Retinal vein occlusion (RVO) is a disorder of the retina. Retinal vein occlusion is generally caused when the blood flow from the retina gets blocked due to a blot clot. RVO is tagged as one of the most common causes of the loss of vision across the globe. The global retinal vein occlusion market is anticipated to expand at an 11.2% CAGR through the forecast period of 2017-2023. The market for retinal vein occlusion is expected to grow exponentially due to an increasing prevalence of eye diseases and lifestyle-based diseases such as diabetes and blood pressure. On the other hand, rising demand for better eye treatments is expected to push the market growth of retinal vein occlusion to a great extent. However, the expensive nature of treatments and harmful side-effects that are associated with such procedures are expected to pose as significant market restraints over the forecast period.
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Market Segmentation
The global retinal vein occlusion (RVO) market is segmented by type, condition, treatment, diagnosis, end-user, and region. Based on type, the global retinal vein occlusion market is segmented into branch retinal artery occlusion and central retinal vein occlusion. Based on the condition, the global RVO market is segmented into non-ischemic and ischemic. Based on treatment, the global retinal vein occlusion market is segmented into antivascular endothelial growth factor, corticosteroid drugs, and laser retinal photocoagulation. Based on the diagnosis, the global retinal vein occlusion (RVO) market is segmented into optical coherence tomography (OCT), fluorescein angiography, and fundoscopic examination. Based on end-user, the global RVO market is segmented into hospitals clinics, and research and academic centers.
Detailed Regional Analysis
The global retinal vein occlusion market is regionally segmented into the Americas, Europe, Asia Pacific, and the Middle East Africa. Among these regional segments, the Americas are expected to spearhead the global retinal vein occlusion (RVO) market through the forecast period. This market command can be owed to the increasing prevalence of eye diseases and a rising number of market players in the region. With an improvement noted in the surgical outcomes and the presence of strong economic conditions, the focus of research institutes on constant innovation of better technology can be observed. This, in turn, is anticipated to promote sizeable growth in the global retinal vein occlusion (RVO) market.
Europe is expected to follow the Americas and hold the second largest share of the RVO market during the forecast period. Attributable factors include increasing government support and the presence of a huge geriatric population in the region. A burgeoning healthcare spending in the region is also projected to fuel growth in the regional RVO market by 2023. As per the report published by the Organization of Economic Co-operation and Development (OECD), the healthcare expenditure in Germany was EUR 321 billion in 2014.
Asia Pacific is likely to ascend at the fastest rate through the forecast period of 2017-2023. Owing to a large number of developing economies present, the regional retinal vein occlusion market is anticipated to grow at a lucrative rate. India and China are projected to be major contributors to growth in the regional retinal vein occlusion (RVO) market.
The Middle East Africa is projected to garner the smallest market share owing to the lack of proper healthcare infrastructure and lower development witnessed by the same. However, in countries exhibiting high economic development, namely, Qatar and Kuwait, the market is expected to showcase impressive levels of growth, thanks to the developing healthcare infrastructure and medical facilities in the region.
Key Players
The global retinal vein occlusion market is highly influenced by the activities undertaken by several noteworthy market players including Allergan, Bristol-Myers Squibb, Bayer, Regeneron Pharmaceuticals, GlaxoSmithKline Plc, ZEISS, Ellex Medical Lasers, IRIDEX Corporation, Quantel Medical Inc, Novartis, Topcon Medical Systems, Inc., Fovea Pharmaceuticals SA, Suzuken Co.Ltd, Lumenis, Valeant Pharmaceuticals, Ranbaxy Pharmaceuticals, Sanofi Aventis, Teva Pharmaceutical, Alimera Sciences, Icon Biosciences, Aerpio Therapeutics Inc, Genentech, Inc., Pfizer Inc., Johnson Johnson Services, Inc,AstraZeneca, and Annexin Pharmaceuticals AB.
Industry Update
Jan 2019: As per a clinical trial conducted on 58 patients with macular edema caused by central retinal vein occlusion, adding laser-induced chorioretinal anastomosis to an anti-VEGF treatment can help reduce the number of injections needed.
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