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Age-Related Macular Degeneration Market Overview
The global age-related macular degeneration (AMD) market is expected to attain a value of $8.9 billion by 2022, witnessing a CAGR of 7.6% during the forecast period (2016–2022). Surging geriatric population, growing pipeline of AMD therapeutics, increasing prevalence of chronic diseases, and rising healthcare expenditure are some prominent factors driving the market.
North America leads the age-related macular degeneration market, globally. Increasing prevalence of medical conditions such as hypertension and obesity, coupled with rising drug prices, is driving the growth of the market in the North American region. Further, the healthcare expenditure of the countries in the region is high, which supports the market growth. The North America market is marked by the presence of established pharmaceutical companies with a strong pipeline of AMD drugs, which is also a key factor driving the growth of the regional market. The U.S. is a major market for AMD in North America and is projected to hold over 90% share in 2022.
GLOBAL AGE-RELATED MACULAR DEGENERATION (AMD) MARKET SIZE BY DRUG $M-2012-2022
Lucentis, Eylea, Avastin, and Visudyne are some prominent drugs available in the age-related macular degeneration market. Among these, Lucentis is expected to lead the market throughout the period of analysis, accounting for 50% share in 2022. There are other drugs as well in the market for the treatment of the disease.
Based on the type of AMD, the age-related macular degeneration market is bifurcated into dry and wet AMD. Of the two, wet AMD accounted for the majority of share in the market during the historical period and is further expected to hold a market share of over 95% in 2022. It is also expected to be the faster-growing category in the market during the forecast period.
Age-Related Macular Degeneration Market Dynamics
Increasing government expenditure on healthcare to reduce healthcare burden on patients is one of the key growth drivers for the age-related macular degeneration market. Globally, healthcare burden has increased substantially and become a major concern for patients and healthcare providers. Expensive nature of advanced treatment methods and increasing physician fees are some of the factors leading to high healthcare costs. In view of this, governments of various countries have increased their overall expenditure on healthcare to facilitate accessibility to affordable treatment options. This, in turn, is supporting the market growth across the world.
Moreover, the extensive pipeline of AMD drugs is a key factor driving the age-related macular degeneration market. Although there are limited treatment options for AMD at present, key players in the industry are focused on developing drugs for this indication to meet the growing unmet medical needs of the patients suffering from the disease.
The increasing off-label use of drugs for treating AMD is impeding the growth of the age-related macular degeneration market. Off-label drug use basically involves the use of a medication for a different disease or medical condition, in a different way or dose, which has not been approved by the United States Food and Drug Administration (USFDA). For instance, ophthalmologists often use intraocular injections of Avastin (off-label) to treat AMD, rather than using Lucentis, which is expensive, as both the drugs have similar effects.
Age-Related Macular Degeneration Market Competitive Landscape
F. Hoffmann-La Roche Ltd., Novartis AG, Regeneron Pharmaceutical Inc., Bayer AG, Ophthotech Corporation, GlaxoSmithKline plc, Neurotech Pharmaceuticals Inc., Alimera Sciences Inc., and StemCells Inc. are some of the major companies operating in the global age-related macular degeneration market.
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