Wilmington, Delaware, United States, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global macular degeneration treatment market is projected to exceed US$ 21.1 Bn by 2031, up from US$ 9.0 Bn in 2021. Rise in incidence of retinal disorders, high annual cost of therapy for pipeline drugs, increase in geriatric population, and growth in initiatives to spread awareness are fueling the macular degeneration treatment market.
Macular degeneration is a condition of the eye that can deteriorate over time. It is the key factor behind lifelong vision loss in adults above 60 years of age.
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Competitive Analysis
The global landscape is fragmented, with the presence of numerous large-scale players. Leading players are engaging in product development, new product launches, and partnerships to broaden their revenue streams.
Prominent players in the macular degeneration treatment market include AbbVie Inc., Bayer AG, Regeneron Pharmaceuticals Inc., Santen Pharmaceuticals Co. Ltd., Pfizer Inc., F. Hoffmann-La Roche Ltd, and Novartis AG.
Key Findings of Study
Scientific Efforts for Launch of Novel Drugs to Cure AMD Driving Global Market – Rise in incidence of age-related macular degeneration (AMD) is expected to fuel market development in the next few years. Scientific efforts for novel treatment for macular degeneration provide hope to find cure for the disease one day. Launch of novel products for the treatment of late stage of dry age-related macular degeneration (dAMD), geographic atrophy, and wet age-related macular degeneration is anticipated to propel market expansion in the next few years. In particular, the launch of drugs for the treatment of dAMD is anticipated to be a key market driver, as there are no prescription drugs available for this condition.
High Volume of Treatment Fueling Wet AMD Segment – Based on disease indication, the wet-age related macular degeneration segment held major share of the market in 2021. Intravitreal injections (IVT) are used in the treatment of wet AMD, with an estimated 22.3 million procedures carried out globally in 2017. High occurrence of the condition, rise in awareness, branded medicines, and increase in number of treatments for wet AMD contribute to the growth of the segment.
Large Patient Pool Fueling Anti-vascular Endothelial Growth Factors (VEGF) Segment – In terms of drug class, the global market has been divided into anti-vascular endothelial growth factors and others. Blinding retinal conditions, such as age-related macular degeneration and retinal diseases, are largely related to the pathogenesis of vascular endothelial growth factor. Clinically, it has been demonstrated that restricting VEGF activity within the eye can improve visual function in AMD patients. Large patient population is anticipated to fuel the anti-vascular endothelial growth factors segment in the next few years.
Preference for Hospitals for Treatment of AMD – Based on distribution channel, the hospitals segment is projected to account for more than 51.6% share of the market by 2031. Patients prefer hospitals for the treatment of AMD in developed countries.
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Growth Drivers
- Need for cure for macular degeneration is fueling the macular degeneration treatment market
- Availability of a wide range of pipeline products for prescription medication for dAMD is augmenting market growth
Regional Landscape
North America held the leading share of the global market in 2021. The trend is projected to continue during the forecast period. Growth of the market in the region can be ascribed to high adoption rate of prescription drugs and increase in number of new drug approvals in the U.S.
Europe held more than 32.1% macular degeneration treatment market share in 2021. The market in the region is projected to expand at a rapid pace in the next few years due to increase in demand for branded drugs. Increase in purchasing power for blockbuster drugs and introduction of novel drugs for macular degeneration are fueling market progress in the region.
Asia Pacific held more than 13% share of the global market in 2021 due to presence of large patient pool and increase in affordability for the treatment of the condition. Key players are investing significantly in R&D activities to tap into lucrative opportunities in the region. This is expected to fuel market statistics in Asia Pacific.
The global macular degeneration treatment market has been segmented as follows:
Global Macular Degeneration Treatment Market, by Disease Indication
- Wet Age-related Macular Degeneration
- Dry Age-related Macular Degeneration
Global Macular Degeneration Treatment Market, by Drug Class
- Anti-vascular Endothelial Growth Factor
- Others
Global Macular Degeneration Treatment Market, by Distribution Channel
- Hospitals
- Ophthalmology Clinics
- Ambulatory Surgical Centers
Global Macular Degeneration Treatment Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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