Neovascular Age-related Macular Degeneration Market
Number of pages: 100 | Report Format: PDF | Published date: April 28, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 1.95 billion |
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Revenue Forecast in 2031 |
US$ 3.66 billion |
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CAGR |
7.25% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Drugs, Distribution Channel, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global neovascular age-related macular degeneration market was valued at US$ 1.95 billion in 2022 and is expected to register a revenue CAGR of 7.25% to reach US$ 3.66 billion by 2031.
Neovascular Age-related Macular Degeneration Market Fundamentals
Neovascular age-related macular degeneration (nAMD) or wet age-related macular degeneration is a severe type of age-related macular degeneration (AMD) that affects the macula, the center region of the retina. In nAMD, aberrant blood vessels form under the macula, allowing fluid and blood to flow into the retina, causing irreparable damage and loss of central vision. In industrialized nations, AMD is the major cause of blindness in those over the age of 50. Individuals with a family history of AMD, smokers, and those with a high body mass index are more likely to develop the disease. While there is no cure for nAMD, effective therapies can delay the disease's development and preserve eyesight.
Advances in diagnostic and therapeutic techniques have resulted in a better understanding and management of neovascular age-related macular degeneration (nAMD). Newer imaging methods, such as optical coherence tomography angiography, have improved disease identification and characterization. Furthermore, novel medicines such as gene therapy and stem cell therapy are being researched and may give a more tailored approach to treatment in the future. In addition, there is a rising movement toward customized medicine, in which therapy is tailored to an individual's genetic profile and illness features. With an aging population, the need for effective nAMD therapies will likely rise, allowing pharmaceutical and biotech businesses to discover novel treatments for this devastating ailment.
Pharmaceutical and biotech companies are aggressively attempting to improve the neovascular age-related macular degeneration (nAMD) market by discovering new and creative therapeutics that improve patient outcomes. This involves investing in novel medication research and development and refining medicines such as anti-vascular endothelial growth factor (anti-VEGF) therapy. Companies are also concentrating on increasing their geographic reach to enhance patient access to therapies, particularly in emerging regions with high unmet medical needs. Furthermore, there is a rising tendency toward creating combination medicines, which combine two or more pharmaceuticals to improve efficacy and lessen the need for repeated injections.
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Neovascular Age-related Macular Degeneration Market Dynamics
The incidence of neovascular age-related macular degeneration is projected to increase as the population ages, especially in developed nations. People are increasingly prone to acquire age-related disorders such as AMD as they live longer, increasing the demand for better therapies. According to the 2022 estimates by National Center for Biotechnology Information states, the annual incidence of neovascular age-related macular degeneration is increasing with age 0.223%, 0.380%, and 0.603% in people 60 years or older, 70 years or older, and 80 years or older, respectively, and prevalence followed a similar pattern. This trend is expected to increase as lifestyle factors, including smoking and poor diet, have been associated with the development of age-related neovascular degeneration, emphasizing the necessity of preventative efforts to minimize the disease's impact. Early identification and therapy can also help reduce the development of neovascular age-related macular degeneration and improve patient outcomes.
Newer imaging technologies, such as optical coherence tomography angiography, have improved the early detection and characterization of neovascular age-related macular degeneration. Additionally, emerging therapies, such as gene therapy and stem cell therapy, have the potential to provide more targeted and effective treatments for patients. These advancements in technology and therapy offer scope for better outcomes and quality of life for individuals with neovascular age-related macular degeneration. Furthermore, increasing trends of personalized treatments can lead to cost savings for patients and healthcare systems by reducing the need for trial-and-error approaches and unnecessary treatments. This approach can ultimately improve the quality of life for those with the disease.
Moreover, this field's research and development are crucial for effective treatments. Many top companies are increasing their efforts in introducing new drugs in the global neovascular age-related macular degeneration market. For instance, Olix Pharmaceutical has collaborated with Trial Runners, LLC, to launch OLX301A. OLX301A is a novel small molecule inhibitor of the CD47 immune checkpoint pathway, which is being developed to treat various solid tumors. The collaboration aims to accelerate the clinical development of OLX301A and to bring this potential therapy to patients as quickly as possible.
One of the restraining factors for the neovascular age-related macular degeneration market is the high cost of treatment, which limits accessibility for many patients. Additionally, the availability of alternative therapies such as photodynamic and laser therapy also challenges the growth of the neovascular age-related macular degeneration market.
Neovascular Age-related Macular Degeneration Market Ecosystem
The global neovascular age-related macular degeneration market is analyzed from the following perspectives: drugs, distribution channel, and region.
Neovascular Age-related Macular Degeneration Market by Drugs
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Based on the drugs, the global neovascular age-related macular degeneration market is segmented into lucentis, beovu, and eylea.
The Lucentis segment dominated the global neovascular age-related macular degeneration market with a high revenue share in 2022. Lucentis is highly effective in treating neovascular age-related macular degeneration, with many patients experiencing significant improvement in their vision. In addition to its effectiveness in improving vision, Lucentis has a lower risk of serious side effects than other neovascular age-related macular degeneration treatments. It also requires less frequent injections, which can improve patient compliance and convenience.
Beovu is highly effective in treating neovascular age-related macular degeneration, with clinical trials demonstrating significant improvements in visual acuity and reduced need for frequent injections. However, as with any medication, there may be potential side effects, and discussing the risks and benefits with a healthcare provider is important.
However, Eylea works by blocking the growth of abnormal blood vessels in the eye, which can lead to vision loss in people with neovascular age-related macular degeneration. It is administered through injections into the eye and has been shown to be effective in improving vision and slowing down disease progression.
Neovascular Age-related Macular Degeneration Market by Distribution Channel
Based on the distribution channel, the global neovascular age-related macular degeneration market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies.
The hospital pharmacies segment is dominating the neovascular age-related macular degeneration market due to the increasing number of patients suffering from neovascular age-related macular degeneration. Moreover, the availability of skilled healthcare professionals in hospital pharmacies who can provide personalized medication and dosage recommendations to patients is driving the growth of this segment.
The online pharmacies segment in the neovascular age-related macular degeneration market is characterized by the increasing number of players entering the market and providing easy access to medications. Moreover, online pharmacies may offer competitive pricing and medication discounts compared to traditional brick-and-mortar pharmacies. This can be appealing to many patients for cost-effective options. The retail pharmacies segment is expected to grow in the neovascular age-related macular degeneration market due to the increasing demand for convenient and accessible healthcare services.
Neovascular Age-related Macular Degeneration Market by Region
Based on the region, the global neovascular age-related macular degeneration market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the highest revenue share in 2022. The neovascular age-related macular degeneration market in North America is expected to grow significantly due to the rising prevalence of the disease and increasing demand for effective treatments. The availability of advanced therapies and favorable reimbursement policies are also contributing to the growth of this market.
The European neovascular age-related macular degeneration market is characterized by a high prevalence of neovascular age-related macular degeneration and a growing demand for effective treatment options. With the increasing aging population in Europe, there is a need for innovative therapies that can address the unmet medical needs of patients suffering from neovascular age-related macular degeneration.
The Asia Pacific neovascular age-related macular degeneration market is expected to grow significantly in the forecast years due to the increasing prevalence of age-related macular degeneration, the rising geriatric population, and the growing demand for effective treatment options. Additionally, advancements in healthcare infrastructure and the introduction of novel therapies are expected to drive market growth in the region.
Neovascular Age-related Macular Degeneration Market Competitive Landscape
The neovascular age-related macular degeneration market is highly competitive, with major players such as Novartis AG, Roche Holding AG, and Regeneron Pharmaceuticals Inc. dominating the market. These companies invest heavily in research and development to introduce innovative treatments and gain a larger market share. Furthermore, they are also expanding their operations globally to tap into new markets and increase their revenue streams. Some of the prominent companies having the largest revenue share in the global neovascular age-related macular degeneration market are,
Neovascular Age-related Macular Degeneration Market Recent Developments
Neovascular age-related macular degeneration (nAMD) presents a significant growth opportunity for pharmaceutical companies due to the disease's increasing prevalence and the high treatment cost. However, competition in this market is intense, with several established and emerging players vying for market share.
The global neovascular age-related macular degeneration market was valued at US$ 1.66 billion in 2022.
Some major strategies key market players adopt in the neovascular age-related macular degeneration market include mergers and acquisitions, collaborations, partnerships, and product launches. These strategies help companies to expand their market presence and strengthen their position in the competitive landscape.
The Lucentis segment dominated the global neovascular age-related macular degeneration market with a high revenue share in 2022.
The global neovascular age-related macular degeneration market is expected to register a revenue CAGR of 7.25% during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain