Retinal Vein Occlusion Market: Introduction
According to the report, the global retinal vein occlusion market was valued at US$ 15.6 Bn in 2020 and is projected to expand at a CAGR of 7.3% from 2021 to 2031. Retinal vein occlusion is the blockage of the retinal vein due to blood clot. Retinal vein occlusion is the second most common cause of visual impairment globally.
A blood clot causes a blockage in the vein, which starts draining blood from retina, resulting in swelling and bleeding, affecting the vision of the person. Rise in prevalence of eye diseases globally, increase in the geriatric population, surge in awareness about eye disorders, improved healthcare infrastructure, technological advancements, and upcoming novel treatments are the major drivers of the global retinal vein occlusion market.
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North America held major share of the global retinal vein occlusion market in 2020 due to improved healthcare infrastructure, rise in prevalence of eye diseases, advanced technology, and increase in the geriatric population. The retinal vein occlusion market in Asia Pacific is likely to expand at a high CAGR of 9.7% from 2021 to 2031. Increase in incidence of eye diseases in Asia Pacific, especially in China, Singapore, Indonesia, and other countries in Southeast Asia, and rise in healthcare expenditure are expected to fuel the growth of the market in Asia Pacific from 2021 to 2031.
Central Retinal Vein Occlusion Segment Dominated Global Market
In terms of type, the global retinal vein occlusion market has been bifurcated into central retinal vein occlusion and branch retinal vein occlusion. The central retinal vein occlusion segment dominated the global retinal vein occlusion market in 2020, and the trend is projected to continue during the forecast period.
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Anti-VEGF Drugs Held Major Share of Global Market
Based on treatment type, the global retinal vein occlusion market has been classified into anti-VEGF drugs, corticosteroid drugs, pan-retinal photocoagulation therapy, and laser therapy. The anti-VEGF drugs segment held major share of the global retinal vein occlusion market in 2020. Rise in prevalence and incidence of diabetes drives the segment.
North America to Dominate Global Market; Asia Pacific to Offer Significant Opportunities
In terms of region, the global retinal vein occlusion market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is anticipated to account for leading share of the global retinal vein occlusion market during the forecast period. The retinal vein occlusion market in Asia Pacific is projected to grow at a rapid pace in the near future. India and China are likely to be lucrative markets for retinal vein occlusion treatment during the forecast period.
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Growth Strategies of Key Players
Key players operating in the global retinal vein occlusion market are Alimera Sciences, Allergan (AbbVie, Inc.), Annexin Pharmaceuticals AB (publ), Bayer AG, Carl Zeiss AG, F. Hoffmann-La Roche Ltd., Iridex Corporation, Lumenis, Nidek Co., Ltd., Novartis AG, Regeneron Pharmaceuticals, Inc., and Topcon Corporation. The global retinal vein occlusion market is semi-consolidated with the presence of international and local players.
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