(MENAFN- Straits Research) Age-related macular degeneration (AMD) disease causes the small central retinal macula of the eye to deteriorate. A crucial retina component is the macula, which regulates how the eye perceives vision. The capacity to read, identify, and recognize objects requiring fine visual detail is a good indicator of macular health.
Market Dynamics
Rising Healthcare Spending Drives the Global Market
Comprehensive and comparable health spending estimates in each country are essential to health policy and planning to support national and international health goals. On February 20, 2019, the World Health Organization (WHO) released a new report on global health spending. It found that while high-income countries saw a 4% increase in health spending, low- and middle-income countries saw a 6% increase. According to the same report, domestic and external funding roles are shifting, but external funding is decreasing in middle-income countries. The government covers less than 40% of the cost of primary healthcare.
Furthermore, according to estimates, each US citizen spent more than USD 10,000 on healthcare nationwide in 2018. Government spending on healthcare and policies pertaining to healthcare facilities, the distribution of necessary medications, and the availability of disposable income all help increase the number of people who adhere to the treatments currently available. Along with public healthcare spending, numerous investments by manufacturers, venture capitalists, and new products are anticipated to drive market growth in the global intracranial hemorrhage diagnosis and treatment market.
Pipeline Drugs for Dry AMD Creates Tremendous Opportunities
Wet AMD can be treated with VEGF inhibitors, Photodynamic Therapy (PDT), and thermal laser photocoagulation. On the other hand, there is no proven cure for dry AMD. It is possible for someone with dry AMD also to develop wet AMD. Doctors advise patients to quit smoking and take a special high-dose combination of antioxidant vitamins and zinc to stop the disease from progressing. The ideal vitamin combination is the "AREDS2" formula. However, organizations like businesses and research centers always seek a dry AMD treatment. Several medications are currently being developed, and if they make it through the clinical trial stages, they will help the market grow.
Regional Analysis
North America is the most significant shareholder in the global dry age-related macular degeneration market and is expected to grow at a CAGR of 8.06% during the forecast period. North America dominated the global market for dry age-related macular degeneration due to the rising number of people affected by the condition. With the rise in diabetic patients, ophthalmologic conditions are becoming more common. Retinal diseases like dry macular degeneration (AMD), retinal vein occlusion, and diabetic eye disease are becoming more common in the US, according to a retrospective study presented at The Association for Research in Vision and Ophthalmology 2020. This study, conducted between 2014 and 2019, found that compared to wet AMD, diabetic macular edema, diabetic retinopathy, and other indications, dry AMD, which has a prevalence of 16.3%, has the highest disease burden over six years. Additionally, the dry age-related macular degeneration market is growing in the North American region due to increased government funding and initiatives.
Europe is expected to grow at a CAGR of 9.28% during the forecast period. Improved governmental initiatives, growing healthcare infrastructure, and rising demand for technologically cutting-edge treatments fuel the growth of Europe's dry age-related macular degeneration market. For instance, the number of older people (those 65 or older) in the EU-27 is expected to increase significantly, from 90.5 million at the beginning of 2019 to 129.8 million by the year 2050, according to projections from Eurostat. It is predicted that the number of people in the EU-27 who are 75–84 will increase by 56.1%, whereas the number of people who are 65–74 is predicted to increase by 16.6%. In addition, new initiatives utilizing big data to analyze numerous optical coherence tomography results are anticipated to increase the number of patients diagnosed with various conditions linked to vision loss.
Key Highlights
The global dry age-related macular degeneration market was valued at USD 1,589.52 million in 2022. It is expected to reach USD 3,193.53 million by 2031, growing at a CAGR of 8.06% during the forecast period (2023–2031).
Based on stages, the global dry age-related macular degeneration market is bifurcated into early age-related macular degeneration, intermediate age-related macular degeneration, and late age-related macular degeneration. The intermediate age-related macular degeneration segment is the highest contributor to the market and is expected to grow at a CAGR of 9.42% during the forecast period.
Based on age group, the global dry age-related macular degeneration market is bifurcated into above 75 years, above 60 years, and above 40 years. The above 75 years segment owns the highest market share and is expected to grow at a CAGR of 7.59% during the forecast period.
Based on diagnosis and treatment, the global dry age-related macular degeneration market is bifurcated into treatment and diagnosis. The treatment segment is the highest contributor to the market and is expected to grow at a CAGR of 8.32% during the forecast period.
Based on the route of administration, the global dry age-related macular degeneration market is bifurcated into oral and injectable. The oral segment owns the highest market share and is expected to grow at a CAGR of 9.04% during the forecast period.
Based on the end-user, the global dry age-related macular degeneration market is bifurcated into hospitals and clinics, diagnostic centers, and academic research institutes. The hospitals and clinics segment is the highest contributor to the market and is expected to grow at a CAGR of 9.62% during the forecast period.
North America is the most significant shareholder in the global dry age-related macular degeneration market and is expected to grow at a CAGR of 8.06% during the forecast period.
Competitive Players
The global dry age-related macular degeneration market's major key players are Santen Pharmaceuticals Inc, Allergan Plc, Bausch Health (Valeant Pharmaceuticals), Alimera Sciences Inc, RXi Pharmaceuticals, Inc. (Phio Pharmaceuticals Corp), Ocumension Therapeutics (Shanghai) Co., Ltd., Belite Bio Inc, Kubota Vision Inc, IVERIC Bio, Eyestem Research Pvt Ltd, and Stealth Biotherapeutics Corp.
Market News
In February 2023, FDA approved Pegcetacoplan for geographic atrophy secondary to AMD.
Global Dry Age-Related Macular Degeneration Market: Segmentation
By Stages
Early Age-Related Macular Degeneration
Intermediate Age-Related Macular Degeneration
Late Age-Related Macular Degeneration
By Age Group
Above 75 Years
Above 60 Years
Above 40 Years
By Diagnosis and Treatment
Treatment
Diagnosis
By Route of Administration
Oral
Injectable
By End-User
Hospitals and Clinics
Diagnostic Centers
Academic Research Institutes
By Regions
North America
Europe
Asia-Pacific
Rest of the World
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