Portland, OR, July 13, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Retinal Biologics Market By Drug Class (VEGF-A Antagonist and Others), By Indication, (Macular Degeneration, Diabetic Retinopathy, and Others), By Distribution Channel (Hospital Pharmacies, Drug Stores and Retail Pharmacies, and Online Providers): Global Opportunity Analysis and Industry Forecast, 2023-2032” According to the report, the global retinal biologics industry generated $14.9 billion in 2022, and is anticipated to generate $24.7 billion by 2032, witnessing a CAGR of 5.1% from 2023 to 2032.
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Prime determinants of growth
Increase in prevalence of retinal diseases such as age-related macular degeneration (AMD), diabetic retinopathy, and retinal vein occlusion, increase in strategic initiatives by several organizations and increase in geriatric population drive the growth of the global retinal biologics market. However, the high cost of biologic drugs is hampering the retinal biologics market growth. On the contrary, the rise in research and development activities and growth opportunities in emerging markets including rise in funding activities, demand for better healthcare facilities, and surge in need for advanced retinal biologics are expected to offer remunerative opportunities for expansion of the retinal biologics market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2032 |
| Market Size in 2022 | $14.9 billion |
| Market Size in 2032 | $24.7 billion |
| CAGR | 5.1% |
| No. of Pages in Report | 243 |
| Segments covered | Drug Class, Indication, Distribution Channel, and Region |
| Drivers | Increase in prevalence of retinal diseases Increase in strategic initiatives by several organizations Increase in geriatric population |
| Opportunities | Rise in research and development activities Growth opportunities in emerging markets |
| Restraint | High cost of biologic drugs |
Covid-19 Scenario
- COVID-19 pandemic had a negative effect on the global retinal biologics market, owing to decrease in demand for retinal biologics.
- Due to the low hospitalization rate, many surgeries were either canceled or postponed during the pandemic.
- In addition, clinical trials and research studies were disrupted, and regulatory agencies were prioritizing COVID-19-related drugs and vaccines over other treatments. This delayed the development and approval of new drugs and therapies for retinal diseases which negatively impacted the market growth.
- However, the market recovered after the pandemic, and showed stable growth for retinal biologics market, owing to increase in research and development activities and rise in the number of product approvals.
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The VEGF-A antagonist segment to maintain its leadership status throughout the forecast period
Based on drug class, the VEGF-A antagonist segment held the largest market share in 2022, accounting for more than four-fifths of the global retinal biologics market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is expected to witness the fastest CAGR of 5.2% from 2023 to 2032. This is attributed to high adoption of VEGF-A antagonist as they are highly effective in treating various retinal diseases, especially age-related macular degeneration (AMD), diabetic retinopathy, and retinal vein occlusion, and the increase in prevalence of retinal diseases.
The macular degeneration segment to maintain its leadership status throughout the forecast period
Based on indication, the macular degeneration segment held the largest market share in 2022, accounting for more than three-fifths of the global retinal biologics market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to high number of people suffer from age-related macular degeneration, growing awareness about early diagnosis and treatment, and continuous research and development efforts has increased the demand for biologics drugs for the treatment of the macular degeneration. However, the diabetic retinopathy segment is projected to manifest the highest CAGR of 5.5% from 2023 to 2032, owing to rise in prevalence of diabetic retinopathy and increase in aging population suffer from diabetic retinopathy, increase in demand for effective treatments for diabetic retinopathy and the need to address the vision-threatening complications of diabetes drive the demand for retinal biologics.
The hospital pharmacies to maintain its dominance by 2032
Based on distribution channel, the hospital pharmacies segment held the largest market share in terms of revenue in 2022, accounting for nearly three-fifths of the global retinal biologics market revenue. The same segment is expected to witness the fastest CAGR of 5.4% from 2023 to 2032. This is attributed to increase in sales of retinal biologic drugs from hospital pharmacy, collaborative efforts with healthcare providers, and convenient medication delivery service.
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North America to maintain its dominance by 2032
Based on region, North America held the largest market share in terms of revenue in 2022, accounting for more than two-thirds of the global retinal biologics market revenue, and is likely to dominate the market during the forecast period, owing to robust healthcare infrastructure, easy availability of retinal biologics and high healthcare expenditures. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.7% from 2023 to 2032, owing to a surge in awareness about early diagnosis and treatment of retinal conditions thereby drive the demand for retinal biologics as a treatment option in this region
Leading Market Players: -
- AbbVie Inc.
- Amgen Inc.
- Bayer AG
- Biocon
- Biogen
- Coherus BioSciences Inc.
- F. Hoffmann-La Roche Ltd
- Novartis AG
- Outlook Therapeutics Inc.
- Regeneron Pharmaceuticals Inc.
The report provides a detailed analysis of these key players in the global retinal biologics market. These players have adopted different strategies such as product launch, product approval, and collaboration 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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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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