The size of the Diabetic Retinopathy Market in Europe has been estimated at USD 1.34 billion in 2022. It is projected to reach USD 1.84 billion by 2027, at a CAGR of 6.55% during the forecast period.
Diabetic retinopathy is a medical condition which damages the retina and leads to blindness if untreated or undiagnosed. The degree of treatment of diabetic retinopathy varies according to various stages of the disease and is mainly prioritized to curb the epidemic at its initial stage.
Growth enhancing factors are government initiatives, abundant R&D activities, and skill set enhancement of healthcare providers. Such supportive initiatives, coupled with rising awareness among patients, are anticipated to result in lucrative growth. Treatment of diabetic retinopathy is expected to gain patients' willingness for treatment by introducing advanced technology and reducing pain by using laser procedures with quick recovery time.
The adoption of sedentary lifestyles and changes in food habits is driving the demand of the market. An increasing number of diabetic patients is also considered a significant factor propelling the growth of the European diabetic retinopathy market. Growing awareness over the availability of drugs for different diseases is accelerating the demand of the market. In addition, the rise in the geriatric population and increasing incidences of blindness due to damage of blood vessels in the retina is gearing up the need of the market. Also, the growing number of surgical treatment procedures is prompting the growth of this market in Europe.
Growth opportunities for the market lie in the emergence of the latest technological developments and innovative devices in favor of the end-user. In addition, increasing concern towards health among individuals, the rise in the knowledge over the treatment procedures, and the availability of trained physicians are leveraging the market's growth. Furthermore, increasing the construction activities of hospitals with the latest equipment is fueling the demand of the market.
However, fluctuations in the production rate of the devices in the medical sector and the cost of installation and maintenance of the equipment is a bit expensive are slowly hampering the growth of the diabetic retinopathy market. In addition, stringent rules and regulations by the government in approving new products have remained a challenging factor for the market.
This research report on the European diabetic retinopathy market has been segmented and sub-segmented into the following categories:
By Treatment Type:
Based on the region, the European diabetic retinopathy market accounted for a substantial share in the global market in 2020, driven by rising patient awareness levels, particularly in the Western European countries. In addition, increasing support from the government through investments is merely magnifying the growth rate of the UK diabetic retinopathy market.
Many people's increasing incidences of obesity and cardiovascular problems due to their lifestyle are lavishing the diabetic retinopathy market in Spain. In addition, the rise in the funds from both private and public organizations is gearing up the growth rate in the Spain market.
Ongoing research in the biotechnology field is ascribed to bolster the demand of the German diabetic retinopathy market. Growing priority for laser treatment surgeries is also broadening the need of the market in Germany.
Growing demand for low-cost and secure operative surgical procedures is raising the need for diabetic retinopathy in Italy.
People's interest in healthy lifestyles and increasing demand for early diagnosis to have a permanent cure for the diseases is enormously accelerating the diabetic retinopathy market in France.
KEY MARKET PLAYERS:
Companies such as Bayer AG, Pfizer Inc., Hoffmann-La Roche Ltd., Regeneron Pharmaceutical Inc., Novartis AG, Valeant Pharmaceutical International Inc., Abbott Laboratories Inc., Alimera Science Inc., and Ampio Pharmaceuticals Inc. are playing a leading role in the North American diabetic retinopathy market.
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