Market Trends of Macular Degeneration Treatment Industry
This section covers the major market trends shaping the Macular Degeneration Treatment Market according to our research experts:
Wet Age-related Macular Degeneration is Expected to Hold Significant Market Share Over the Forecast Period
By type, wet macular degeneration is anticipated to hold a significant share. Wet macular degeneration is the initiation of a typical growth of blood vessels beneath the retina. These overgrown blood vessels drip blood, which impedes the clarity of central vision and leads to macular degeneration.
As age-related macular degeneration is the most common cause of severe loss of eyesight among people over 50 years of age, the rising geriatric population all over the world is creating a high level of demand in the wet macular degeneration market. For instance, as per the World Population Prospects 2022, the share of the global population aged 65 years or older is projected to rise from 10% in 2022 to 16% in 2050. By 2050, the number of persons aged 65 or over worldwide is projected to be more than twice the number of children under age 5 and about the same as the number of children under age 12. The above statistics represent the high demand for products for the treatment of wet macular degeneration globally in the future.
Increasing research and development activities in the development of new products are also boosting market growth. For instance, in November 2022, CLS-AX demonstrated positive results in the Phase I/IIa OASIS clinical trial in neovascular wet age-related macular degeneration. CLS-AX (axitinib injectable suspension) met the trial's primary endpoint by demonstrating a positive safety profile at all doses and time points in 27 participants in four cohorts. Such studies are expected to boost the growth of the segment over the forecast period.
The market players adopted various strategies, such as product launches, collaborations, developments, acquisitions, mergers, and expansions, to increase their market share. For instance, in November 2022, STADA Arzneimittel AG and Xbrane Biopharma AB announced that the European Commission granted marketing authorization for Ximlici (ranibizumab), a biosimilar to Genentech's Lucentis. Silica is an anti-VEGF (vascular endothelial growth factor) for the treatment of retinal vascular disorders and has been approved by the European Union (EU) for the treatment of wet age-related macular degeneration (wet AMD). Hence, owing to the factors mentioned above, it is expected to drive the segment's growth over the forecast period.
North America Dominates the Market and is Expected to do Same in the Forecast Period
Some of the factors driving market growth in the North American region include the increasing burden of the geriatric population and age-related macular degeneration, the presence of key market players, and increasing research and development activities.
According to a research study published in Nature Medicine in August 2020, patients with age-related macular degeneration (AMD) who become infected with SARS-CoV-2 are at higher risk of developing severe complications, including requiring supplemental oxygen and death. Furthermore, the American Macular Degeneration Foundation (AMDF) in the United States disseminated this information to warn age-related macular degeneration (AMD) patients and eye care practitioners about the potential risk.
Advanced age-related macular degeneration is considered a leading cause of irreversible blindness and visual impairment across the world. Thus, the increasing burden of age-related macular degeneration is fueling market growth.
According to Canadian Ophthalmological Society data updated in February 2021, wet age-related macular degeneration is one of the major causes of vision loss in people over 65. As per the same source, at least one out of four Canadians may be diagnosed with macular degeneration by 2032.
Furthermore, beneficial government initiatives, an increase in the number of research partnerships, and the presence of the key market players, coupled with recent product launches, are anticipated to boost the growth of the market in the North American region. For instance, in October 2021, Roche received approval from the United States Food and Drug Administration for Susvimo (ranibizumab injection) 100 mg/mL for intravitreal use via ocular implant for wet age-related macular degeneration (nAMD) in patients who have previously responded to at least two anti-vascular endothelial growth factors (VEGF) injections.
So, based on the things we've talked about so far, we expect the market in the region to grow a lot over the next few years.
