Wilmington, Delaware, United States: The global age-related macular degeneration therapeutics market is expected to grow at a favorable rate from 2021 to 2031.
Wilmington, Delaware, United States: The global age-related macular degeneration (AMD) therapeutics market is expected to grow at a favorable rate from 2021 to 2031 (forecast period). The increasing incidence of AMD is a major factor expected to drive the global age-related macular degeneration (AMD) therapeutics market during the forecast period. This is due to the existence of high-risk factors contributing to the onset of the illness. Moreover, aging, high blood pressure, smoking, and high cholesterol are key risk factors for the development of AMD.
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Furthermore, wet AMD has an incidence rate of 10% to 15%, while dry AMD has 85-90%. Despite its high incidence, there are no authorized medications for the treatment of dry AMD on the market. The high incidence of dry AMD, combined with a significant unmet medical need, is likely to fuel global age-related macular degeneration (AMD) therapeutics market growth throughout the forecast period.
Age-Related Macular Degeneration (AMD) Therapeutics Market – Competitive Landscape
Prominent players active in the worldwide age-related macular degeneration (AMD) therapeutics market include Regeneron Pharmaceuticals, Inc., Novartis International AG, Amgen Inc., Bayer AG, F. Hoffmann-La Roche Ltd. Pfizer Inc., and Bausch Health Companies Inc.
Pharmaceutical companies are working on developing new medications to treat AMD. Companies are forming alliances to streamline the development process and increase expenditure in research. For example, Gemini Therapeutics and FS Development Corp. agreed to merge in October 2020. This collaboration will aid in the development of advanced therapies or medicines for AMD.
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Age-Related Macular Degeneration (AMD) Therapeutics Market – Trends and Opportunities
The growing geriatric population is estimated to bolster the age-related macular degeneration (AMD) therapeutics market over the forecast period. For example, as per World Population Prospects, the world population over 60 years old was 962 million in 2017, with a projected increase to roughly 2.1 billion by 2050. Globally, the population of people aged 60 and over is growing at a greater rate than all other age categories. This age group is vulnerable to a variety of age-related disorders, including diabetes, arthritis, renal insufficiency, and macular degeneration. People between the ages of 50 and 59 are at a 2% risk of developing advanced age-related macular degeneration, but those above the age of 75 are at a 30% risk.
Furthermore, the growing incidence of age-related macular degeneration is likely to drive market expansion throughout the forecast period. As per the BrightFocus Foundation in January 2019, macular degeneration is a primary cause of blindness in the U.S. population aged 60 and older, with around 11 million individuals in the U.S. suffering from the condition, which is anticipated to jump to nearly 22 million by 2050.
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Moreover, growing government healthcare spending to lessen the patient healthcare burden is one of the major factors projected to boost the age-related macular degeneration (AMD) therapeutics market. The healthcare burden has grown significantly worldwide and has become a serious problem for both healthcare providers and patients. Some of the causes contributing to increased healthcare costs include the high cost of modern treatment technologies and rising physician fees. As a result, governments in several nations have raised overall healthcare spending in order to improve access to affordable treatment alternatives.
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Age-Related Macular Degeneration (AMD) Therapeutics Market – Regional Landscape
The North America age-related macular degeneration (AMD) therapeutics market is projected to expand during the forecast period. The increased prevalence of medical disorders like obesity and hypertension, combined with rising prescription prices, is expected to drive the regional market. Furthermore, the presence of major pharmaceutical companies with a robust pipeline of AMD medications is projected to strengthen market growth during the forecast period.
The age-related macular degeneration (AMD) therapeutics market in Asia Pacific is anticipated to experience considerable growth during the forecast period. This is attributed to an expanding senior population and an increase in the incidence rate of various AMD. Furthermore, rising healthcare spending and the incidence of lifestyle-related disorders are projected to propel the regional market.
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