Market Trends of Retinal Detachment Diagnostic Industry
This section covers the major market trends shaping the Retinal Detachment Diagnostic Market according to our research experts:
Rhegmatogenous Retinal Detachment Diagnostics is Expected to Dominate the Market
Rhegmatogenous retinal detachment (RRD) is the most prevalent kind of retinal detachment disorder. The patient's retina develops a hole, tear, or crack, and the vitreous gel leaks beneath the retina. The retina peels away from the layer beneath it when the liquid settles. In some circumstances, RRD can cause partial or complete visual loss. According to a report published in the Journal of Clinical & Experimental Ophthalmology 2020, the incidence of RRD increases with age. According to the World Health Organization, globally, people aged 60 years and above are expected to increase to 2.1 billion by 2050. The rising geriatric population globally is expected to increase the number of patients with RRD. This will stimulate market growth over the forecast period.
The early detection of the rhegmatogenous retinal detachment illness helps patients avoid financial hardship. According to the WHO, cataracts affect approximately 65.2 million people worldwide, causing moderate to severe vision loss in more than 80% of cases. When populations age and average life expectancy rises worldwide, so will the number of people with cataracts. This is expected to increase the demand for the diagnosis of these disorders, driving the growth of the market over the forecast period.
North America is Expected to Dominate the Retinal Detachment Diagnostic Market
North America is expected to dominate the market due to the extensive research & development activities that provide a platform for growth through consistent new product approvals. The increasing target disease and geriatric population are expected to support the market growth during the forecast period. North America has the most significant market share, ascribed to extensive research & development operations that provide a platform for growth through new product approvals regularly. Furthermore, according to the Centers for Disease Control and Prevention, in May 2020, around 17% of Americans over 40 had a cataract in at least one eye (about 20.5 million people). The same source stated that cataracts would affect around 30 million people by 2028.
The Centre for Disease Control and Prevention estimated that 4.1 million Americans had diabetic retinopathy, and nearly 900,000 was at risk of vision-damaging retinopathy in 2020. The rising number of vision disorders, increasing cases of cataracts, and the rising frequency of diabetes retinopathy contribute to the growth of the segment. For example, approximately 12 million people aged 40 and up had vision impairment in the United States, with approximately a million blind in 2020. Furthermore, the presence of many key players in North America is a major factor driving the growth of the market.
