The Global Retinal Vein Occlusion Market is expected to grow at a CAGR of 11.2% during the forecast period 2017-2023.
Glaucoma is a condition where the eye pressure causes damage to the optic nerve. The increasing number of patients with glaucoma is leading the retinal vein occlusion market offering a huge growth opportunity to the market players. Moreover, the growing number of patients affected with lymphoma and multiple myeloma is also fueling the growth of the global retinal vein occlusion market.
According to the Centers for Disease Control and Prevention, in 2014, around 47,135 people were diagnosed with leukemia and out of which 23,564 people died from the disease. According to the American Cancer Society, around 4% of all cancers in the United States is lymphoma, additionally, it is estimated that in 2018, about 74,680 people including both adults and children will be diagnosed with lymphoma and around 19,910 people will die from this. According to the American Cancer Society, the risk of acquiring multiple myeloma in the United States is 1 in 143 that is 0.7%, additionally, it is estimated that in 2018, around 30,770 new cases are likely to be diagnosed and the estimated death toll would be around 12,770.
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Major Market Players:
Some of the largest players in this market are IRIDEX Corporation, ZEISS, Allergan, Astrazeneca, Valeant Pharmaceuticals, Bayer, Regeneron Pharmaceuticals, Bristol-Myers Squibb, Ellex Medical Lasers, Novartis, Quantel Medical Inc, Johnson & Johnson Services, Inc, Topcon Medical Systems, Inc., Lumenis, GlaxoSmithKline Plc, Annexin Pharmaceuticals AB Sanofi Aventis, Alimera Sciences, Icon Biosciences, Suzuken Co.Ltd, Genentech, Inc., Fovea Pharmaceuticals SA, Ranbaxy Pharmaceuticals, Teva Pharmaceutical, Pfizer Inc., Aerpio Therapeutics Inc, and others.
The increasing prevalence of eye diseases and risk factors such as diabetes, is the clinical driver of the market. Growing demand for ophthalmology treatment owing to growth of industry and per capita income is fueling growth of the market. The retinal vein occlusion market is shifting towards the developing regions during the last few decades. Consequently, geographical and product expansion is the strategy adopted by a majority of the market players by direct investments or mergers and acquisitions. The inflexibility of demand for treatment due to the serious nature of the diseases is another driver for the market.
The high cost of treatment coupled with the side-effects and risks of treatment such as pain, bleeding, and others are hampering the growth of global retinal vein occlusion market.
To generate a bird’s view of the market the report has been segmented on the basis of type, condition, diagnosis, treatment, end user and regions.
On the basis of types, the market has been segmented into central retinal vein occlusion and branch retinal artery occlusion.
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Based on conditions, the market has been segmented into non-ischemic and ischemic.
On the basis diagnosis, the market has been segmented into optical coherence tomography (OCT), fundoscopic examination, fluorescein angiography, and others. Fundoscopic examination accounts for the fastest growing segment, at an 11.6 % CAGR during the forecast period.
Based on treatment, the market has been segmented into endothelial growth factor, anti-vascular, corticosteroid drugs, laser retinal photocoagulation, and others.
Based on end users, the market has been segmented into hospitals and clinics, research & academics centers, and others.
The Americas account for the largest share of the global retinal vein occlusion market which is projected to grow to USD 6,018.16 million by 2023. Increasing prevalence of retinal vein occlusion, presence of major market players, excellent reimbursement rates, presence of developed healthcare infrastructure, and faster uptake of new technology are the drivers of the U.S. market.
Europe secured the second position owing to strong support of government health programs, presence of large geriatric population, and high healthcare expenditure. The Organization for Economic Co-operation and Development (OECD), estimates the healthcare expenditure in Germany was EUR 321 billion in 2014, with France in the runner up position with EUR 237 billion of health care expenditure.
Asia Pacific is expected to be the fastest growing market owing to growing economy and per capita income of countries such as India and China. Asia Pacific is expected to be the fastest growing region at a rate of CAGR 11.4 %.
The Middle East & Africa is expected to generate moderate growth owing to poor healthcare infrastructure and low per capita income. Middle East countries such as Saudi Arabia, Qatar, UAE and Kuwait possessed the largest chunk of the market.
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