DUBLIN, Aug. 6, 2019 /PRNewswire/ -- The "Wet Age-Related Macular Degeneration Market by Product, by Distribution Channel, by Age Group, by Route of Administration, by End User, by Geography Global Market Size, Share, Development, Growth, and Demand Forecast, 2014-2024" report has been added to ResearchAndMarkets.com's offering.
The global wet age-related macular degeneration (AMD) market attained a size of $6.9 billion in 2018, and it is expected to reach $10.4 billion by 2024, advancing at a CAGR of 7.1% during the forecast period (2019-2024).
The growth of the market is driven by the rising prevalence of AMD, lack of a specific treatment, and increasing aging population.
Eylea, Lucentis, and Avastin are the drugs available worldwide for the treatment of wet AMD. Out of these, Eylea is anticipated to dominate the market in 2019-2024. The major factors escalating the demand for this drug in the global wet age-related macular degeneration market are the rising prevalence of AMD.
On the basis of route of administration, the market is bifurcated into intravenously and intravitreally given drugs. During the forecast period, the drugs administered through the intravitreal route are predicted to witness the faster growth at a CAGR of 7.2% in the global wet age-related macular degeneration market.
In 2018, North America held the largest revenue share, amounting to nearly $3.0 billion, in the global wet age-related macular degeneration market. This is ascribed to the increasing prevalence of wet AMD, rising number of drug approvals, and considerable presence of key players in the country.
On a global ground, during the 2019-2024 period, the market is projected to observe the fastest growth with a CAGR of 8.8% in APAC, owing to the surge in the aging population, increase in the prevalence of AMD, and reimbursements offered by the government for treating wet age-related macular degradation in the region.
Furthermore, APAC accounts for over one-third of the macular degeneration cases registered across the globe, which is anticipated to further rise during the forecast period. According to United Nations projections, nearly 24.0% of Asians will be of 60 years or above by 2050. Since aged people are more likely to develop AMD, the demand for medication for disease treatment is predicted to substantially rise in the region, resulting in the growth of the wet age-related macular degeneration market.
Also, wet AMD treatment is quite expensive, as a result of which the government of countries such as South Korea and Malaysia have introduced some health insurance plans to cover the cost of the treatment to some extent and to lessen the burden of healthcare on people. For instance, under the universal government health insurance plan of South Korea's, during their lifetime, wet AMD patients can get up to 10 injections of ranibizumab. Thus, the increasing government initiatives are boosting the wet age-related macular degeneration market growth in the APAC region.
- Positive clinical trial results and increasing approvals for pipeline drugs
- Growing number of acquisitions and collaborations
- Increasing prevalence of AMD
- Lack of availability of specific treatment
- Surge in geriatric population
- Impact analysis of drivers on market forecast
- Increasing usage of off-label drugs
- High cost of drugs and lack of insurance coverage
- Impact analysis of restraints on market forecast
- Emerging market for wet AMD in APAC
- Prospective alternative therapies
- Regeneron Pharmaceuticals Inc.
- Neurotech Pharmaceuticals Inc.
- Ophthotech Corporation
- Kubota Pharmaceutical Holdings Co. Ltd.
- Alimera Sciences Inc.
- Adverum Biotechnologies Inc.
- Gilead Sciences Inc.
- Apellis Pharmeceuticals Inc.
- Novartis AG
- Pfizer Inc.
- GlaxoSmithKline plc
- Bayer AG
- F. Hoffmann-La Roche Ltd.
- Allergan plc
- Bausch Health Companies Inc.
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