The size of the Latin America Diabetic Retinopathy Market is forecasted to value USD 1.40 billion by 2028 from USD 0.97 billion in 2023, growing at a CAGR of 7.69% during the forecast period.
Latin America is projected to account for a considerable share in the global market during the forecast period. Favorable government initiatives and clinical guidelines are expected to increase the diagnosis and treatment rate, thereby fuelling the market's growth in the region.
Diabetes is a long-lasting condition associated with an abnormally high level of glucose in the blood. Deficient or non-production of insulin in the pancreas causes diabetes. Diabetic retinopathy is the most common complication of diabetes that affects the eyes. People suffering from diabetes type I and II have the threat of developing diabetic retinopathy. Swelling or leakage of blood vessels of the retina is the cause of the disease.
Increasing occurrences of diabetes, a growing geriatric population base, and the rising demand for early detection are key drivers of the Latin American diabetic retinopathy market. Furthermore, refining healthcare infrastructure, increasing demand for cost-effective and safe treatment, and rising focus of market players in developing regions are also predicted to propel market growth.
An increase in the older population, along with a growing demand for cataract surgery and age-related changes to the eye, has resulted in a shortage of qualified ophthalmologists. In addition, people are hesitant to undergo therapy because of the rising costs of treatments and drugs, further limiting the market growth. Also, there is an increase in the market players having alternative treatments with convenient pricing due to extended approval time for drugs. However, it is very time-consuming and has lengthy procedures that can affect market growth adversely.
This research report on the Latin American diabetic retinopathy market has been segmented and sub-segmented into the following categories:
By Treatment Type:
Geographically, the Latin American diabetic retinopathy market is expected to witness a moderate share in the global diabetic retinopathy market during the forecast period. Retinopathy is a silent illness that leads to blindness, affects one out of every three diabetes patients, although physicians little recognize it at public health facilities. According to the Mexican Council of Ophthalmology, it takes 5-15 years for a person with diabetes to acquire this problem, depending on their level of care and clinical management.
In Latin America, the incidence of type 1 diabetes ranges from 0.4 to 8.3 instances per 100000 children under the age of 15. In contrast, the prevalence of type 2 diabetes ranges from 1.2 to 8%, with greater rates in metropolitan regions.
However, the diagnosis by the general practitioner is delayed in half of the instances. Diabetic retinopathy is the world's third most common cause of permanent blindness. The general public is becoming more aware of the different treatment options and the advantages of early identification of diabetic retinopathy.
As a result, technologically enhanced techniques and equipment, such as better ocular diagnostic and surgical instruments, have become widely adopted. These techniques and technology allow for early identification and effective treatment of the disease with greater precision and less patient discomfort.
KEY MARKET PLAYERS:
Companies playing a notable role in the Latin American Diabetic Retinopathy Market profiled in the report are 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.
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