Global Macular Degeneration Testing and Therapeutics Market

Description

The global macular degeneration testing and therapeutics market is anticipated to expand at a CAGR of 3.42% amid the projected period to reach US$14.959 billion by 2029, from US$11.832 billion in 2022.

Macular degeneration testing and therapeutics are diagnostic methods and treatment approaches for the common eye condition, which affects the macula, the central part of the retina responsible for sharp, central vision. There are two main types of macular degeneration: dry (atrophic) and wet (neovascular or exudative). Tests include visual acuity tests, dilated eye exams, fluorescein angiography, optical coherence tomography (OCT), and genetic testing.

The market for macular degeneration testing and therapeutics includes diagnostic tools, pharmaceuticals, supplements, and medical devices designed to detect, monitor, and provide effective treatment options. Diagnostic tools include OCT machines, fundus cameras, fluorescein angiography systems, anti-VEGF drugs, supplements, intraocular implants, low vision aids, and genetic testing services. The market is driven by an aging population, advances in diagnostic imaging technology, and ongoing research into novel therapeutic approaches.

Market Drivers:

Increasing research and development is expected to surge the macular degeneration testing and therapeutics market growth.

Expanding R&D endeavors and a rise in clinical trials characterized critical drivers of industry growth. R&D practices are anticipated to boost the macular degeneration testing and therapeutics industry. This incorporates expanding inventive therapeutic approaches, quality gene treatments, stem cell treatments, and combination treatments. Progressions in discovery and advancements in biomarkers empower early detection and personalized treatment. Progressed medication delivery frameworks are being created, involving novel formulations and sustained-release implants.

Additionally, Clinical trials are being started to guarantee the commercialization of new medicines and therapies These endeavors are anticipated to lead to regulatory bodies endorsements and the commercialization of new medications for macular degeneration. For instance, in November 2022, 4D Molecular Therapeutics, Inc., a clinical-stage biotechnology company specializing in focused on genetic medications, reported interim clinical discoveries from the Phase I/II trial of intravitreal 4D-150 for wet age-related macular degeneration (AMD).

The rising predominance of retinal disorders is anticipated to propel the macular degeneration testing and therapeutics market growth.

The macular degeneration testing and therapeutics industry is expanding due to the increasing prevalence of age-related macular degeneration (AMD), a basic cause of vision inability, particularly inside the developing masses. Factors contributing to this advancement incorporate the worldwide aging populace, lifestyle habits such as poor diet causing malnutrition, obese population, smoking, and drinking, strides in demonstrative technological advancements such as OCT, and extended awareness around the significance of eye wellbeing and screening programs.

The growing predominance of retinal disorders is contributing to industry development. For instance, research in August 2020 by the British Journal of Ophthalmology stated that AMD is the primary factor of visual incapacity and visual loss in Europe. Around 67 million individuals in Europe are influenced by AMD, and this figure is expected to increase significantly to 15% by 2050 due to the expanding elderly population globally. These statistical data emphasize the rising number of people affected by retinal diseases, which particularly interfaces with the extended request for macular degeneration treatment and in this way drives market extension.

The North American area is expected to dominate the market share.

Market expansion in North America is driven by different components, like the increasing senior population and the predominance of age-related macular degeneration, in conjunction with the participation of key industry players and expanded R&D activities with the partnership of market players and academic research institutes. For instance, research published in Nature Medicine in August 2020 revealed that individuals with AMD who contract SARS-CoV-2 confront a higher chance of serious complications, involving requiring supplemental oxygen or can be fatal too.

The country's progressed healthcare framework, investigations for innovative technology, rising healthcare investment, government activities, awareness among patients, and academic research contribute to the macular degeneration testing and therapeutics industry expansion. Government initiatives and policies as well as clinical trials can offer assistance to identify and control AMD at an early stage. Generally, these components contribute to the advancement and commercialization of modern treatments in North America in the years ahead.

The American Macular Degeneration Foundation (AMDF) dispersed this data to alert both AMD patients and eye care experts about the potential risks involved. AMD is a driving main cause of irreversible visual impairment and visual disability universally, contributing to industry growth. According to information from the Canadian Ophthalmological Society from February 2021, wet AMD positions among the essential causes of vision loss in people aged over 65. Moreover, information from the Conference Board of Canada expressed that the evaluated cost of vision loss is projected to surge up to $30.3 billion by 2032 from $15.8 billion in the year 2007.

Market Developments:

March 2024- REGENXBIO published a Phase I/IIa study evaluating ABBV-RGX-314 as a one-time gene therapy for wet AMD. The study found that the treatment could become a standard-of-care option, sustaining vision health long term and overcoming the clinical challenges of managing wet AMD due to chronic anti-VEGF injections. Long-term follow-up data showed stable or improved vision for up to four years.
August 2023- UC Davis Eye Center used experimental gene therapy for wet age-related macular degeneration, marking the first time the center employed such a treatment. The treatment is part of a stage 3 clinical trial assessing the adequacy and security of ABBV-RGX-314, one of 93 U.S. destinations participating in the experiment.
November 2022- IVERIC Bio, Inc. initiated the submission of the initial portion of its New Drug Application (NDA) to the US Food and Drug Administration (FDA) for avacincaptad pegol, a new investigational inhibitor of complement C5. This accommodation marks the start of a rolling survey to prepare for the treatment of geographic atrophy (GA) auxiliary to Age-Related Macular Degeneration (AMD).
November 2022- Marketing authorization was granted by the European Commission for Ximluci, the third biosimilar of ranibizumab, to be approved in the European Union. Created through the collaboration between STADA Arzneimittel and Xbrane Biopharma, the product was discharged to market in early 2023.

Company Product:

LEA NUMBERS(R) Low Vision Book- The LEA NUMBERS(R) Low Vision book is a product by Good-Lite Company and is designed for testing severely visually impaired children and adults, covering distance and near vision line sizes. It can be purchased individually or as part of a set, including pediatric and adult occluding glasses.

Market Segmentation: