Market Size of Retinal Detachment Diagnostic Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 1.08 Billion |
Market Size (2029) | USD 1.52 Billion |
CAGR (2024 - 2029) | 7.12 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Retinal Detachment Diagnostic Market Analysis
The Retinal Detachment Diagnostic Market size is estimated at USD 1.08 billion in 2024, and is expected to reach USD 1.52 billion by 2029, growing at a CAGR of 7.12% during the forecast period (2024-2029).
The COVID-19 pandemic caused uncertain forecasts, shifts in short-term planning goals, and a focus on near-term cost management and long-term complexity management concerns. According to the National Library of Medicine, the rate of retinal detachment diagnosed in its emergent ophthalmology consultation decreased significantly during the COVID-19 pandemic, and patients waited longer before asking for an ophthalmologic examination. These findings were probably due to the fear of contracting the COVID-19 infection attending hospital environments. Hence, COVID-19 significantly impacted the retinal detachment diagnostic market due to the abovementioned factors.
The increasing prevalence of retinal disorders is driving the growth of the market. According to WHO estimates of September 2021, globally, 180 million people were visually disabled, and 40-45 million people were blind. The same source stated that around 80% of global blindness is preventable, i.e., the condition can be addressed if the requisite knowledge and medical interventions are provided at the right time or result from certain conditions that can be prevented. Concerted awareness efforts are being made by the international community, including organizations such as World Health Organization and its member states, nongovernmental organizations (NGOs), the private sector, and other UN agencies.
The demand for efficient diagnostic devices is also increasing owing to rapid technological advances. Novel technological platforms are no doubt highly efficient. However, they are available at high prices initially. The cost of ophthalmic laser treatment is considerably high owing to the high cost of the laser devices, which makes them unaffordable for low- and middle-income groups. In addition, installation and service costs are high. The average price of ophthalmic lasers is likely to be valued in the range of USD 20,000-USD 75,000, while treatments are priced at over USD 2,077 per eye for LASIK refractive correction surgery. This is expected to have a negative impact on the market during the forecast period.
Retinal Detachment Diagnostic Industry Segmentation
Retinal detachment occurs when the light-sensitive membrane (retina) in the back of the eye separates from its supporting layers. Most retinal detachments occur due to retinal break, tear, or hole. Retinal detachment can cause partial or total blindness, depending on how much the retina is detached. It is a severe medical condition and medical emergency.
The retinal detachment diagnostic market is segmented by Disease (Rhegmatogenous Retinal Detachment, Exudative, Serous or Secondary Retinal Detachment, Tractional Retinal Detachment), Diagnostics (Fundus Photography, Ophthalmoscopy, Digital Retinal Camera, Flouroscent Retinal Angiography, Other Diagnostics) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value in USD million for the above segments.
By Disease Type | |
Rhegmatogenous Retinal Detachment | |
Exudative, Serous or Secondary Retinal Detachment | |
Tractional Retinal Detachment |
By Diagnostics | |
Fundus Photography | |
Ophthalmoscopy | |
Digital Retinal Camera | |
Fluorescent Retinal Angiography | |
Others |
Geography | ||||||||
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Retinal Detachment Diagnostic Market Size Summary
The retinal detachment diagnostic market is poised for significant growth, driven by the increasing prevalence of retinal disorders and advancements in diagnostic technologies. The market is experiencing a surge in demand for efficient diagnostic devices, although the high initial costs of novel technological platforms pose challenges, particularly for low- and middle-income groups. The rising geriatric population, particularly those aged 60 and above, is expected to contribute to the market's expansion, as age-related conditions like rhegmatogenous retinal detachment (RRD) become more prevalent. Early detection of such disorders is crucial in preventing financial hardship for patients, further fueling the demand for diagnostic solutions. The market's growth is also supported by concerted awareness efforts from global organizations, emphasizing the importance of timely medical interventions to prevent blindness.
North America is anticipated to lead the market, bolstered by extensive research and development activities that facilitate regular new product approvals. The region's dominance is further supported by a significant geriatric population and a high incidence of vision disorders, such as cataracts and diabetic retinopathy. The presence of key market players in North America, coupled with their robust distribution systems and research funding, strengthens their market position. Meanwhile, the Asia-Pacific region is witnessing the emergence of smaller players, driven by increased awareness and demand for retinal detachment diagnostics. Global key players, including Revenio Group Corporation, Canon Medical Systems Corporation, and Carl Zeiss Meditec Inc., continue to shape the market landscape through strategic acquisitions and innovations, ensuring sustained growth and development in the coming years.
Retinal Detachment Diagnostic Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increase in the Demand of Minimally Invasive Procedures
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1.2.2 Rising Geriatric Population
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1.2.3 Increase in the Number of Cataract Surgeries
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1.3 Market Restraints
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1.3.1 High Price of Retinal Surgery Equipments
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Disease Type
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2.1.1 Rhegmatogenous Retinal Detachment
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2.1.2 Exudative, Serous or Secondary Retinal Detachment
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2.1.3 Tractional Retinal Detachment
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2.2 By Diagnostics
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2.2.1 Fundus Photography
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2.2.2 Ophthalmoscopy
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2.2.3 Digital Retinal Camera
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2.2.4 Fluorescent Retinal Angiography
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2.2.5 Others
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Retinal Detachment Diagnostic Market Size FAQs
How big is the Retinal Detachment Diagnostic Market?
The Retinal Detachment Diagnostic Market size is expected to reach USD 1.08 billion in 2024 and grow at a CAGR of 7.12% to reach USD 1.52 billion by 2029.
What is the current Retinal Detachment Diagnostic Market size?
In 2024, the Retinal Detachment Diagnostic Market size is expected to reach USD 1.08 billion.