SEATTLE, WASHINGTON, UNITED STATES, November 19, 2021 /EINPresswire.com/ — The global vitreous tamponades market was valued at US$ 76.0 Mn in 2019 and is forecast to reach a value of US$ 92.3 Mn by 2027 at a CAGR of 2.5% between 2020 and 2027.
Vitreous Tamponades are medical solution majorly used in the treatment of diabetic retinopathy, proliferative vitreoretinopathy, retinal detachments, giant retinal tears and trauma cases. Intraocular tamponades plays an important role in serving support to the retina and preventing the passage of fluid through the retinal breaks.
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Key players engaged in the market include, Alchimia srl, Alcon, Inc., Bausch Health Companies Inc., Carl Zeiss Meditec AG, Croma-Pharma GmbH, Dutch Ophthalmic Research Center (International) B.V., and Fluoron GmbH.
Rising prevalence of diabetes is a prime factor fueling growth of the vitreous tamponades market. According to the American Diabetes Association, in 2018, 34.2 million Americans, or 10.5% of the population, had diabetes. Nearly 1.6 million Americans have type 1 diabetes, including about 187,000 children and adolescents. 1.5 million Americans are diagnosed with diabetes every year.
Rise in aging population is another key factor boosting growth of the vitreous tamponades market. According to the United Nation, there were 703 million persons aged 65 years or over in the world in 2019. The number of older persons is projected to double to 1.5 billion in 2050. Globally, the share of the population aged 65 years or over increased from 6 per cent in 1990 to 9 per cent in 2019.
The market of vitreous tamponades has had witnessed strong growth during the Covid-19 pandemic due to increasing demand from Covid-19 patients with diabetes. Initially, there was a disruption in the supply of these medications due to travel restrictions around the globe. However, key players are adopting various strategies to enhance their distribution channel in order to reach the customer on time.
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1. The vitreous tamponades market is expected to exhibit a CAGR of XX % over the forecast period, owing to launch of new drug for diabetic retinopathy and increasing healthcare expenditure for improving patient care.
2. North America is expected to witness significant growth over the forecast period and this is attributed to the increasing FDA approval. For instance, in October 2021, Novartis announced that the US Food and Drug Administration (FDA) has approved the company’s supplemental Biologics License Application (sBLA) and that the European Medicines Agency (EMA) has validated the type-II variation application for Beovu® (brolucizumab) 6 mg for the treatment of diabetic macular edema (DME).
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Source: EIN Presswire