentration of major firms intensifies competition to gain market share and differentiate products.

Geographical regions with highest market share in terms of value currently include North America and Europe due to growing aging population and increasing healthcare expenditures. The Asia Pacific region is poised to be the fastest growing market for diabetic retinopathy treatment during the forecast period driven by rising diabetes prevalence, growing economies, and healthcare infrastructure development in major countries like China and India.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it