Rise in the geriatric population and surge in the incidence of age-related macular degeneration market drive the growth of the global age-related macular degeneration market.
PORTLAND, Ore., June 19, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Age-related macular degeneration Market by Product Type,( Aflibercept, Ranibizumab and Others) Disease Type (Dry AMD and Wet AMD). Distribution Channels (Hospital Pharmacy, Specialty Pharmacy and Online Pharmacy): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global organic feminine care industry generated $9.4 billion in 2022 and is estimated to reach $15.4 billion by 2032, exhibiting a CAGR of 5.0% from 2023 to 2032.
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Prime determinants of growth
The rising number of elderly individuals is a significant factor contributing to the growth of the age-related macular degeneration (AMD) market. With age, the likelihood of developing AMD substantially increases. This expanding elderly population represents a larger customer base for treatments associated with AMD, thereby fueling market growth. Nevertheless, the market’s progress may face obstacles due to the high cost associated with AMD medications in the future. On a positive note, the emergence of numerous pipeline drugs offers promising prospects for the coming years.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$9.4 billion |
|
Market Size in 2032 |
$15.4 billion |
|
CAGR |
5.0 % |
|
No. of Pages in Report |
251 |
|
Segments covered |
Drug Type, Disease Type, Distribution Channel, and Region. |
|
Drivers |
Increase in the geriatric population around the world Surge in the incidences of age-related macular degeneration (AMD) across the globe |
|
Opportunities |
Increase in number of pipelines drug to treat age related macular degeneration |
|
Restraints |
High cost of treatment |
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global age-related macular degeneration (AMD) market, owing to the temporary closure of eye clinics and eye hospitals during the lockdown.
- The closure of eye clinics and eye hospitals reduced access to routine eye care and treatment.
- The pandemic also had an impact on the development and approval of new treatments for age-related macular degeneration (AMD). Clinical trials and research studies were disrupted, and regulatory agencies were prioritizing COVID-19-related drugs and vaccines over other treatments.
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The aflibercept segment to maintain its leadership status throughout the forecast period
Based on drug type, the aflibercept segment held the highest market share in 2022, accounting for more than two-thirds of the global age-related macular degeneration (AMD) market revenue. owing to the rise in the adoption of aflibercept drugs for the treatment of age-related macular degeneration (AMD) across the world. However, the other segment is expected to register the highest CAGR of 7.6% from 2023 to 2032, due to the reason that brolucizumab, verteporfin, and pegcetacoplan are increasingly being prescribed for the treatment of age-related macular degeneration (AMD).
The wet AMD segment to maintain its leadership status throughout the forecast period
Based on disease type, the wet AMD segment held the highest market share in 2022, accounting for more than 90% of the global age-related macular degeneration (AMD) market revenue, owing to a rise in the prevalence of wet age-related macular degeneration (AMD) among the elderly population and expensive treatment of wet age-related macular degeneration. However, the dry AMD segment is projected to manifest the highest CAGR of 7.1% from 2023 to 2032.
The hospital pharmacy segment to maintain its lead position during the forecast period
Based on distribution channel, the hospital pharmacy segment accounted for the largest share in 2022, contributing to nearly three-fifths of the global age-related macular degeneration (AMD) market revenue, and is projected to maintain its lead position during the forecast period. This is attributed to the increase in sales of prescription age-related macular degeneration (AMD) drugs from hospital pharmacy. The same segment is also expected to cite the fastest CAGR of 5.5% during the forecast period.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than half of the global age-related macular degeneration (AMD) market revenue, which is attributed to the surge in the geriatric population that are vulnerable to age -elated macular degeneration (AMD), presence of key players, and availability of high-quality healthcare system & modern medical technologies. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.6% from 2023 to 2032. This is owing to the presence of large patient population, growth in awareness for age-related macular degeneration (AMD) drugs, and an increase in public–private investments for unmet medical needs.
Leading Market Players: –
- Regeneron Pharmaceuticals Inc.
- Novartis Ag
- F. Hoffmann-La Roche Ltd.
- Biogen
- Bayer Ag
- Coherus Biosciences Inc
- Sanofi
- Apellis Pharmaceuticals
- Bausch Health Companies Inc.
- Ionis Pharmaceuticals, Inc.
The report provides a detailed analysis of these key players in the global age-related macular degeneration marker. These players have adopted new product launches as strategy to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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