Emerging Opportunities in Wet Macular Degeneration Market
Macular degeneration is a weakening or collapsed working of the eyes’ macula. Macula is the small area on the retinal surface covered by the light-sensitive tissue lining which is blackish area of the eye. This part of the retina is responsible for individual’s central vision, allows viewing fine objects clearly. Generally old aged people develop macular degeneration because of natural aging process of the body. There are two types of macular degeneration namely dry (atrophic or non-neovascular) and wet (exudative or neovascular). Wet macular degeneration is a beginning of abnormal growth of blood vessels underneath the retina, these overgrown blood vessels leak blood which hamper clarity of central vision leading to macular degeneration. The prevalence of people living with wet macular degeneration is less as compared to dry form, but it causes more damage to central or detail vision.
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Wet Macular Degeneration Market: Drivers and Restraints
Macular degeneration occurs in people above 60 years of age whereas younger people are also at risk. According to study conducted by AMD (Age related Macular Degeneration) Alliance International, approximately 30 million people live with AMD worldwide out of which 10-15% have wet type of macular degeneration. The increasing number of old age population all over the world is creating the high rise demand in wet macular degeneration market. According to World Health Organization (WHO) report, percentage of old people (above age of 60 years) has increased from 9.2% in 1990 to 11.7% in 2013 and expected to become 21.1% by year 2050. The total number of old age people all over the world was 841 million in 2013 and number is probable to touch 2 billion in 2050. All these facts represent high demand for the products for the treatment of wet macular degeneration globally in coming future. The technological advancements in diagnosis of macular degeneration and suitable reimbursement circumstances are driving the growth of the market. On the other hand high cost involved and limited awareness in developing world may hinder the growth of the global wet macular degeneration market. In last couple of years, many companies have invested heavily in research and development of drugs on wet macular degeneration such as Allergan completed Stage 3, Phase 2 study of abicipar pegol. In a 2010, VisionCare Ophthalmic Technologies, developed and got approval from FDA for implantable device that magnifies images on the retina to improve central vision compromised by macular degeneration.
Wet Macular Degeneration Market: Segmentation
Wet macular degeneration market can be segmented according to different categories such as geography, types of products. Geographically, this market can be segmented in four regions namely North American, Europe, Asia-Pacific and Rest of the World, out of all these segments North America region have highest contribution in terms of value because of more awareness and higher percentage of total income spent on healthcare compared to other economies. Followed by this, Europe, Asia-Pacific and Rest of the World respectively are major segments of the market. However the growth of the market may be significant in emerging economies in Asia and Africa looking at increasing number of old age population. The market can also be segmented according to products such as devices and drugs. In current scenario, clinicians are relied on drugs rather than devices (implantable telescopes) as it cost very high and yet to get popularity among medical fraternity.
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Wet Macular Degeneration Market: Company Profiles
Currently various established companies in pharmaceuticals, especially in ophthalmology market which are catering varied range of products for wet macular degeneration, out of which companies such as Alcon Nordic, Genzyme Corporation, Boehringer Ingelheim GmbH, EyeGate Pharmaceuticals, Inc., EyeCyte, Inc., PanOptica, Inc. and Ophthotech Corp. are leading contributors this market.
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