Age–Related Macular Degeneration Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017-2025
Age-related Macular Degeneration (AMD) is one of the major cause of visual impairment in the aged population, which is an acquired retinal disorder and causes the deterioration of macula. Macula is a part of retina that is responsible for central vision and sharpness of vision. Central vision is necessary for activities such as reading books, driving, recognizing faces, sewing, and some others. The peripheral vision remains unaffected even with the AMD. This disorder might cause the vision loss mainly in the people with age of 60 year or above. In early stage, AMD might not show any symptoms, but the symptoms can be seen while the disease progresses include dark spot or degeneration in central vision and blurred vision. The factors which are responsible for the age-related macular degeneration include obesity, smoking, high cholesterol, UV radiation, high blood pressure, genetic factors, poor diet, and light eye color. Total cure for AMD is not available but the symptoms can be tackled.
Growing prevalence rate of AMD is propelling the growth of age-related macular degeneration market
According to World Health Organization (WHO), age-related macular degeneration has 3rd rank in the global cause of visual impairment with 8.7% blindness prevalence, whereas, Community Eye Health Journal, by London School of Hygiene and Tropical Medicine, in 2014, around 196 million people will suffer from AMD by 2020 globally. Technological advancement in healthcare sector and upgraded diagnostic facility is also propelling the growth of age–related macular degeneration market.
However, restraints that are likely to hamper the growth of age-related macular degeneration market include high cost of the treatment, growing off –label use and stringent regulatory policies. For instance, single injection of anti-vascular endothelial growth factor (anti VEGF) agent for the treatment of AMD such as ranibizumab cost about $2000. The increase in geriatric population and growing awareness of AMD is expected to provide more opportunities in age-related macular degeneration market.
Upsurge of geriatric population is contributing to the growth of age-related macular degeneration market in North America
Regional segmentation of age-related macular degeneration market by Coherent Market Insights comprises of North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. Growing geriatric population and the increase in demand for the treatment of age-related macular degeneration is the major factor contributing to the leading position of North America in the age-related macular degeneration market. For instance, the data published by UN publication in “World Population Ageing 2013”, around 70,571,000 people were of 60 years and above in North America in 2013, that is, 19.9% of total population of the region. Moreover, the factors such as rising prevalence of age-related macular degeneration (AMD), growing awareness of AMD, and high rate of drug treatment are also fuelling the growth of age-related macular degeneration market in North America. Asia Pacific is also expected to witness growth in the age-related macular degeneration market owing to the growing of geriatric population, resulting in the occurrence of AMD.
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Fast track designations for drugs in treatment of AMD is helping the new players to sustain in the age-related macular degeneration market
Key industry players operating the age-related macular degeneration market include Novartis AG, Bayer AG, Acucela, Neurotech Pharmaceuticals Inc., Hoffmann-La Roche Limited, Ophthotech Co., GlaxoSmithKline Plc., Alimera sciences Inc., StemCell Inc., and Regeneron Pharmaceutical Inc.. Growing number of pipeline drugs for age-related macular degeneration is helping the industry players to sustain in the age-related macular degeneration market. Additionally, fast track drug designations and special regulator government policies such as tax benefits are some other factors helping the new players to enter in the age-related macular degeneration market. For instance, Fovista a product of Ophthotech received fast track designation by U.S. FDA and is expected to launch in 2018.
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