Overview
Age related Macular Degeneration Market is projected to reach revenue of $12.85 billion by 2025, and is estimated to grow at a CAGR of 7.7% during the forecast period 2019-2025. The Age Related Macular Degeneration market size, in 2018, is said to be $7.65 billion. Age related macular degeneration is a medical condition of the eye which diminishes the eyesight with age. Thus a rising geriatric population will contribute to growth of this market.
Key Takeaways
The market is estimated to grow at a CAGR of 7.7% owing to the rising prevalence of AMD along with rise in geriatric population.
Companies are adopting various strategic alliances to expand in various regions. Investments in research have increased in order to develop treatment drugs for AMD.
Rare case of macular degeneration occur in children, teenagers, or adults, called the Stargardt disease, which is an inherited retinal disorder.
Product Type – Segment Analysis
AMD is of two types; dry and wet AMD. Dry AMD is caused by the formation of deposits called under the retina; and, wet AMD is caused by abnormal growth of the blood vessels beneath the macula. Wet AMD accounts for larger share in the market owing to rising prevalence of this compared to dry AMD among the geriatric population. This segment also has a growth rate of 7% and is growing faster than the dry AMD segment.
Drug – Segment Analysis
Wet AMD has drugs for its treatment, whereas dry AMD has no available treatment. The drugs used for wet AMD include anti-Vascular Endothelial Growth Factor drugs (anti-VEGF). Commonly used drugs are Lucentis (ranibizumab) and Eylea (aflibercept) that are FDA-approved for the treatment of AMD. Off label drug Avastin (bevacizumab) is also popularly used. Photodynamic therapy (PDT) is also being used as a treatment for wet AMD and it slows the damage to vision.
Route of Administration – Segment Analysis
On the basis of route of administration, the market is segmented into intravenous and intravitreal. The intravitreal segment is said to dominate the market owing as it is more effective due to targeted drug delivery. Also, most anti-VEGF injections are administered using intravitreal or intraocular injections.
Geography – Segment Analysis
In 2018, North America held 43.5% of the global Age-Related Macular Degeneration market share. This is owing to the increasing prevalence of AMD as well as the rising number of drug approvals in the country. According to the United States Census Bureau, the older population is estimated to grow significantly in the coming years. As a result, the prevalence of age related macular degeneration is also growing. This will lead to the growth of the market as this region’s population will have an increased demand for these treatments.
Drivers – Age Related Macular Degeneration Market
Growing geriatric population and prevalence of eye disorders among them
As per World Bank statistics, 8.873% of the global population belong to age category 65 years and above, in 2018. AMD is found to affect patients of the age 60 and above. Thus with rising aging population, the prevalence of AMD will also increase and will contribute to the market growth.
Increase in pipeline drugs for AMD
With no actual cure for AMD, pharmaceutical companies are developing various drugs for the treatment. Thus a number of drugs are in the pipeline undergoing development and trials for the treatment of AMD. Anti VEGF therapies are effective in treatment of wet AMD as they drain out the fluid leak and restore vision.
Challenges – Age Related Macular Deg eneration Market
Increase in off label drug use due to high cost of on-label drugs
The increasing off-label use of drugs has hindered the growth of the market. Off-label drugs are the use of medicine for disease or medical condition, in a way or dose that has not been approved by the Food and Drug Administration (FDA). In the case of AMD, it is found that the use of Avastin (an off-label drug developed for cancer) is more popular than Lucentis, which costs more.
Age Related Macular Degeneration Industry Outlook
Research & development along with strategic alliances are some of the key strategies adopted by players in the Age Related Macular Degeneration market. Age Related Macular Degeneration top 10 companies are F. Hoffmann-La Roche Ltd., Novartis AG, Regeneron Pharmaceutical Inc., Pfizer Inc., Bayer AG, Ophthotech Corporation, GlaxoSmithKline plc, Neurotech Pharmaceuticals Inc., Alimera Sciences Inc., and StemCells Inc.
Age Related Macular Degeneration Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the Age Related Macular Degeneration Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.