Retinal Detachment Diagnostic Market is Segmented By Disease Types (Rhegmatogenous Retinal Detachment, Exudative, Serous or Secondary Retinal Detachment, Tractional Retinal Detachment, By Diagnostics. Fundus Photography, Ophthalmoscopy, Digital Retinal Camera, Fluorescent Retinal Angiography, Others), By End-User (Hospitals, Specialty Clinic, Ambulatory Surgery Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.
Retinal Detachment Diagnostic Market is Predicted to reach at a CAGR of 5.4% during the forecast period (2022-2029).
Retinal detachment is an eye disorder in which a layer of tissue at the back of the eye processes light pulls away from the surrounding tissue. It involves a tear in the retina, which allows fluid in the eye to get behind the retina. Because this causes retinal dysfunction, it can result in permanent vision loss if not treated promptly. A retinal detachment can occur due to severe nearsightedness, eye injury or cataract surgery, or a family history of retinal detachment.
Retinal Detachment Diagnostic Market
Metrics |
Details |
Market CAGR |
5.4% |
Segments Covered |
By Disease Type, By End-User, and By Region |
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
Fastest Growing Region |
Asia Pacific |
Largest Market Share |
North America |
Retinal Detachment Diagnostic Market Dynamics
Government initiatives to improve public health and expand insurance coverage accelerate market growth. Furthermore, an increase in cataract surgeries, myopia, and a steadily growing geriatric population in countries like China and Japan (as per the United Nations' 2017 "World Aging Population" report) is the main market driving the Retinal detachment diagnostic market.
Rising prevalance of visual diseases in the market will drive the market growth
According to World Health Organization (WHO), 180 million people worldwide are visually impaired, and between 40 and 45 million are blind.
According to WHO estimates, approximately 80% of global blindness is preventable. The condition can be addressed if the necessary knowledge and medical interventions are provided at the right time or the result of certain conditions that can be avoided.
The international community, including organizations such as WHO and its member states, nongovernmental organizations (NGOs), the private sector, and other UN agencies, has made concerted efforts to raise awareness. The global eye health action plan 2014–2019 aims to reduce avoidable visual impairment as a worldwide public health problem and ensure that the visually impaired have access to rehabilitation treatments. As a result, the global retinal detachment therapy market is expected to grow throughout the forecast period.
According to the action plan, multilateral organizations and their member states have set a goal of reducing the number of patient instances of preventable vision impairment by 25% by 2019 compared to the WHO baseline set in 2010.
Rapid technological advancements are also increasing the demand for effective diagnostic gadgets. Innovative technical platforms are undeniably effective.
According to World Population Prospects: the 2019 Revision, by 2050, one in every six people in the world will be over the age of 65 (16%), up from one in every eleven in 2019. (9 percent ). By 2050, one in every four people in Europe and Northern America maybe 65 or older. For the first time, people aged 65 and up outnumbered children under five globally in 2018. The number of people aged 80 and up is expected to triple, rising from 143 million in 2019 to 426 million in 2050. Hence, an increase in the global geriatric population is expected to increase the demand for diagnsotics devices, which contributes to the growth of the global retinal detachment diagnostic market.
High price of retinal surgical equipments is likely to hamper the market growth
The cost of ophthalmic laser treatment is quite high due to the high cost of laser instruments, making it prohibitive for low- and middle-income individuals. Furthermore, the costs of installation and service are expensive. The typical cost of ophthalmic lasers is expected to be in the region of US$ 20,000 to US$ 75,000, with LASIK refractive surgery treatments costing more than US$ 2,077 per eye. Thus, the high cost of devices and treatment act as a restraint to the growth of the market.
COVID-19 Impact Analysis
The retinal detachment diagnostics market is dynamic, with significant business development opportunities. Still, the current COVID-19 conditions have caused uncertain forecasts, shifts in short-term planning goals, and a focus on near-term cost management and long-term complexity management concerns. Profit pool growth in the retinal detachment diagnostics market varied in 2020, as firms swiftly aligned their strategies to the existing market conditions fully succeeded. Underneath the uncertainties, the study assists in discovering growth and business expansion chances.
Retinal Detachment Diagnostic Market Segment Analysis
The rhegmatogenous retinal detachment segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
The most prevalent kind is rhegmatogenous retinal detachment (RRD). The patient's retina develops a hole, tear, or crack in this scenario. The vitreous gel leaks beneath the retina as a result of this. The retina peels away from the layer beneath it when the liquid settles. In some circumstances, RRD can cause partial or complete visual loss.
The incidence of RRD increases with age. According to the United Nations' 2017 "World Aging Population" study, the number of patients with RRD is predicted to rise as the worldwide senior population grows. As a result, early detection of the illness aids patients in avoiding 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. As populations age and average life expectancy rise worldwide, so will the number of people with cataracts. This is expected to increase the demand for diagnsotic of these diorders, hence drive the market growth over the forecast period.
Retinal Detachment Diagnostic Market Geographical Analysis
North America region holds the largest market share of global retinal detachment diagnostic market
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa account for the majority of the Global Retinal Detachment Diagnostic market.
North America has the greatest market share, which may be ascribed to extensive R&D operations that provide a platform for growth through new product approvals on a regular basis. The market in Asia-Pacific is also expected to develop as people become more aware of the gadgets' availability and benefits. During the forecast period, the market is expected to rise due to rising target disease and geriatric population.
Furthermore, according to the CDC, around 17% of Americans over the age of 40 have a cataract in at least one eye (about 20.5 million people). Cataracts are expected to affect over 30 million people by 2028. The Central for Disease Control and Prevention estimates that 4.1 million Americans have diabetic retinopathy, and nearly 900,000 are at risk of vision-damaging retinopathy. The rising number of vision disorders, the rising cases of cataract, and the rising frequency of diabetes retinopathy contribute to the segment's rise. For example, approximately 12 million people aged 40 and up have vision impairment in the United States, with approximately a million blind. Globally, the statistics are similar, with the World Health Organization reporting that over 2.2 billion people have eye and vision problems.
The world's senior population is rapidly increasing, with people aged 60 and up accounting for more than 10% of the population, a figure that is anticipated to rise to more than 20% by 2050. Compared to younger persons, the elderly population is more susceptible to infectious diseases. Furthermore, the presence of many key players in North America is a major factor driving market growth.
On the other hand, Asia-Pacific is assessed to grow the fastest during the forecast period, owing to increased healthcare spending and increased awareness about treatment option. Other factors that contribute to the market's growth include a large patient base of various chronic diseases such as diabetic retinopathy and cataract, which contribute to the growth of the Asia-Pacific retinal detachment diagnostic market.
Retinal Detachment Diagnostic Market Competitive Landscape
The retinal detachment diagnostic market is highly competitive with presence of several major players contributing to the growth of the market including Essilor International SA, Heal Pros LLC, Millennium Surgical Corp, ONL Therapeutics, Peck Vision Ltd, Synergy Medical, Canon Medical System Corporation, Carl Zeiss Meditec Inc, Centerme SpA,Eyenuk Inc,IMO,IRIDEX Corporation,Optos..
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the blood and blood products market globally. For instance, Essilor launched the StellestTM lens in China in 2020, ushering in a new generation of spectacle lens solutions that slow the progression of myopia in children.
Frequently Asked Questions
What is the Projected CAGR value of the Retinal Detachment Diagnostic Market?
Retinal Detachment Diagnostic Market is expected to grow at a CAGR of 5.4% during the forecasting period 2022-2029.
Which region controlled the global market during 2022-2029?
North America region Controls the Retinal Detachment Diagnostic Market during 2022-2029
Which is the fastest growing region in the Retinal Detachment Diagnostic Market?
Among all regions, Asia Pacific is the fastest growing market share during the forecast period