Projections show anticipated rapid expansion of retinal vein occlusion market
Research estimates that the RVO market with see a compound annual growth rate of 11.9%.
(Image credit: AdobeStock/Suriya)
According to a release1 summarizing the The Business Research Company’s Retinal Vein Occlusion Global Market Report 2024, the market for retinal vein occlusion (RVO) is set to rapidly expand. The report estimates that the expansion will see the $13.79 billion in 2023 rise to $15.43 billion in 2024. The RVO market will also see a compound annual growth rate (CAGR) of 11.9%. The report goes beyond 2024 predictions, with projections of the 2028 RVO market climbing to $23.08 billion. This figure sustains a robust CAGR of 10.6%.
These numbers are due to several factors, but primarily include the aging population, advancements in diagnostic imaging, pharmaceutical innovations, and the increasing prevalence of diabetes.1
The escalating incidence of glaucoma is also expected to be driver of the market, contributing to the growth in the coming years. According to the press release1, Glaucoma, characterized by elevated intraocular pressure and potential optic nerve damage leading to vision impairment, significantly contributes to the expansion of retinal vein occlusion. There are estimated 80 million individuals affected globally and that number is expected to grow, with projections suggesting over 111 million people affected by 2040.
As part of the report, there are several companies mentioned which are working to advance patient care and treatment outcomes from those with RVO. Specifically, the report notes that Pfizer Inc., Roche Holding AG, and Merck & Co. Inc., area among the companies leading these efforts.1
Advancements in drug development is another key area of the RVO market as companies work to develop a broader spectrum of treatment options for retinal vein occlusion, promising more targeted and effective interventions. The report notes that Iridex Corporation launched the next-generation Iridex PASCAL platform, integrating cutting-edge technology to provide individualized care to patients with retinal diseases.1
Additionally, there are companies working to grow their innovation and partnerships. This includes strategic acquisitions, such as Boston Scientific Corporation's acquisition of the surgical business of Lumenis Ltd.1
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