Global Statistics Representing Retinal Vein Occlusion Market Scenario
Retinal vein occlusion (RVO) causes permanent blindness. It is dominant in the geriatric population. However, it can also be found in people with leukemia, glaucoma, lymphoma, and multiple myeloma. Retinal vein occlusion is broadly categorized into central retinal artery occlusion (CRAO) and branch retinal vein occlusion (BRVO). Glaucoma is another such condition that damages optic nerves and causes retinal vein occlusion, which is becoming another point of concern across the globe. For instance, around 4.5 million people have lost their vision to primary glaucoma, WHO. Moreover, it costs USD 2.9 billion to the U.S. economy every year, BrightFocus organization.
Currently, number of drugs are available in the market for treating RVO. However, Anti-VEGF is the most preferred drug but its cost way higher than some of the other available drugs. For instance, a dose of ‘Ranibizumab’ 0.5 mg costs around USD 1,950–USD 2,023, American Academy of Ophthalmology. Now, this becomes unaffordable for the people with low income, especially in economically backward countries. In line with this, many players are trying to seize this opportunity by introducing off label and inexpensive drugs to the market. For instance, ‘bevacizumab’ by Avastin is a cheaper option for ‘Ranibizumab’, which cost less than USD 60 per dose.
Global retinal vein occlusion market is expected to reach USD 1,789.5 million by 2026 with the CAGR of 13.2% during the forecast period of 2019-2026.
Branch Retinal Vein Occlusion to Dominate the Retinal Vein Occlusion Market
For a better understanding of the global retinal vein occlusion market, we have segmented the market by types, condition, diagnosis, treatment, and end-user.
By type, the global retinal vein occlusion market is segmented into branch retinal artery occlusion and central retinal vein occlusion. BRVO is expected to hold the largest market share as a result of the increasing prevalence of high blood pressure, heart diseases, and glaucoma. Cardiovascular diseases are leading cause of death globally. Every year, over 19.8 million people die of cardiovascular diseases, WHO. In addition, over 3 million people are suffering from glaucoma, out of which more than 120,000 people have already lost their eyesight to the disease, Glaucoma Research Foundation.
A range of options are available in the market for diagnosing retinal vein occlusion. Here, we broadly segmented diagnosis by optical coherence tomography (OCT), fundoscopic examination, and fluorescein angiography. Moreover, the ability to detect and produce accurate high depth-resolved images of different vascular layers of the retina has led to the growing demand for OCT for diagnosing retinal abnormalities.
Asia Pacific to Offer Lucrative opportunity for RVO Treatment
Global retinal vein occlusion market is segmented by the Americas, Asia Pacific, Europe, and the Middle East and Africa.
North America is dominating the global retinal vein occlusion market as a result of high investment in research and development activities in the region. The region is witnessing high prevalence of diabetes and hypertension, which further boost the incidence of RVO in the region. For instance, around 30.3 million Americans had diabetes and over USD 327 billion were spent on treating the disease in 2017, American Diabetes Association. Moreover, smoking is another major risk factor that induces high blood pressure and over 100 million Americans suffer from high blood pressures each year, Heart Organization. To fight this disorder, a huge investment is required for the proper treatment of RVO.
Asia Pacific is the emerging retinal vein occlusion market and is likely to witness significant growth during the forecast period 2019–2026. Currently, the region is homing the largest geriatric population of the world. Today, RVO and glaucoma are affecting this population at an exponential rate. For instance, around 33 million people would suffer from glaucoma by 2040 in South-Central Asia, International Agency for the Prevention of Blindness. In 2017, over 72.8 million Indians were suffering from diabetes, and the country has spent over USD 31 billion on its treatment in 2017, IDF.
Prominent players in the market are ALLERGAN, Bayer AG, Bristol-Myers Squibb Company, Regeneron, Ellex, Novartis AG, F. Hoffmann-La Roche Ltd, Topcon Corporation, IRIDEX Corporation and Sanofi.
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