Diabetes Associated Ophthalmic Treatment Market Growth & Trends
The global diabetes associated ophthalmic treatment market size is expected to reach USD 44.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.5% from 2021 to 2028. The increasing prevalence of type II diabetes, geriatric population, and availability of early detection techniques are some of the factors driving the growth. This is coupled with technological advancements and increasing awareness of early diagnostics to help increase the success rate of the available treatment options. An increasing number of clinical trials to assess new drugs and devices for the prevention and management of these ophthalmic conditions are expected to fuel market growth in upcoming years.
COVID-19 related diabetic and ophthalmic complications are expected to boost the market for diabetes associated ophthalmic treatment methods. COVID-19 has a long-term effect on diabetic conditions. This is expected to increase the demand for treatment procedures in upcoming years. An increasing number of initiatives being undertaken by governments and nonprofit organizations to increase diabetes associated ophthalmic disease awareness is expected to boost the adoption of devices used for the treatment. Furthermore, WHO and IDF are working together to prevent and control diabetes and ensure good quality of life for people worldwide by providing accessible treatment facilities.
Diabetes Associated Ophthalmic Treatment Market Report Highlights
- The diabetic retinopathy segment has captured the largest revenue share in 2020 followed by diabetic associated macular degeneration and glaucoma
- The drugs segment dominated the market and accounted for the highest revenue share in 2020 owing to factors such as the presence of major key players operating in the global market, high adoption rate, increased clinical trials to develop innovative drugs
- The hospitals segment is predicted to witness the fastest growth rate over the forecast timeframe due to the increasing number of patient visits and advanced infrastructure in hospitals as compared to other healthcare facilities. An increasing number of hospital admissions of diabetes patients is boosting the demand for the segment, thereby propelling the growth
- North America held the largest revenue share in the market and is expected to maintain its dominance over the forecast period