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Vascular Endothelial Growth Factor Inhibitor, Global Market Overview, Trends, Opportunities 202
Global VEGF Inhibitor, Business Growth, Market Insights
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According to The Business Research Company's, The vascular endothelial growth factor (vegf) inhibitor market size has grown strongly in recent years. It will grow from $9.68 billion in 2023 to $10.46 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to increase in cancer prevalence, strong economic growth in emerging markets, increase in pharmaceutical r&d expenditure, increased healthcare expenditure, government initiatives and rapid growth in elderly population.
The vascular endothelial growth factor (vegf) inhibitor market size is expected to see strong growth in the next few years. It will grow to $13.98 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to increasing prevalence of cancer, rising prevalence of age-related macular degeneration (amd), rise in healthcare expenditure, high potential of emerging economies, high penetration of the biosimilar drugs and increasing geriatric population. Major trends in the forecast period include offering combination therapies to patients in order to combat advanced cancers and improve patient life, focusing on strategic collaborations to boost innovations and establish category leadership, investing extensively in r&d activities for the development of effective and innovative drugs, focusing on the production of biosimilars in order to cater to a wider market by making treatment more affordable and focusing on reducing dosages for wet age-related macular degeneration (amd) in order to improve patient welfare.
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Market Drivers and Trends:
The growing prevalence of cancer and macular degeneration diseases is expected to drive the VEGF inhibitor market. For instance, in August 2022, according to this systematic review and meta-analysis published by the National Library of Medicine, a US-based medical library, age-related macular degeneration will affect 8-7% of the global population, with the illness affecting 196 million individuals in 2020 and rising to 288 million by 2040. Anti-vascular endothelial growth factor (anti-VEGF) agents halt the progression of the disease and improve vision. A vascular endothelial growth factor (VEGF) inhibitor slows and restricts tumor growth during cancers. Hence, the rising prevalence of cancer along with macular degeneration disease aids in the vascular endothelial growth factor (VEGF) inhibitor market growth over the forecast period.
Key players operating in the VEGF inhibitor industry are undergoing various collaborations and partnerships to expand their product portfolio by developing new products. Product portfolio expansion is the strategic approach that companies use to grow their businesses and increase their market share by satisfying consumer demand. The process of product development includes conceptualization, design, development, and marketing of newly created or newly rebranded goods or services. For instance, in September 2021, AbbVie, a US-based pharmaceutical company, partnered with REGENXBIO Inc., a US-based biotechnology company, to develop and commercialize RGX-314, an experimental gene therapy for chronic retinal illnesses such as diabetic retinopathy, wet age-related macular degeneration, and others. RGX-314 consists of the NAV AAV8 vector, which encodes an antibody fragment designed to inhibit vascular endothelial growth factor (VEGF). It is believed that RGX-314 blocks the VEGF pathway, which is responsible for the development of new, leaky blood vessels and the subsequent fluid buildup in the retina. In accordance with the terms of the contract, AbbVie will make a $370 million upfront payment to REGENXBIO, with the possibility of subsequent payments totaling up to $1.38 billion upon achievement of additional development, regulatory, and commercial milestones.
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Major Key Players of the Market:
LITE-ON Technology Corp, Econolite Group, Oriux, Swarco AG, Traffic Technologies Ltd, North America Traffic, Ver-Mac, ARCUS USA Inc, D G Controls Ltd, Alphatronics NV, Kyosan Electric Mfg. Co. Ltd., Envoys Electronic Pvt. Ltd, Sumitomo Electric Industries, Ltd., Trafitek Solutions Pvt Ltd, Efkon India Pvt., ITS Planners and Engineers, Microtrans Infratech Pvt. Ltd, Onnyx Electronisys Pvt. Ltd, Pfannenberg Group Holding, BELFOX Torautomatik GmbH, Dialight, Pfister Waagen Bilanciai GmbH, SRL, E2S Warning Signals, Johnson Controls, ELINTEL, La Semaforica srl, CROSS Zlín, a.s, SEA Company, Federal Signal, McCain Traffic Systems, K2 Traffic Engineering, Inc, Horizon Signal Technologies, General Electric, Leotek Electronics USA LLC, Peek Traffic, WERMA, Traffic Safety Corp, Pat-Traffic / IRD Argentina, BBE Led, SMB Safety Equipment Manufacturing LLC, Mtp Traffic Sign LLC, Al Mohanad Advertising, Automotor Traffic Signal Co, Zama Traffic Signals, TSA International, Syntell (Pty) Ltd, Ethio-Telecom
Vascular Endothelial Growth Factor (VEGF) Inhibitor Market 2024 Key Insights:
• The vascular endothelial growth factor (vegf) inhibitor market size is expected to see strong growth in the next few years. It will grow to $13.98 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• The Increasing Prevalence Of Cancer And Macular Degeneration Diseases Drives The Vegf Inhibitor Market Growth.
• Collaborations Drive Product Portfolio Expansion
• North America was the largest region in the vascular endothelial growth factor (VEGF) inhibitor market in 2023
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Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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