PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1439214
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1439214
Global age related macular degeneration market is projected to witness a CAGR of 9.6% during the forecast period 2024-2031, growing from USD 10.19 billion in 2023 to USD 21.22 billion in 2031F. The market witnessed significant growth in the recent years and is expected to further expand over the forecast period.
Age related macular degeneration (AMD) occur because of damage caused to macula due to aging. Macula is a part of retina, which is responsible for translating the light, that enters the eye, into images. It is responsible for central vision, allowing individuals to view objects directly in front of them. AMD is one of the leading causes of vision loss for older population. The different types of age related macular degeneration include dry AMD and wet AMD. Dry AMD occurs in three stages that include early, intermediate, and late. Wet AMD usually causes faster loss of vision, dry AMD can turn into wet AMD. It occurs due to abnormal blood vessel growth at the back of the eye, which causes damage to macula. According to an article published in Journal Cureus, in September 2022, it is estimated that 200 million people suffer from AMD. The number is projected to increase to roughly 300 million by 2040. The age related macular degeneration market growth can be attributed to the increased initiatives by various health agencies and NGOs across the globe to spread awareness about the adequate course of treatment and impact of the disease.
Increasing Investments by Market Players is Supporting Market Expansion
Owing to increasing prevalence of age-related macular degeneration in various regions across the globe, several market players and research institutions are investing towards the development of treatment options and early diagnostic solutions to combat the disease. For instance, Adverum Biotechnologies, Inc. is developing Ixoberogene soroparvovec (Ixo-vec) for the treatment of wet AMD. The clinical-stage gene therapy product candidate utilizes AAV.7m8, a propriety vector. Under the control of proprietary expression cassette, it carries an aflibercept coding sequence. Current care methods for wet AMD care require frequent anti-VEGF injections in the eyes, causing burden for both caregivers and patients. Adverum believes that Ixoberogene soroparvovec has the potential for providing cost effective, durable, and safe in-office treatment options that will address the requirements of retina specialists and healthcare systems across the globe as well as patients and their caregivers. The study conducted in patients demonstrated consistent and continuous therapeutic levels from Ixoberogene soroparvovec in study subjects with wet AMD.
Growing Prevalence in Aging Population to Boost the Market
The demand for AMD drugs is anticipated to increase over the forecast period, owing to rising aging population. As the risk for macular degeneration amongst the geriatric population is high, the market is expected to grow with the increasing number of older people. According to the World Health Organization, by 2030, 1 in 6 people living across the globe will age 60 and above. By 2050, the world's population aged 60 and above will reach 2.1 billion and by 2050 the number of individuals aging 80 years or older will reach 426 million.
The Centers for Disease Control and Prevention projects that 7.3 million individuals in America are at a heightened risk of loss of vision from age related macular degeneration and 1.8 million people suffer from the disease. These factors are bolstering the growth of the macular degeneration treatment market.
North America to Hold a Significant Share of the Market
The growth of geriatric population, strong presence of several market players, and increasing cases of age-related macular degeneration is supporting the expansion of the market in the region. It is estimated that approximately 20 million adults in the United States suffer from some sort of macular degeneration. As per Canadian Ophthalmological Society, age related macular disorder is one of the leading causes of blindness in Canada and as of February 2022, affects approximately 2 million Canadians.
The society is dedicated towards spreading awareness about the different treatments by highlighting the research conducted by Canadian ophthalmologists that are dedicated towards innovating new therapies that aim at enhancing the treatment for wet AMD. Promising age-related macular degeneration research is being conducted on several fronts. Various chemical trials are underway with novel therapies that aim at enhancing the treatment options for AMD. Such continuous investments and initiatives towards development of therapies for age related macular degeneration are further supporting the expansion of North America age related macular degeneration market.
Wet AMD Anticipated to Hold Significant Market Share
Wet age-related macular degeneration roughly accounts for 10% of cases, however, it results in 90% of cases of legal blindness. This disease is an advanced form of the AMD condition and can cause severe and rapid loss of vision. It occurs due to abnormal growth of blood vessels at the back of the eye, causing damage to macula. The current standard of care to aid the prevention of vision loss progression are anti-vascular endothelial growth factor (VEGF) therapies, however, these therapies require repeated intravitreal injections for the remainder of the patient's life. The highly demanding treatment schedule that requires injections every four to twelve weeks is expected to add to the overall demand in the market. Recently, an ophthalmologist at Mayo Clinic in Minnesota, the United States, performed the first subretinal gene therapy as a potential one-time treatment for wet age related macular degeneration as part of a clinical study of RGX-314.
New Developments in Eylea Injections
Eylea blocks the leakage of fluid caused by abnormal growth of blood vessels on the backside of the eye. In 2024, Molecular Therapeutics, linked their gene therapy to a reduction of wet AMD treatment burden by 90%, encouraging the organization to initiate planning for entry in phase 3 next year. An adeno-associated virus vector is used by 4D-150 for delivering transgenes encoding aflibercept. The aim is to eliminate the requirement for frequent injections of Eylea. In phase 2, 51 wet age-related macular degeneration patients at random, for eight weeks received injections of aflibercept or a shot of one of two doses of 4D-150. The patients on an average received 10 anti-VEGF injections in the previous year. By the twenty-four-week analysis, two-thirds of the patients that were on high dose, were injection free.
Future Market Scenario (2024 - 2031F)
Researchers from Anglia Ruskin University (ARU), have been working on developing a way to grow healthy retinal pigment epithelial (RPE) cells that can remain viable for up to 150 days. Retinal pigment epithelial cells are present outside the neural part of retina. The replacement of retinal pigment epithelial cells is one of the various promising therapeutic options available for effective treatment of age-related macular degeneration. Researchers are actively working on finding effective ways for transplanting these cells in eyes.
Recently Adverum Biotechnologies, Inc. released data from their optic extension study on patients suffering from wet age-related macular degeneration during the Retina Subspecialty Day at the American Academy of Ophthalmology (AAO) annual meeting. The patients continued to experience long term benefits including reduction in anti-VEGF treatment burden and maintenance of vision.
Key Players Landscape and Outlook
Key participants in the age-related macular degeneration market include Bausch Health Companies Inc., REGENXBIO Inc., F. Hoffmann-La Roche Ltd, 4D Molecular Therapeutics, and Adverum Biotechnologies, Inc. The expansion of the aging population and increasing prevalence of age-related macular degeneration are providing lucrative growth opportunities to the market.
In 2023, Bausch+ Lomb Corporation, a subsidiary of Bausch Health Companies Inc., launched PreserVision AREDS 2 Formula eye vitamins plus coenzyme Q10 that combine the nutrient formula recommended by the NEI to aid in reducing the risk of moderate to advanced AMD progression. The global eye health company is dedicated towards helping their customers to live better lives.
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Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work