Age-Related Macular Degeneration Market to Expand Parallelly with Rising Geriatric Population —
The Americas Spearheading Age-Related Macular Degeneration Market
Age-related macular degeneration, as the name suggests, is a condition, which is common among the aged population. It results in loss of vision and afflicts a high number of people over the age of 65 years. Market Research Future (MRFR), has launched a comprehensive report on the global age-related macular degeneration market, covering the key dynamics that can affect the market over the forecast period of 2018-2023. As per MRFR's analysis, the market is anticipated to reach USD 2.21 Bn at a CAGR of 8.3% by the end of 2023.
Bausch & Lomb Incorporate, Santen Pharmaceuticals Co., F. Hoffmann-La Roche AG, Acucela Inc., Regeneron Pharmaceutical Inc., Bayer AG, Alimera Sciences Inc., Novartis AG, Pfizer Inc, GlaxoSmithKline PLC, Rxi Pharmaceuticals, Inc., Ophthotech Corporation, and ALLERGAN are the key players in the global age-related macular degeneration market.
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Rapid greying of the global populace is the key factor boosting the growth of the market. Due to the surging prevalence of the diseases among elderly people, a high number of clinical trials and R&D activities are being directed towards the development of effective drugs and therapies, which can uplift the growth of the market over the forecast period. Currently, a number of drugs are available in the market for the diseases such as Lucentis (ranibizumab), Eylea (aflibercept), and other anti-VEGF drugs. however, these drugs are not covered under insurance policies for reimbursement and their price is slightly on the higher side, which can restrain the growth of the market over the forecast period.
The age-related macular degeneration market has been segmented based on type, stages, age group, diagnosis & treatment, route of administration, and end-user.
By type, the age-related macular degeneration market has been segmented into wet age-related macular degeneration (Wet AMD) and dry age-related macular degeneration (Dry AMD). The Wet AMD segment has captured almost 50% share of the global market and is likely to capture a CAGR of 7.6% over the forecast period. Wet AMD is the root cause of 90% blindness in geriatric population and thus the segment is expanding.
By stage, the age-related macular degeneration market has been segmented into early-stage age-related macular degeneration, intermediate age-related macular degeneration, late-stage age-related macular degeneration. The intermediate stage segment is leading the market and is expected to be the fastest growing segment as well.
By age group, the market is segmented into above 75 years, above 60 years, and above 40 years. Of these, the above 75 segment is poised to grow at the fastest CAGR of 7.5% and presently holds the most significant market share. This is primarily due to the highly common nature of this disease among this age group.
By diagnosis & treatment, the age-related macular degeneration market has been segmented into treatment and diagnosis. The treatment segment is leading the market.
By route of administration, the age-related macular degeneration market has been segmented into intravitreal route of administration and intravenous route administration. The intravitreal route of administration segment is dominating the market and is expected to expand at a CAGR of 7.7% over the forecast period.
By end-user, the age-related macular degeneration market has been segmented into hospital & clinics, diagnostic centers, and academic research institutes. The hospitals & clinics segment accounts for the largest share of the market and is likely to register a CAGR of 7.6% over the forecast period.
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Region-wise, the age-related macular degeneration market has been segmented into the Americas, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
The Americas is at the forefront of the global age-related macular degeneration market. The increasing geriatric population in the region and high incidence rate of the disease in the region is supporting the growth of the market in the region. The governments in the region are undertaking various initiatives and policies to curb the progression of the disease, which is working in favor of the market.
Europe is following the Americas lead closely and is the second largest market. Surging incidence of the disease, continuously improving healthcare sector and rising government initiatives are favoring the market growth. The region houses a number of major market players who are actively engaged in R&D activities is also expected to propel the growth of the market.
APAC is anticipated to showcase rapid growth and capture the highest CAGR over the forecast period. The emergence of various market players in the region, who are increasingly foraying into the developing markets of the region to tap the vast pool of opportunities offered by them, has been beneficial for the growth of the market. Moreover, surging prevalence of the diseases, augmenting demand for effective treatment options, and government initiatives towards the development of the healthcare sector is fueling the market growth.
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