Age-Related Macular Degeneration Market Overview
The global age-related macular degeneration (AMD) market size is predicted to reach $8.9 billion by 2022, growing at a CAGR of 7.6% during the forecast period. The growing geriatric population, increasing prevalence of AMD and increasing prevalence of lifestyle associated disease are driving the growth of the AMD industry. In addition, increasing pipeline drugs for AMD and increasing healthcare expenditure are also driving the growth of the age-related macular degeneration market.
GLOBAL AGE-RELATED MACULAR DEGENERATION (AMD) MARKET SIZE BY DRUG $M-2012-2022
Based on type, the age-related macular degeneration market is segmented into dry AMD and wet AMD. The wet AMD segment accounted for the major market share in the global market during the historical period and it is projected to hold a market share of over 95% by 2022. It is also expected to witness the fastest growth during the forecast period.
Based on drug, the age-related macular degeneration market is segmented into Lucentis, Avastin, Eylea, Visudyne, and others. The Lucentis segment accounted for the major market share in the global market during the historical period and it is projected to hold a market share of 50% by 2022. The others segment is expected to witness fastest growth during the forecast period due to the launch of various pipeline drugs for the treatment of AMD.
Geographically, North America dominated the global age-related macular degeneration market, due to higher drug treatment rates, large population and relatively higher drug price. In addition, increasing prevalence of hypertension and obesity and increased healthcare spending are also driving the growth of the North American market. Moreover, increasing healthcare expenditure, increasing awareness of AMD and increasing pipeline products of AMD are also expected to drive the growth of the market. Among the North American countries, the U.S. is the major market for age-related macular degeneration. By 2022, the U.S. market for age-related macular degeneration is projected to hold a market share of over 90%, globally.
Age-Related Macular Degeneration Market Dynamics
Increase in pipeline drugs for the treatment of AMD is expected to drive the growth of the age-related macular degeneration market, there is no FDA approved treatment for dry AMD. In order, to meet the medical needs new investigational products are evaluated. Some of the key investigational compounds include Allergan’s brimonide implant, Roche/Genentech’s lampalizumab, MacuCLEAR’s MC1101, and GlaxoSmithKline’s GSK933776.
Increase in healthcare cause in another major driver of the age-related macular degeneration market. The healthcare cost is increasing across various hospitals and nursing homes, which is causing major concern among patients and insurance companies. Healthcare cost is high due to use of expensive new technologies and drugs, increased cost of healthcare goods and services, high administrative cost, growing geriatric population and physician fees. In addition, increase in healthcare cost leads to increase in healthcare expenditure. This increase in healthcare expenditure leads to increase in affordability and accessibility of the new test and treatment for various conditions.
The increase in off-label use is a major restraint to the age-related macular degeneration market growth. Off-label is the usage of medication for a different disease or medical condition, given in different way and in different dose, which is not specified in the FDA’s approved packing label. Ophthalmologists are using intra-ocular injections of Avastin (off-label) to treat AMD, in comparison to Lucentis (anti-VEGF drug), as it is expensive, and both the drugs have similar effect. For instance, off label Avastin accounts for 60% of wet AMD market sales.
Age-Related Macular Degeneration Market Competitive Landscape
Some of the key companies operating in the global age-related macular degeneration market include F. Hoffmann-La Roche Ltd., Novartis AG, Regeneron Pharmaceutical, Inc., Bayer AG, Ophthotech Corporation, Acucela, GlaxoSmithKline plc, Neurotech Pharmaceuticals, Inc., Alimera Sciences, Inc. and StemCells Inc.