Ophthalmology is the branch of medical science that deals with the management and study of anatomy, physiology, and diseases related to the human eye. Globally, the incidence of eye disorders and vision loss are becoming major public health issues. Some of the major eye diseases include age-related macular degeneration, glaucoma, cataract, bulging eyes, diabetic macular edema, ocular hypertension, retinal detachment, uveitis, and refractive errors. Choroidal neovascular membranes refer to the new blood vessels that grow below the retina and disrupt vision. The area between the retina and the sclera (the white part of eye), where these blood vessels grow is called choroid. Choroid is responsible for oxygen and nutrients supply to the eye.
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Choroidal neovascularization (CNV) occurs when new blood vessels start growing in the choroid and rupture the barrier between retina and choroid. When choroidal neovascular membrane leaks in the retina, it causes vision loss. Choroidal neovascularization leads to various serious eye diseases such as wet age-related macular degeneration and histoplasmosis. In addition, choroidal neovascularization can also lead to, eye trauma and myopic macular degeneration. Myopic macular degeneration commonly occurs in aged people due to extreme elongation of the eyeball. It even leads to loss of vision. The global market for choroidal neovascularization is increasing due to increase in aged population and growing incidence of eye diseases.
North America dominates the global market for choroidal neovascularization due to large aged population and increasing incidence of choroidal neovascularization cases in the region. Asia, followed with Europe, is expected to experience high growth rate in the next few years in the global choroidal neovascularization market. China and India are expected to be the fastest growing choroidal neovascularization markets in Asia-Pacific region. Some of the key driving forces for choroidal neovascularization market in emerging countries are large pool of patients and rising government initiatives and support.
High patient and physician satisfaction is one the major factors driving the global choroidal neovascularization market. Some of the other major factors driving the global choroidal neovascularization market are increasing prevalence of choroidal neovascularization cases; globally aging population and rising government initiatives towards healthcare infrastructure in developing countries. In addition, increasing prevalence of lifestyle-associated diseases, such as diabetes and high blood pressure are also fueling the growth of the choroidal neovascularization market. However, lack of awareness among people for different types of eye diseases, and poor primary healthcare infrastructure coupled with lack of healthcare insurance are major factors restraining the global choroidal neovascularization market. In addition, rising healthcare cost in developing countries, such as India and China, is hampering affordability of healthcare facilities among the aging population. Majority of the population does not have access to primary healthcare services, attributable to poverty and absence of health insurance.
Growing demographics and economies in the developing countries such as India and China are expected to offer good opportunities for choroidal neovascularization market. In addition, innovation of some new products with focus on better efficacy is expected to offer good opportunity for choroidal neovascularization market. High cost involved in the treatment is one of the major challenges that are faced by choroidal neovascularization market. Some of the major companies dealing in global choroidal neovascularization market are Bayer AG, F. Hoffmann-La Roche Ltd, Novartis AG and Regeneron Pharmaceuticals Inc.
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Some of the other companies having significant presence in the choroidal neovascularization market are Allergan Inc, Gilead Sciences Inc, Pfizer Inc., Affitech A/S, Valeant Pharmaceuticals International Inc., Lpath Inc. and Mat Biopharma SAS.
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