The latest report by IMARC Group, titled “Macular Degeneration Treatment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global macular degeneration treatment market size reached US$ 8.33 Billion in 2021. Macular degeneration is a neurodegenerative eye disorder caused by deterioration of the macula, the part of the retina that controls sharp, straight-ahead vision. It leads to blurred or complete vision loss in the center of the visual field. The condition is generally characterized by blind or blurry spots in the field of vision, visual distortions, and the inability to see in low light conditions. It can be treated by various therapeutic techniques, such as anti-angiogenic drugs, photodynamic laser therapies, contact lenses, and transitional lenses. In recent years, macular degeneration treatment has gained immense traction across the globe as timely treatment can help improve vision and reduce the risks of developing chronic or permanent blindness.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Macular Degeneration Treatment Market Trends:
The rising incidences of retinal disorders and the surging awareness regarding available treatment options among the masses represent the primary factors driving the market growth. Besides this, since macular degeneration usually affects older adults, the expanding geriatric population is another major growth-inducing factor. Additionally, there has been a widespread prevalence of obesity and cardiovascular diseases (CVDs) due to sedentary lifestyles, changing dietary patterns, and unhealthy habits like smoking. In line with this, prolonged screen time owing to the growing usage of smartphones, laptops, and television is contributing to the development of eye conditions, which has augmented the demand for macular degeneration treatment. Furthermore, the leading players are extensively investing in research and development (R&D) activities to develop innovative and effective drugs. Along with this, the introduction of retinal gene therapies that involve injecting adeno-associated virus (AAV) into the body to prevent the growth of abnormal blood vessels has propelled the market growth. Other factors, including the rising popularity of biosimilars, increasing approvals of novel drugs, favorable government initiatives, improving healthcare infrastructure, and technological advancements, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 12.5 Billion by 2027, growing at a CAGR of 6.70% during the forecast period (2022-2027).
- Based on the type, the market has been bifurcated into dry and wet age-related macular degeneration.
- The market has been segregated based on the stage of disease into early, intermediate, and late stages.
- On the basis of the route of administration, the market has been classified as intravenous and intravitreal routes.
- Based on the end user, the market has been divided into hospitals, ambulatory surgical center, and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Aerie Pharmaceuticals Inc., Bausch Health Companies Inc., Bayer AG, F. Hoffmann-La Roche Ltd, Iveric Bio Inc., Novartis AG, PanOptica, Inc., Pfizer Inc., Phio Pharmaceuticals Corp., Regeneron Pharmaceuticals Inc., Regenxbio Inc., and Santen Pharmaceutical Co. Ltd.
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