The global age-related macular degeneration market is predicted to reach $18,500 million by 2030, growing at a CAGR of 6.8% during 2021–2030. This growth can be majorly attributed to the rising age-related eye disorders, the growing elderly population, technological improvements, and the rising investments in R&D activities.
Moreover, with no definite cure available, pharmaceutical businesses are evolving several drugs for the treatment of this disease. Thus, several medicines are in pipeline enduring development and trials for macular degeneration treatment. As a result, it has increased the market growth.
AMD is a degenerative eye disorder marked by the steady degradation of the macula, the part of the retina responsible for central vision. It is the most common root of irreversible vision loss in elderly people, thereby propelling the demand for macular degeneration drugs and treatments.
Age-related macular degeneration is a visual condition that impairs overall retinal functioning. Women are more prone to this disease than males, and it affects persons in their 50s and 60s. The likelihood of having an eye problem grows drastically with age. As per the National Institute of Health's National Eye Institute and the American Medical Macular Degeneration Foundation, women live around 5% longer than men. Thus, females are more prone to AMD than males. Additionally, the ailment is more common in rural women, possibly due to exposure to nitrous compounds emitted by the burning of wood used for cooking.
Healthcare cost is increasing across various hospitals and nursing homes, which is causing major concern among patients and insurance companies. The cost is high due to the use of expensive new technologies and drugs, increased cost of healthcare goods and services, high administrative costs, and high physician fees. In addition, healthcare and social care providers are facing enormous pressure, due to the surging healthcare cost. Therefore, this leads to a rise in healthcare expenditure.
Healthcare expenditure is also increasing worldwide, due to the rising incidences of diseases, innovation of new medical treatments, and surging GDP. According to the WHO, worldwide healthcare spending is growing, which is contributing to improvements in healthcare infrastructure. Thus, the increased healthcare expenditure leads to the rise in affordability and accessibility of new tests and treatments for various conditions, including age-related macular degeneration.
The APAC market is expected to grow at the highest CAGR, around 7.4%, during the forecast period. This can be ascribed to the large population base and an increase in the rate of the treatment of this disease in the region. Also, the surging disposable income and growing health awareness have boosted the treatment and diagnosis rate. This leads to an increase in the number of macular degeneration drugs in the industry. Moreover, major companies are significantly investing in establishing themselves in APAC, which, in turn, augments the regional market.
Some major players operating in the age-related macular degeneration market are Bayer AG, Novartis AG, Pfizer Inc., F. Hoffmann-La Roche Ltd., Regeneron Pharmaceuticals Inc., Bausch Health Companies Inc., Amgen Inc., AbbVie Inc., Regenxbio Inc., and Outlook Therapeutics Inc.