The global inherited retinal diseases (IRDs) market is driven by the increasing prevalence of severe vision loss and blindness caused by these rare genetic disorders. Gene therapy holds significant promise for the treatment of IRDs, with the unique physical makeup of the retina making it an ideal target for administration. The potential for correcting faulty genes and slowing disease progression is propelling research and development efforts in this field. As advancements continue, the market for gene therapy and other innovative treatments for IRDs is expected to witness substantial growth, offering hope to patients and their families.
According to Data Bridge Market Research, the Global Inherited Retinal Diseases Market will grow at a CAGR of 7.9% during the forecast period of 2022 to 2029.
“Increase in the prevalence of inherited retinal diseases drive the market growth”
The increase in the prevalence of inherited retinal diseases (IRDs) acts as a significant driver of the global inherited retinal diseases market. The rising number of individuals affected by IRDs creates a larger patient pool seeking medical interventions and treatments. This growing patient population fuels the demand for innovative therapies and advancements in research to effectively address the diverse spectrum of inherited retinal diseases. As awareness and diagnosis of IRDs improve, the market experiences a surge in demand for specialized treatments, diagnostic tools, and supportive care, propelling the growth of the global inherited retinal diseases market.
What restraints the growth of the global inherited retinal diseases market?
“High cost associated with the available treatments”
The high cost associated with the available treatments serves as a significant restraint on the global inherited retinal diseases market. Many of the existing therapies and treatments for inherited retinal diseases involve advanced technologies and specialized medications, resulting in substantial treatment expenses. This high financial burden may limit access to treatments for some patients, particularly in regions with limited healthcare resources and insurance coverage. The cost barrier also hinders the adoption of these therapies, impacting market growth and hindering the broader reach of effective treatments for inherited retinal diseases worldwide.
Segmentation: Global Inherited Retinal Diseases Market
- The inherited retinal diseases market is segmented into disease type, type, end-users, and distribution channel.
- On the basis of disease type, the inherited retinal diseases market is segmented into retinitis pigmentosa, stargardt’s disease, achromatopsia, cone-rod dystrophy, choroideremia, leber congenital amaurosis, macular edema, and others.
- On the basis of type, the inherited retinal diseases market is segmented into diagnosis and therapy.
- On the basis of end-user, the inherited retinal diseases market is segmented into hospitals, specialty clinics, ambulatory surgical centers, home healthcare, and others.
- On the basis of distribution channel, the inherited retinal diseases market is segmented into retail sales and direct tender.
Regional Insights: North America dominates the Global Inherited Retinal Diseases Market
North America holds a dominant position in the inherited retinal diseases market, boasting the highest market share and revenue. This is attributed to the region's well-established healthcare infrastructure and the presence of major key players actively involved in research and development. Additionally, North America benefits from the early adoption of advanced treatment options and diagnostic technologies, further strengthening its position in the market.
Europe is expected to witness the highest growth rate during the forecast period. The region's growing patient pool with inherited retinal diseases, coupled with increased healthcare investment and government support, drives market expansion. Europe's focus on advancing medical research and patient care, along with supportive policies for rare disease treatments, fosters the development of novel therapies and attracts investments in the inherited retinal diseases market. The combination of these factors propels Europe's rapid growth potential in the forecast period.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-inherited-retinal-diseases-market
Recent Developments in Global Inherited Retinal Diseases Market
- In January 2022, the world's leading organization focused on treatments and cures for blinding retinal diseases introduced the Diana Davis Spencer Foundation Enhanced Translational Research Acceleration Program. The initiative aims to expedite translational research in the field, facilitating the translation of scientific discoveries into practical treatments and therapies for individuals suffering from retinal diseases, offering renewed hope for improved vision and quality of life.
The Prominent Key Players Operating in the Global Inherited Retinal Diseases Market Include:
- Spark Therapeutics (U.S.)
- Novartis AG (Switzerland)
- Okuvision (Germany)
- Nidek Co. Ltd. (Japan)
- Invitae Corporation (U.S.)
- Carl Zeiss Meditech AG (Germany)
- Optos (A Subsidiary of Nikon Corporation) (U.K.)
- Neurosoft (Russia)
- PIXIUM VISION (France)
- LKC TECHNOLOGIES, INC. (U.S.)
- Renurone (India)
- Astellas Pharma (Japan)
- REGENXBIO Inc. (U.S.)
- Ionis Pharmaceuticals (U.S.)
- Sparing Vision (France)
- Ocugen Inc (U.S.)
- Johnson & Johnson (U.S.)
- IVERIC bio (U.S.)
- Second Sight (U.S.)
- Coave Therapeutics (U.S.)
- MeiraGTx Limited (U.S.)
- Gensight Biologics (France)
- ProQR Therapeutics (Netherlands)
- Bionic Vision Technologies (Australia)
Above are the key players covered in the report, to know about more and exhaustive list of global inherited retinal diseases market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Inherited Retinal Diseases Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
