The Global Age-Related Macular Degeneration Market size was US$ 10.55 billion in 2022 and is expected to reach a market size of US$ 18.40 million by 2031, growing at a CAGR of 7.2% during the forecast period from 2023 to 2031.
The age-related macular degeneration (AMD) market is experiencing significant growth. This growth can be due to two main factors: the aging global population and the increased prevalence of AMD. North America and Europe account for the largest share of AMD cases due to their larger aging populations and better access to diagnostics.
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Age-related Macular Degeneration (AMD) is a progressive disease that primarily affects the macular region of the retina. Thorough estimates suggest that approximately 200 million people worldwide are currently affected by AMD, making it the third leading cause of vision loss globally. In line with this, by 2040, this number will increase to nearly 300 million. In the United States alone, 5.4 million individuals will be affected by AMD by 2050, following similar rising patterns. While the majority of affected individuals are of Caucasian ancestry, it appears that dry AMD and wet choroidal vasculopathy occur more frequently in Asian and African-American populations.
The expected increase in the prevalence of non-communicable eye disorders, such as AMD, can be attributed to the demographic shift brought on by an aging global population. As the population ages, the incidence of AMD is likely to rise. This rising prevalence of AMD will consequently drive the market growth for treatments and interventions related to AMD.
Growing Aging Population: A Sign for Substantial Market Growth
In recent times, it has become increasingly common for individuals to live well into their sixties and beyond. This trend is observed globally, as every country is experiencing growth in the size and proportion of older individuals within their populations. According to the World Health Organization (WHO), by 2030, approximately 1 in 6 people worldwide will be aged 60 years or over. During this period, the population of individuals aged 60 years and older is likely to increase from 1 billion in 2020 to 1.4 billion. Looking further ahead, by 2050, the global population of individuals aged 60 years and older is likely to double, reaching 2.1 billion. Additionally, the number of individuals aged 80 years or older will triple between 2020 and 2050, reaching a total of 426 million.
This significant rise in the geriatric population will have a profound impact on various sectors, including healthcare and the market for products and services targeted towards older individuals. The increase in the number of older persons will drive the growth of this market as it responds to the unique needs and demands of this expanding demographic.
Moreover, the prevalence of Age-related Macular Degeneration (AMD) is expected to increase due to the aging population and the growing incidence of chronic diseases like diabetes, which is a risk factor for AMD. The combination of increased life expectancy and a high burden of diabetes has led to a significant rise in vision issues among the aging population, further driving the market growth for AMD treatments and interventions. According to the National Center for Biotechnology Information (NCBI), in 2019, approximately 19.3% of people aged 65-99 years (equivalent to 135.6 million, 95% CI: 107.6-170.6 million) were living with diabetes. The number of individuals aged 65-99 years with diabetes will reach 195.2 million by 2030 and 276.2 million by 2045.
The increasing prevalence of diabetes, along with the aging population, contributes to the rising incidence of AMD. This trend underscores the need for effective management and treatment options for AMD to address the growing demand resulting from the aging and diabetic population.
Breakthrough of AI: Untapped Potential for the Treatment of AMD
Technological advancements have had a profound influence on the diagnosis and treatment of age-related macular degeneration (AMD). The emergence of artificial intelligence (AI) technology has brought about promising advancements in the field. AI algorithms have the ability to analyze medical images, including optical coherence tomography (OCT) scans, to identify and classify specific changes in the retina that are associated with AMD. This capability has the potential to facilitate early detection of AMD and enable timely interventions.
For instance, in January 2023, In a study, researchers from Taiwan showed how machine learning can help identify age-related macular degeneration using fundus photographs. Fundus photography is a potent instrument that can be used to identify the illness, but it takes time and calls for a medical expert’s knowledge.
Artificial intelligence has enormous potential for age-related macular degeneration diagnosis and treatment. With the use of OCT, which enables a 3D higher-resolution rendition of the disease and classification of the stage before progression to geographic atrophy, specialists in the field are learning more specifically about the staging of the disease.
Hospital Pharmacies are the Primary End Users: Holding More Than Half of the Revenue Share
Hospital pharmacies play a significant role in the age-related macular degeneration (AMD) market, accounting for more than 52% of global AMD revenue. This dominance can be due to several factors, including the accessibility of a wide range of AMD medications, comprehensive consultations with healthcare professionals, and efficient prescription-handling procedures.
Furthermore, hospital pharmacies in the age-related macular degeneration (AMD) market often have close affiliations with clinics or hospitals. This connection allows for efficient patient diagnosis, treatment, and access to medications. The collaboration between hospital pharmacies and healthcare institutions enables a streamlined process for addressing AMD-related issues.
North America Dominated the Age-Related Macular Degeneration Market
North America held a significant position in the global age-related macular degeneration treatment market share and is likely to exhibit the highest growth rate during the forecast period. In the United States, prescription AMD medications are widely used, and more novel treatments are being approved there regularly. The growing burden of the senior population, the existence of major market players, and rising R&D activity are some of the factors propelling market expansion in the North American region.
According to statistics from the Canadian Ophthalmological Society that was updated in February 2021, wet age-related macular degeneration is one of the major causes of vision loss in persons over 65. According to the same source, at least one in four Canadians may have macular degeneration by 2032.
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The market in the region is also expected to grow faster than average as a result of beneficial government efforts, expanding research collaborations, the presence of significant market rivals, and recent product introductions. For instance, the US Food and Drug Administration approved Roche’s request in October 2021 to market Susvimo (ranibizumab injection) 100 mg/mL for intravitreal use via ocular implant for wet age-related macular degeneration (nAMD) in patients who had previously responded to at least two anti-vascular endothelial growth factors (VEGF) injections.
List of Prominent Players
- Regeneron Pharmaceuticals
- Iveric bio
- Apellis Pharmaceuticals
- Graybug Vision
- Kodiak Sciences
- Alimera Sciences
- Santen Pharmaceutical
- Other Prominent Players
The global age-related macular degeneration market segmentation focuses on Product Type, Disease Type, End Users, and Region.
By Product Type
By Disease Type
- Wet AMD
- Dry AMD
By End Users
- Hospital Pharmacies
- Specialty Clinics
- North America
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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