Retina is a layer of nerve tissue lining the back of the eye. Retina receives light and convert it into neural signals, and send these signals to the brain for visual recognition. The central part of the retina is known as macula, which is responsible for central vision. The remaining tissue outside the macula is responsible for peripheral vision. There are many types of retinal diseases. Some of these diseases involve only the macula such as age-related macular degeneration, macular pucker (epiretinal membrane), or macular hole; other diseases can impact the entire retina such as retinal detachment or diabetic retinopathy. The treatment of retinal diseases ranges from administration of eye drops to surgical procedures such as laser therapy, vitreoretinal surgery, and intraocular injection. All these procedures are aimed to preserve the integrity of the retina.
There is an alarming rise in the incidence of eye-related diseases, especially in developed countries, which in turn is anticipated to drive the growth of the global retinal drugs market during the forecast period. According to an update from the American Academy of Ophthalmology in 2016, about 93 million people had diabetic retinopathy worldwide, of which 4.2 million patients were from the U.S. Increasing health education initiatives about eye diseases to seek early treatment and prevent visual impairment in emerging regions are further anticipated to fuel the expansion of the global market for retinal drugs during the forecast period.
Several initiatives have been undertaken across the globe to spread awareness about diagnosis and treatment methods of ophthalmic diseases. The International Centre for Eye Health focuses on increasing awareness about eye health problems and treatment. The World Glaucoma Association has been arranging World Glaucoma Congress for the past six years to increase awareness and discussion about glaucoma treatment advancements. Macular Degeneration Association, Inc. arranges seminars every month across various places to increase treatment penetration for age-related macular degeneration (AMD). These initiatives are expected to increase the adoption of various treatment methods which in turn is projected to fuel the growth of the market.
The global market for retinal drugs has been segmented on the basis of retinal disorder, distribution channel, and region. On the basis of retinal disorder, the market is segmented into macular degeneration, diabetic eye disease, retinal detachment, retinoblastoma, macular pucker, macular hole, and others. In terms of distribution channel, the market is categorized into hospital pharmacies, online pharmacies, and independent pharmacies and drug stores. On the basis of region, the global retinal drugs market is distributed over North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Globally, North America is expected to account for a significant share of the market in terms of revenue. High research and development activities in the field of ophthalmic drugs, rising patient population, and high disposable income are factors which are attributed to the high market share of the region. According to data published by Nano Retina (member of the Rainbow Medical Group), in 2014, about 170 million people were affected with AMD worldwide, of which 15 million people were from the U.S. The number of people affected with AMD is expected to reach 288 million by 2040 globally. Europe is expected to hold the second largest share of the market owing to rising incidence of retinal disorders, increasing awareness among people about treatment options, and growing prevalence of diabetes. Asia Pacific is expected to show a strong growth rate during the forecast period. Large population of diabetic patients, increasing government initiatives to create awareness among people about eye disorders and treatment, rising investment by major players in pharmaceutical and biotechnology industries in emerging countries of the region such as India and China are expected to propel the growth of the Asia Pacific market.
The global retinal drugs market is highly fragmented due to the participation of many global as well as new players. Major players operating in the market are Santen Pharmaceutical Co., Ltd., Regeneron Pharmaceuticals, Inc., Shire Plc, Bayer AG, Novartis International AG, Valeant Pharmaceuticals International, Inc., and Merck & Co., Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.