Retinopathy of Prematurity Market Trends

Growth Drivers

• Rising Healthcare Expenditure- An increase in healthcare spending globally leads to better healthcare infrastructure and improved accessibility to retinopathy of prematurity treatments. According to recent reports, global spending on health reached a new high of USD 9.8 trillion in the year 2021. Furthermore, an increase in healthcare expenditure allows for greater funding in research and development initiatives focused on understanding retinopathy of prematurity, and the development of new treatment modalities that boost the market. In addition, investment in implementing policies that support neonatal healthcare focused on retinopathy of prematurity prevention and treatment boosts stimulate the market. The Every New Born Action Plan (ENAP) is a globally endorsed strategy for ending preventable newborn deaths.
• Adoption of Telemedicine- The adoption of telemedicine in retinopathy of prematurity market involves the use of remote healthcare technologies to facilitate the diagnosis and monitoring of retinopathy of prematurity in premature infants. Furthermore, telemedicine platforms allow for transmission of digital retinal images and relevant patient data from remote locations to specialized healthcare professionals. This facilitates quick and accurate assessments, even if healthcare professionals are not physically present. Moreover, telemedicine increased the accessibility to retinopathy of prematurity expertise, particularly in regions with limited access to specialized neonatal care which stimulated the market.
• Collaborations and Partnerships Among Healthcare Institutions and Research Organizations - Collaborative efforts between healthcare institutions, research organizations, pharmaceutical companies, and public-private partnership accelerates the development and accessibility of retinopathy of prematurity treatments as partnership provides access to shared resources, including funding, research facilities, specialized equipment, transfer of technology and capacity building initiatives such as training programs for healthcare professionals which stimulate the market. In addition, collaboration and partnership in the retinopathy of prematurity market play an important role in advancing research, improving clinical practices, and promoting global efforts to address the challenges associated with retinopathy of prematurity.

Challenges

• Treatment Options and Availability- The development of effective and accessible treatment options for retinopathy of prematurity is an ongoing challenge. Limited therapeutic interventions, especially for the advanced stage of retinopathy of prematurity, impact the ability to provide optimal care.
• Lack of awareness among parents about retinopathy of prematurity may result in delays in seeking medical attention for infants.
• Another challenge in the market is the need for early detection and screening of preterm infants at risk.