Global Age Related Macular Degeneration Market - 2022-2029

Global Age Related Macular Degeneration Market - 2022-2029

Market Overview

Age-Related Macular Degeneration Market size was valued US$ 9.84 billion in 2021 and is estimated to reach US$ YY billion by 2029, growing at a CAGR of 6.90% during the forecast period (2022-2029).

Age-related macular degeneration comprises products that treat acute and chronic wounds, such as ulcers, burns, and post-operative wounds. The products, such as film and foam dressings, hydrogels, alginates, and hydrocolloids, keep the damage hydrated to encourage healing without occluding the wound. The market offers solutions to patients suffering from chronic wounds by providing them with readily reachable and priced products that can be used at their convenience. The Age-Related Macular Degeneration management market report also covers various competing technologies, such as advanced wound dressing technologies, harmful pressure wound therapies (NPWT), biologics/bioactive products, and hyperbaric oxygen therapy devices.

Market Dynamics

The growth of the market is majorly driven by growing age-related eye diseases across the world, growing aged population, advancements in technology, and reimbursement benefits for treatment are the major factors driving the growth of this market

Growing age-related eye diseases across the world, growing aged population are expected to drive market growth

According to the WHO, globally, around 196 million people were affected by age-related macular degeneration in 2020, including over 10.4 million moderate-to-severe vision impairment cases. Moreover, the United Nations Department of Economic and Social Affairs data revealed that the aged population of 65 years and above was around 727 million in 2020. However, by 2050, the geriatric population will increase approximately 2 million. Only a few drugs, mainly anti-VEGFs, are currently approved to treat age-related macular degeneration. Anti-VEGF drugs require repetitive and inconvenient intraocular injections, which increases the burden and results in non-adherence to treatment. To overcome this challenge, key players are developing longer-acting anti-VEGFs and vitreous implants that facilitate the sustained delivery of drugs. The introduction of long-acting anti-VEGF, such as Beovu and Vabysmo, is expected to boost the market growth over the forecast period.

The high cost associated with the treatment is one of the major factors hindering the growth of the market

The main restrain of this market is the treatment cost. Each injection costs up to $775.3, and most patients require around eight injections annually. However, in several studies, a third very similar drug, bevacizumab (Avastin), which costs only $27.14 per injection, had similar efficacy to ranibizumab and aflibercep IVAN trial (funded by the UK Department of Health). As a result, bevacizumab is widely used in other countries, including the USA and Australia, for AMD and in the UK for other conditions that cause neovascularisation (e.g., diabetic retinopathy). However, apart from not being licensed for AMD in the UK, this cheaper alternative is not used widely in the NHS for this common condition.

COVID-19 Impact Analysis

During the early phase of the COVID-19 pandemic, the market was negatively impacted due to missed or delays in follow-up for AMD treatment leading to non-adherence to medications. For example, in July 2020, Hoffman Roche witnessed low growth in the sale of its AMD drug Lucentis to USD 401 million in the second quarter over the same period in the previous year.

Global Age-Related Macular Degeneration Market - Industry Analysis

The global age-related macular degeneration market provides in-depth analysis of the market based on various industry factors such as porter’s five forces, regulatory analysis, reimbursement analysis, supply chain analysis, pricing analysis, technological advancements etc.

Segment Analysis

Wet AMD segment is expected to hold the largest market share in global age-related macular degeneration market

Wet AMD cases account for more than 10-15% of macular degeneration-related vision loss cases worldwide. Lucentis, Eylea, and Beovu are effective drugs for treating wet age-related macular degeneration. Novartis’ Beovu, a long-acting anti-VEGF, was approved by the U.S. FDA in October 2019. Although, the unfavourable side effects of this drug, such as retinal vasculitis, will limit its broader uptake.

Furthermore, in September 2021, Biogen Inc. and Samsung Bioepis Co., Ltd. obtained U.S. FDA approval for their biosimilar version of Lucentis under the brand name of BYOOVIZ for treating wet AMD, myopic choroidal neovascularization, and retinal vein occlusion. However, the product was launched in the U.S. on June 2022, owing to applicable supplementary protection certificates. In addition, the product received approval in EU countries, including the U.K., in August 2021.

Geographical Analysis

North America region holds the largest market share in the global age-related macular degeneration market

North America dominated the global age-related macular degeneration market and is expected to retain its position during the forecast period. According to the American Academy of Ophthalmology, around 15 million North Americans live with AMD. Moreover, the prevalence of advanced ARMD in the Beaver Dam Eye Study was 1.6%, with the exudative form being present in one eye 1.2% of the time, and geographic atrophy in one eye 0.6% of the time. This population represented 4,926 people between the ages of 43 to 86 years of age. Similar prevalence data was noted in the Framingham Eye Study, which reported a prevalence of exudative ARMD in those older than 52 years of age of 1.5%. The prevalence of age-related macular degeneration sharply increases in those 75 years or older.

Competitive Landscape

The age-related macular degeneration market is moderately competitive. The key players contributing to the global market's growth include Bayer, Novartis, Roche, Bausch & Lomb, Allergan, Iconic Therapeutics, Neurotech Pharmaceuticals, Regeneron Pharmaceuticals Inc., Alcon, Santen Pharmaceutical. For instance, in June 2021, Mosaic Biosciences and Ocular Therapeutix entered into a research collaboration for the development of a drug to treat patients with dry age-related macular degeneration.

Key Companies to Watch

Novartis AG:

Overview: Novartis AG is a Swiss multinational pharmaceutical company based in Basel, Switzerland. It operates business through two divisions: Innovative medicine, Sandoz. Made up of two business units – Novartis Pharmaceuticals which includes Novartis Gene Therapies, and Novartis Oncology – our Innovative Medicines Division commercializes innovative patented medicines to enhance health outcomes for patients and healthcare professionals. Sandoz is a global leader in generic pharmaceuticals and biosimilars that pioneers novel approaches to help people around the world access high-quality medicines.

Product Portfolio: Beovu (brolucizumab) - Beovu (brolucizumab) is the only anti-VEGF treatment approved in Europe for wet AMD.

The global age-related macular degeneration market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.