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Retinal Biologics Market Report 2024 - Retinal Biologics Market Insights, Size And Trends
Retinal Biologics Market
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According to The Business Research Company's, The retinal biologics market size has grown rapidly in recent years. It will grow from $22.48 billion in 2023 to $25.45 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to increased incidence of retinal disorders, aging population, rising awareness and early diagnosis, evolving healthcare infrastructure, increasing healthcare expenditure.
The retinal biologics market size is expected to see rapid growth in the next few years. It will grow to $39.69 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to expanding therapeutic applications, personalized medicine, emerging markets growth, strong pipeline of biologics, collaborations and partnerships, government initiatives and support.. Major trends in the forecast period include non-invasive delivery methods, real-world evidence utilization, expanded indications, regulatory pathway streamlining, patient-centric outcomes.
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Market Drivers and Trends:
The increasing prevalence of diabetic eye disease is expected to propel the growth of the retinal biologics market going forward. Diabetic eye disease is a complication of diabetes that affects the eyes by causing vision loss and blindness in people with diabetes. Retinal biologics hold the potential for more precise and effective treatment options, allowing for earlier intervention and improved outcomes in preventing vision loss associated with diabetic eye disease For instance, in June 2023, according to a research study conducted by the American Medical Association, a US-based professional association and lobbying group of physicians and medical students, diabetic retinopathy affected 9.60 million individuals in the United States, constituting 26.43% of the diabetic population, while vision-threatening diabetic retinopathy was observed in 1.84 million people, accounting for 5.06% of those with diabetes. Therefore, the increasing prevalence of diabetic eye disease is driving the growth of the retinal biologics market.
Product innovation is a key trend gaining popularity in the retinal biologics market. Major companies operating in the retinal biologics market are focused on developing innovative products to strengthen their position and gain a competitive advantage. For instance, in May 2023, F. Hoffmann-La Roche Ltd., a Switzerland-based healthcare company, announced that the U.S. Food and Drug Administration had accepted the company's supplemental biologics license application (sBLA) for Vabysmo (faricimab) for the treatment of macular edema following retinal vein occlusion (RVO). Acceptance was based on two Phase III trials that showed early and persistent visual improvement with Vabysmo, achieving the primary endpoint of non-inferiority to aflibercept. This product is the first bispecific antibody approved for the eye to treat neovascular or 'wet' age-related macular degeneration and diabetic macular edema. Further studies showed an absence of blood vessel leakage in the retina in Vabysmo patients compared to aflibercept patients.
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Major Key Players of the Market:
Pfizer Inc., F. Hoffmann-La Roche Ltd, Merck & Co Inc, AbbVie Inc., Bayer AG, Janssen Biotech, Novartis AG, Fresenius SE, AstraZeneca plc, Boehringer Ingelheim International GmbH., Amgen Inc, Teva Pharmaceuticals Industries Ltd., Bristol-Myers Squibb, Regeneron Pharmaceuticals Inc, Sun Pharmaceutical Industries Ltd., Sanofi Genzyme, Bausch & Lomb, Santen Pharmaceutical Co. Ltd., Swedish Orphan Biovitrum, Ocular Therapeutix, Alimera Sciences, Adverum Biotechnologies Inc., MeiraGTx Limited, Oxurion NV, Graybug Vision Inc., Kodiak Sciences Inc., Clearside Biomedical Inc., UCBCares, Allergan plc, Genentech Inc., Iveric bio Inc., Neurotech Pharmaceuticals Inc., Opthea Limited
Retinal Biologics Market 2024 Key Insights:
• The retinal biologics market size is expected to see rapid growth in the next few years. It will grow to $39.69 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%.
• Retinal Biologics Market Surges Amid Rising Cases Of Diabetic Eye Disease
• Retinal Biologics Market Expands With Roche's Breakthrough Vabysmo
• North America was the largest region in the retinal biologics market in 2023
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