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Age-Related Macular Degeneration Market Overview 2024-2033: Size, Share, and Insights
Age-Related Macular Degeneration Market Overview
According to The Business Research Company's, The age-related macular degeneration market size has grown strongly in recent years. It will grow from $9.17 billion in 2023 to $9.9 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to aging population demographics, changing lifestyles and environmental factors, genetic predisposition, increased awareness and early diagnosis, advancements in diagnostic techniques..
The age-related macular degeneration market size is expected to see strong growth in the next few years. It will grow to $13.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to research in genetics and biomarkers, emerging therapeutic modalities, telemedicine and remote monitoring, patient advocacy and education.. Major trends in the forecast period include personalized medicine approaches, innovations in retinal imaging technologies, emergence of sustained drug delivery systems, clinical trials for investigational therapies, collaborations for research and development..
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Market Drivers and Trends:
Rising age-related macular degeneration (AMD) prevalence is expected to propel the growth of the age-related macular degeneration (AMD) market going forward. Age-related macular degeneration (AMD) is a progressive eye condition affecting the macula, a small part of the retina responsible for central vision. Age-related macular degeneration (AMD) treatments support patients suffering from retinal disorders by minimizing the severity of the disease condition. For instance, in February 2023, according to the reports shared by Optimaxa., a UK-based laser eye treatment specialist, age-related macular degeneration (AMD) affected 196 million individuals globally and is expected to reach 288 million in 2040, accounting for 8.7 percent of the world's population. Therefore, rising age-related macular degeneration (AMD) prevalence is driving the age-related macular degeneration market.
Product innovations are a key trend gaining popularity in the age-related macular degeneration market. Major companies operating in the age-related macular degeneration market are developing innovative products and drugs to strengthen their position in the market. For instance, in October 2021, Genentech Inc., a US-based biotechnology and pharmaceutical company, received regulatory approval for its novel Susvimo (ranibizumab) therapy for patients suffering from wet, age-related macular degeneration (AMD) from the US Food and Drug Administration, a US-based federal health agency. Susvimo is a sustained-release implant that delivers ranibizumab. This drug helps prevent the growth of abnormal blood vessels in the retina. It provides patients with wet AMD with a more convenient and less invasive treatment option than traditional eye injections.
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Major Key Players of the Market:
F. Hoffmann-La Roche Ltd.; Novartis AG; Bayer AG; Pfizer Inc.; Bausch Health Companies Inc.; Regeneron Pharmaceuticals Inc.; Amgen Inc.; Alimera Sciences Inc.; Alkeus Pharmaceuticals Inc.; AbbVie Inc.; Outlook Therapeutics Inc.; Biogen Inc.; Samsung Bioepis Co. Ltd.; Allergan plc; Biocon Ltd.; Bio-Thera Biopharmaceutical Co. Ltd.; AstraZeneca plc; Acucela Inc.; Ophthotech Corporation; Kodiak Sciences Inc.; REGENXBIO Inc.; Alkahest Inc.; Opthea Limited; Apellis Pharmaceuticals Inc.; Graybug Vision Inc.; IVERIC bio Inc.; Santen Pharmaceutical Co. Ltd.; Ocular Therapeutix Inc.; Tyrogenex Inc.; Chengdu Kanghong Pharmaceutical Group Co. Ltd.; I-Mab Biopharma Co. Ltd.; pSivida Corp.; Clearside Biomedical Inc.; SciFluor Life Sciences LLC; Lineage Cell Therapeutics Inc.
Age-Related Macular Degeneration Market 2024 Key Insights:
• The age-related macular degeneration market will grow to $13.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• The Surging Prevalence Of Age-Related Macular Degeneration Sparks Growth In The Amd Market
• Genentech's Susvimo Marks A Paradigm Shift In Age-Related Macular Degeneration Treatment
• North America was the largest region in the global age-related macular degeneration market in 2023
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