Verteporfin is a medication used to treat abnormal blood vessel formation in the eye. It is injected into the body to treat the ocular problems. It is a benzoporphyrin derivative majorly used in photo dynamic therapy for treatment the abnormal blood vessels in the eye conditions such as wet macular degeneration. Photo dynamic therapy is a treatment that combines light energy with the drug which destroys the cancerous cells. Verteporfin is administered intravenously before 15-20 minutes of photo dynamic treatment. It rapidly accumulates in these abnormal blood vessels in the eye and when stimulated with non-thermal laser light produces highly reactive single oxygen molecules and other oxygen molecules resulting in blockage of abnormal blood vessels.
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Global Verteporfin Market: Drivers
The increasing use of verteporfin in various applications of ophthalmology such as pathologic myopia, macular degeneration, and ocular histoplasmosis is fostering growth of verteporfin market. Additionally, pharmaceutical companies are focusing on new products launches for ophthalmology is again expected to augment market growth. For instance, in 2019, CIBA Corp, an eye care unit of Novartis AG and QLt. Inc., received authorization for marketing visundyne (verteporfin) therapy for choroidal neovascularization from the European Medicine Evaluation Agency.
Moreover, increasing focus of research institutes on applying verteporfin in oncology treatments. For instance in 2017, Mayo Clinic along with National Cancer Institute (NCI) undergoing phase II clinical trials on ultrasound-guided verteporfin photodynamic therapy for the treatment of solid pancreatic tumors .
Global Verteporfin Market: COVID-19 Impact Analysis
According to the Asia Pacific Journal of ophthalmology, COVID-19 has negatively impacted ophthalmologic procedures due to implementation of social distancing measures by governments across the globe. The pandemic has affected general procedures carried out during ophthalmic treatment to prevent or curb the spread of COVID-19. According to U.S National Library Medicine’s report of 2019, patients coming in contact with ophthalmic equipment can increase the risk of infection through aerosolized particles.
Global Verteporfin Market: Restraints
According to the National Library of Medicine, photo dynamic treatment with verteporfin is costlier than pegaptinib for treatment of sub-foveal wet macular degeneration in elderly patients. The cost of pegatanib is US$ 49,052 compared to cost of photo dynamic treatment with verteporfin which is US$ 59,039 in U.S. Moreover, verteporfin is given intravenously before treatment which can cause infection at site of injection such as irritation, redness of skin etc. All these factors are expected to hinder market growth.
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Global Verteporfin Market: Regional Analysis
On basis of region, the global verteporfin market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America has a major burden of age related macular degeneration (AMD). According to the National Library of Medicine’s report of 2019, around 11 million individuals are affected by AMD in the U.S. As a result, pharmaceutical companies are focusing on agreements for developing appropriate treatment for macular degeneration. For instance, in 2018, Baush + Lomb and Modulight entered into a partnership to develop a novel laser specifically for use of Baush + Lomb visudyne (verteporfin injection) in photo dynamic therapy for macular degeneration.
In Europe, there is significant burden of age macular degeneration among the elderly population. According to the European Society of Retina Specialist (EUROTINA), report of 2018, at least 33.6 million individuals above of 60 years are affected by age related macular degeneration. Therefore, pharmaceutical companies are focusing on acquisitions and mergers to strengthen their share in the global verteporfin market. For instance, in 2018, Cheplapharm Arzneimittel, a pharmaceutical company in Germany, acquired worldwide rights (except U.S) for visudyne (verteporfin injection) from Novartis Pharma AG.
Global Verteporfin Market: Key Players
Key players operating global verteporfin market are Bausch Health Companies Inc., Cheplapharm Arzneimittel, Novartis AG, Novelion Therapeutics Inc., Ciba Corporation and LGM Pharma, LLC.
On the basis of indication, the global verteporfin market is segmented into:
- Macular Degeneration
- Pathological Myopia
- Ocular Histoplasmosis
On the basis of distribution channel, the global verteporfin market is segmented into:
- Hospital pharmacies
- Retail pharmacies
- Online pharmacies
On the basis of region, the global verteporfin market is segmented into:
- North America
- Latin America
- Asia Pacific
- Middle East
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Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Verteporfin Market Size Analysis from 2021 to 2028
11.6 COVID-19 Outbreak: Verteporfin Industry Impact
Chapter 2 Global Verteporfin Competition by Types, Applications, and Top Regions and Countries
2.1 Global Verteporfin (Volume and Value) by Type
2.3 Global Verteporfin (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Verteporfin Sales, Consumption, Export, Import by Regions (2016-2021)
Chapter 5 North America Verteporfin Market Analysis
Chapter 6 East Asia Verteporfin Market Analysis
Chapter 7 Europe Verteporfin Market Analysis
Chapter 8 South Asia Verteporfin Market Analysis
Chapter 9 Southeast Asia Verteporfin Market Analysis
Chapter 10 Middle East Verteporfin Market Analysis
Chapter 11 Africa Verteporfin Market Analysis
Chapter 12 Oceania Verteporfin Market Analysis
Chapter 13 South America Verteporfin Market Analysis
Chapter 14 Company Profiles and Key Figures in Verteporfin Business
Chapter 15 Global Verteporfin Market Forecast (2021-2027)
Chapter 16 Conclusions
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