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CHICAGO, CA, UNITED STATES, October 18, 2024 /EINPresswire / -- The Global Age-Related Macular Degeneration (AMD)
market continues to expand, driven by advancements in
treatment options and an increasing prevalence of age-related vision disorders. Valued at USD 11.31 billion in 2023, the market is projected to achieve a significant growth trajectory, reaching an estimated USD 19.72 billion by 2032 at a CAGR of 7.2% from 2024 to 2032.
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Key Market Drivers: An Aging Population and Rising Prevalence of AMD
The global rise in the elderly population is one of the primary drivers of the AMD market. As people age, the risk of developing age-related macular degeneration increases. According to recent studies, the number of individuals affected by AMD is projected to grow substantially over the next decade, leading to a surge in demand for effective treatments.
Aging Population: By 2050, the number of people aged 60 years and older is expected to double, reaching approximately 2.1 billion globally. This increase will inevitably contribute to the rising number of AMD cases.
Prevalence of AMD: As one of the leading causes of irreversible blindness in older adults, AMD is becoming a major public health issue worldwide. Approximately 196 million people were affected by AMD in 2020, and this number is expected to rise to 288 million by 2040.
Innovative Treatment Options Boosting Market Growth
The evolution of AMD treatments, especially in the areas of drug development and biologics, is a key factor propelling market growth. Anti-VEGF therapies remain the gold standard for wet AMD treatment, and further advancements in this field are providing improved patient outcomes.
Anti-VEGF Treatments: Medications such as aflibercept (Eylea) and ranibizumab (Lucentis) have revolutionized the management of wet AMD, significantly improving vision outcomes for patients. Ongoing research into long-acting therapies and combination treatments continues to fuel market expansion.
Emerging Therapies: In addition to anti-VEGF drugs, new therapeutic approaches like gene therapies and stem cell treatments are showing promise in treating dry AMD, which currently has limited treatment options. These innovations are anticipated to further expand the market during the forecast period.
Challenges: High Treatment Costs and Limited Accessibility
Despite the promising growth, the AMD market faces several challenges. The high cost of treatment, particularly for anti-VEGF therapies, can limit access for patients, especially in developing regions. Additionally, the need for frequent intravitreal injections poses a burden on both patients and healthcare systems.
Cost Barriers: Treatments like aflibercept and ranibizumab are expensive, with annual costs ranging from $10,000 to $25,000 per patient. This makes it difficult for uninsured or underinsured patients to afford these therapies, particularly in low- and middle-income countries.
Accessibility Issues: Access to advanced AMD treatments is often restricted in less developed regions due to inadequate healthcare infrastructure and limited availability of specialized treatments.
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Regional Insights: North America Leads, APAC Offers High Growth Potential
North America currently dominates the global AMD market, driven by the high prevalence of AMD, a robust healthcare infrastructure, and strong investments in research and development. However, the Asia-Pacific (APAC) region is expected to exhibit the fastest growth over the forecast period, supported by an expanding elderly population and increasing healthcare expenditures.
North America: In 2023, North America accounted for the largest share of the AMD market, with the U.S. leading the region due to its advanced healthcare systems and widespread adoption of cutting-edge treatments.
Asia-Pacific: APAC is poised to experience the fastest market growth, thanks to the rapidly aging populations in countries like China, Japan, and India. Government initiatives to improve healthcare access and rising disposable incomes are also contributing to market expansion in this region.
Competitive Landscape: Key Players and Market Strategies
The global AMD market is highly competitive, with several key players focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market positions.
Key Players: Leading companies in the market include Regeneron Pharmaceuticals, Roche, Novartis, Bayer AG, and Pfizer, all of which are continuously investing in research and development to enhance their AMD treatment portfolios.
Strategic Collaborations: Many of these companies are entering into partnerships with research institutions and smaller biotech firms to explore novel treatment options, particularly in the fields of gene therapy and regenerative medicine.
Future Outlook: Technological Advancements and Emerging Markets
The future of the AMD market looks promising, with several factors likely to drive further growth. Technological advancements, such as long-acting anti-VEGF formulations and innovative drug delivery systems, are expected to improve patient compliance and reduce the frequency of treatments. Additionally, the growing focus on early detection and diagnosis of AMD through advanced imaging technologies will enable more timely and effective interventions.
Conclusion: A Growing Market with Unmet Needs
The global Age-Related Macular Degeneration market is on track for robust growth, driven by an aging population, increasing prevalence of AMD, and ongoing innovations in treatment. However, addressing the challenges of high treatment costs and limited accessibility will be essential for ensuring that more patients can benefit from these advancements. As the market evolves, key players will continue to focus on developing cutting-edge therapies to meet the growing demand for effective AMD solutions.
With the market expected to reach USD 19.72 billion by 2032, the Age-Related Macular Degeneration market represents a significant opportunity for healthcare providers, pharmaceutical companies, and investors alike.
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About Astute Analytica:
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.
Aamir Beg
Astute Analytica
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