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Age-Related Macular Degeneration Market will reach US$ 14.06 Billion in 2028
According to the research. Age-related macular degeneration (AMD) is an eye ailment that may worsen over time. It is the prime cause of severe, permanent vision loss in people over 60. It occurs when the small central portion of the retina, called the macula, wears down.
New York, Jan. 18, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Age-Related Macular Degeneration (AMD) Market, Global Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis" - https://www.reportlinker.com/p06381993/?utm_source=GNW
The aging of the population and the high incidence of the disease augment the market growth.
For instance, UNDESA published data of the population aged 65 years and above was around 727 Million in 2020. By the end of 2050, the geriatric population will be approximately 2 Billion. Dry macular and wet macular degeneration are the two main types of macula wear and tear leading to the disorder. Both are potentially lethal and require treatment with medication. The potential market for the treatment of age-related macular degeneration is growing in response to rising demand from the elderly. As per our research findings Age-related Macular Degeneration Industry will expand at a CAGR of 8.5% from 2022 to 2028.
The magnified reimbursement incentives for age-related macular degeneration (AMD) drugs contribute to the improvement of the industry. Furthermore, an increase in the occurrence of eye-related disorders and growth in the global elderly population drives the age-related macular degeneration market. In addition, the rising market trends, such as the advancement of gene therapy for age-related macular degeneration, will lead to the development of medical treatment for age-related macular degeneration. As per our research report, the Age-related Macular Degeneration Industry was US$ 8.62 Billion in 2022.
However, at present, only a few drugs, mainly anti-VEGFs, are approved for treating age-related macular degeneration. In addition, anti-VEGF drugs require repetitive and inconvenient intraocular injections, which increases the burden and results in non-adherence to treatment. Neither insurance nor Medicare will cover the value of such medications, slowing down the market expansion for AMD treatments. Market expansion may be bounded even by the strict FDA requirements.
Industry Trends:
Around the world, advanced AMD is a primary cause of permanent blindness and visual impairment. As a result, the market is growing as AMD’s load grows. Further, according to the Canadian Ophthalmological Society, Wet age-related macular degeneration is one of the significant reasons for visual loss in adults over 65.
The anticipated launch of potential therapy may add to the market size in the future, assisted by a rise in the diagnosed frequent community of Age-related Macular Degeneration.
Upcoming treatment like OPT-302, KSI-301, RGX-314, AKST4290, and others has the prospects to create a significant positive shift in the Wet-AMD market size.
Companies are adopting various strategic alliances to expand in multiple regions. Investments in research have increased to develop treatment drugs for AMD.
Launch of New Products shall add to the Growth of Dry AMD
Based on type, the Age-related Macular Degeneration (AMD) Market is segmented into; Wet AMD and Dry AMD. Dry AMD shall witness the fastest growth over the forecast period due to the expected launch of promising product candidates and the disease load of dry AMD. Dry AMD results for 85-90% of all macular degeneration cases. The management of dry macular degeneration is presently limited to vitamin formulations. However, various novel therapeutic options for its treatment are now in the medical pipeline, such as Luminate, Zimura, and Intravitreal pegcetacoplan. The approval of these prospective candidates may augment the rise of the dry AMD segment in the future.
Eylea Products held the Highest Market Share
The Age-related Macular Degeneration (AMD) Market by product is categorized into Eylea, Lucentis, Beovu, and Others. The Eylea category dominated due to its widespread market penetration and patent protection. In 2011, intravitreal injection of aflibercept was authorized for Eylea by the FDA. It stops VEGF from working in wet AMD. Therefore, it treats diabetic macular edema, wet AMD, and macular edema. However, the demand for Beovu, on the other hand, is projected to grow at the significant rate during the projection period owing to its higher drying effectiveness, patent protection, and triumph in treating severe cases of wet AMD.
Reimbursement coverage will Augment the Growth of Specialty Pharmacies
By Distribution Chanel, the Age-related Macular Degenerative (AMD) Market is divided into Hospital Pharmacies, Specialty pharmacies, and online pharmacies. The specialty pharmacy segment will witness the fastest growth over the projection period due to the ease of drug accessibility and reimbursement coverage offered by specialty pharmacies. For instance, CVS Caremark provides Eylea, Lucentis, Avastin, and Beovu prescription insurance to eligible retirees and employees enrolled in the Public Employees Insurance Program (PEIP) program. This initiative will fuel segment growth.
However, the hospital pharmacy category accounted for a significant market share. The rise is due to the surge in the incidence of AMD. Also, the increased number of hospital patients for its treatment. For instance, as per the Royal National Institute of Blind People (RNIB), around 26.5 million people in 2021 were at high risk of developing this condition. Moreover, most patients managed with drugs, such as Eylea, Lucentis, and Beovu, are administered intravenously in hospitals under the supervision of competent specialists. Thus, the rising demand for AMD treatment will raise the number of hospital visits, propelling the market for this category.
North American Market will hold the Highest Market Share
North America has the highest market share and shall sustain its supremacy in the coming years. Some key factors driving the regional market include the increasing burden of the geriatric population, the rising prevalence of this disease, the presence of significant market players, and the increasing research and development activities in the region.
Furthermore, beneficial government initiatives, increased research partnerships, recent product launches, and a rise in AMD cases will boost the regional market’s peak. For instance, according to the American Academy of Ophthalmology, around 15 million North Americans live with AMD.
Additionally, the European market will also hold one of the largest share throughout the forecast period, overgrowing. This rise can be due to the rising purchasing power to buy patented drugs and significant unmet needs in Europe. Moreover, lifestyle enhancements and new medications for macular degeneration will drive the region’s demand for macular degeneration drugs.
Key Players:
Major players in the Age-related Macular Degeneration Market are F. Hoffman – La Roche Ltd., Bayer AG, Abbvie, GSK Plc., Novartis AG, Regeneron Pharmaceuticals, Bausch Health Companies, and Alimera Sciences Inc.
In February 2020 - Novartis AG received European Commission approval for the marketing of Beovu. It is an anti-VEGF agent utilized for treating wet-AMD patients.
In October 2021 - Roche’s Susvimo received FDA approval and is anticipated to enter the U.S. in 2022. It is a refillable implant, particularly for LUCENTIS administration, with a refillable timing of six months.
In January 2022 - F. Hoffmann-La Roche Ltd.’s drug contender, Vabysmo (faricimab), with an injection administration interval of 4 weeks during loading dose, received U.S. FDA approval for the therapy of age-related macular degeneration.
Renub Research reporttitled "Age-related Macular Degeneration (AMD) Market GlobalForecast by Type (Wet AMD, and Dry AMD), Product (Eylea, Lucentis, Beovu, and Others), Distribution Channel (Hospital Pharmacy, Specialty Pharmacy, and Online Pharmacy), Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), Company Analysis (F. Hoffman – La Roche Ltd., Bayer AG, Abbvie, GSK Plc., Novartis AG, Regeneron Pharmaceuticals, Bausch Health Companies, and Alimera Sciences Inc)" provides a detailed analysis of Age-related Macular Degeneration Market.
Type – Market breakup from 2 Viewpoints:
1. Wet AMD
2. Dry AMD
Product – Market breakup from 4 Viewpoints:
1. Eylea
2. Lucentis
3. Beovu
4. Others
Distribution Chanel – Market breakup from 3 viewpoints:
1. Hospital Pharmacy
2. Specialty Pharmacy
3. Online Pharmacy
Region – The market breakup of 5 Regions
1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East and Africa
The company has been covered from 3 Viewpoints:
• Overview
• Recent Development
• Revenue
Company Analysis:
1. F. Hoffman – La Roche Ltd.
2. Bayer AG
3. Abbvie
4. GSK Plc.,
5. Novartis AG,
6. Regeneron Pharmaceuticals
7. Bausch Health Companies
8. Alimera Sciences Inc
Read the full report: https://www.reportlinker.com/p06381993/?utm_source=GNW
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