Retinal Biologics Market: Rise in the Incidences of Diabetes across the Globe to Drive the Market
Wilmington, Delaware, United States, Transparency Market Research Inc. – There has been a remarkable rise in the incidences of diabetes across the globe, which is expected to drive the global retinal biologics market. Mortality, morbidity, and the economic burden related to diabetes related complications have become a public health concern worldwide. Diabetic retinopathy is one of the leading causes of vision loss worldwide. According to the findings of a study on diabetic retinopathy, it has been projected that the number of people suffering from diabetic retinopathy would rise to 629 million through 2045. The same figure stands at 422 mn now.
The global retinal biologics market is likely to exhibit considerable growth clocking a sound rate of growth during the assessment period of 2019-2027. The global retinal biologics market is segmented on the basis of distributional channel, drug class, indication, and region.
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Global Retinal Biologics Market: Notable Developments
There have been some developments in the global retinal biologics market, one of which is mentioned below:
In November 2018, Novartis International AG made an announcement about approval of its one-time gene therapy treatment, Luxturna, by the European Commission (EC). This newly approved therapy will be used in the treatment of patients with vision loss resulting from genetic mutation related to retinal dystrophy gene. To make the treatment successful, the patients need to have substantial usable retinal cells. The U.S.-based Spark Therapeutics commercializes and develops Luxturna in the U.S.
Some of the renowned companies operating in the global retinal biologics market are as follows
- F. Hoffmann-La Roche Ltd
- Regeneron Pharmaceuticals, Inc.
- Johnson & Johnson Services, Inc.
- Spark Therapeutics, Inc.
- Amgen Inc.
- Novartis International AG
Global Retinal Biologics Market: Key Trends
The following trends and opportunities are likely to be exhibited by the global retinal biologics market over the period of assessment.
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Increased Prevalence of Diabetes and Macular Degeneration Escalates Demand for Retinal Biologics
According to American Macular Degeneration Foundation, more than 10 million Americans are affected with macular degeneration. It has emerged as a leading cause for vision loss across the globe. Generally, people above the age of 50 years are prone to suffer from macular degeneration. The global retinal biologics market is expected to derive support from the rising prevalence of macular degeneration worldwide despite availability of improved options of treatment.
Treatments of diabetic macular edema and diabetic retinopathy substantially include retinal biologics in its therapy. The global retinal biologics market rides high on the back of phenomenal rise of diabetes and complications associated with it.
Diabetic macular edema also emerges as a consequence of diabetic retinopathy leading to the rise in incidences of macula. According to a statistics by Prevent Blindness, an international non-profit organization, nearly 5.3% of the total population in the U.S. is affected with diabetic retinopathy.
VEGF-Aantagonist is mostly prescribed for the treatment of diabetic macular edema and diabetic retinopathy. The global retinal biologics market is also likely to be driven by increasing burden of other diseases related to retina like orbital inflammation and uveitis.
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Global Retinal Biologics Market: Geographical Analysis
The global retinal biologics market is split into the principal regions of the Middle East and Africa, Latin America, North America, Europe, and Asia Pacific.
North America is estimated to account for a leading share of the global retinal biologics market. North America is likely to continue to be one of the leading revenue generating regions of the market in times to come. Consistent improvement of the healthcare infrastructure, along with rising cases of retinal disorders, and beneficial reimbursement policies are likely to support growth of the regional market.
Europe is also expected to grow steadily over the period of forecast. Countries like France, Germany, the U.K. and Spain are likely to witness increase in demand for retinal biologics.
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