Retina Health Market Size, Growth | 2022-2032 | Global Industry Reports

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Retina Health Market is Expected to Reach $28.7 billion by 2032

Published : September 2022

According to a market report, published by Sheer Analytics and Insights, the global retina health market was valued at $12.3 billion in 2021 and it is expected to reach $28.7 billion at a CAGR of 7.7% between 2022 and 2032 The retina is a delicate layer located in the back of the eyes that transforms light incoming into electrical messages. These impulses are subsequently processed by the brain, which transforms them into visuals. A healthy retina can help avoid blindness as well as several vision problems and impairments. Macular degeneration and diabetic retinopathy are the two most widespread retinal illnesses, affecting millions of individuals worldwide. Numerous treatments and medications guarantee optimal retina health, and as more people become aware of these options, the market for these products will continue to grow gradually in the years to come. In addition, the majority of eye health supplements contain zinc, omega-3 fatty acids, vitamins C and B1, and vitamin C. Therefore, these supplements contain other essential components like lutein and zeaxanthin to improve their effectiveness. The market for supplements for eye health is expanding worldwide and growing rapidly.

Moreover, blindness rates in low- and middle-income nations like South Asia and western and eastern sub-Saharan Africa are eight times greater than in high-income nations. Women are anticipated to have an increased incidence of eye conditions such as cataracts and AMD, particularly in low- and middle-income nations. As a result of their high per-capita spending on healthcare items, including eye health supplements, consumers in developed nations like the U.S., Canada, Australia, and the U.K. help drive market expansion. Furthermore, the rise in technological advancements and the expanding use of a variety of retinal surgical equipment are the primary drivers of the retina health industry's brisk growth. Additionally, the ever-growing older population and the rise in the incidence of retinal illnesses that affect the eyes may result in a bigger market need in the years to come.

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The aging population will offer promising opportunities for the retina health sector. Moreover, it is anticipated that the prevalence of myopia and other progressive eye illnesses, such as AMD, will rise due to the increasing use of screens and participation in virtual meetings while working from home. As a result, it will accelerate the expansion of the global market for retinal health over the study period. The growing number of strategic actions performed by market participants is expected to quicken the process of research and development and boost the market growth. Hence, these major factors are expected to accelerate market growth during the forecast period.

Stringent regulations for the production of eye health supplements are expected to hinder the growth of the market. On the other hand, new product launches as well as mergers and acquisitions are projected to propel the market growth during the forecast period from 2022 to 2032.

Some new developments in the global retina health market:

In 2021, Evoq Technologies announced the release of its first smartphone-based retinal health testing product. According to Evoq Technologies, the FDA approved the first in a family of products based on its unique smartphone-based biosensor technology. It is designed to perform novel retinal health tests on the eye and is referred to as the "SmartERG" platform. The bio photometer for dark adaption impairment testing, a Class I medical equipment, is the company's first smartphone product.

On 1^st June, 2022, In the US, Toku Eyes introduced an AI retinal health analyzer. The AI technology can forecast a person's likelihood of experiencing a heart attack or stroke in the subsequent five years. Its most recent product, the ORAiCLE, uses a retinal scan to determine and estimate a person's cardiovascular risk. The AI technique makes use of a retinal camera image of the user's back of the eye, which is still subject to patent. The program analyses tiny alterations in blood vessels, capillaries, arteries, and other signs to forecast a user's likelihood of suffering a stroke or heart attack within the next five years.

On 24^th May, 2022, The WHO has released a new manual on including eye care in health systems. An event called Universal Health Coverage and Eye Care: Promoting Country Action, which was attended by government officials, WHO representatives and non-governmental organizations working in the field of eye care, officially unveiled this new World Health Organization (WHO) guidance on eye care today.

On 12^th April, 2022, Wellbeing Nutrition Launched Natural Eye Vitamins and Expands Product Offering. Health issues are becoming more prevalent in our fast-paced society as a result of bad lifestyles, inadequate nutrition and exercise, or excessive screen time.

According to the study, key players dominating the global retina health market are Applied Genetic Technologies (U.S), Abbvie (U.S), Gensight Biologics (France), Hemera Biosciences (U.K), Oxford Biomedica (U.K), Merck and Co. (U.S), MeiraGtx Holdings (U.S), Novartis (Switzerland), RegenxBio (U.S), Roche Holding (Switzerland), Santen Pharmaceutical (Japan), among others.

Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/retina-health-market-21