NEW YORK, March 11, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, global wet age-related macular degeneration market, estimated at $6.9 billion in 2018, is projected to reach $10.4 billion by 2024, registering a CAGR of 7.1% during the forecast period. The market is predominantly driven by the increase in prevalence of AMD, lack of availability of specific treatment, and surge in geriatric population.

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Lucentis, Eylea, and Avastin are the key drugs available globally for the management of wet AMD. Among these, Eylea is expected to dominate the market during the forecast period. Increasing prevalence of AMD and rise in demand for Eylea are some of the major factors propelling the demand for this drug in the wet age-related macular degeneration market.

Based on the route of administration, the wet age-related macular degeneration market is bifurcated into intravitreally and intravenously administered drugs. During the forecast period, the market is expected to witness faster growth in the category of drugs administered through the intravitreal route, with 7.2% CAGR.

Geographically, North America holds the largest share in the wet age-related macular degeneration market, with an estimated revenue contribution of around $3.0 billion in 2018. Rising prevalence of wet AMD, growing number of drug approvals, and extensive presence of key players in the region are the key factors supporting the market growth in North America.

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During the forecast period, the wet age-related macular degeneration market is expected to witness the fastest growth in APAC, with 8.8% CAGR. The growth in the APAC wet age-related macular degeneration industry is mainly led by the surge in geriatric population, rise in prevalence of AMD, and medical reimbursements provided by the government for the treatment in the region.

Globally, the wet age-related macular degeneration market is witnessing rapid evolution with a substantial increase in the number of clinical trials conducted for wet AMD drugs. For instance, in February 2019, Outlook Therapeutics Inc. initiated a clinical study to examine the efficacy and safety of ONS-5010 in subjects with wet AMD. The aim of the study is to prevent vision loss by evaluating the effectiveness of ONS-5010 as compared to ranibizumab’s.

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Additionally, in February 2019, Ocular Therapeutix Inc. administered the first dose of OTX-TKI (tyrosine kinase inhibitor implant) to the first patient in the phase I trial to evaluate the efficacy of the drug in patients with wet AMD. The phase I trial is a multi-center, open-label study to test the safety, durability, and tolerability of OTX-TKI.

The global wet age-related macular degeneration market is marked by the presence of several large players, such as Regeneron Pharmaceuticals Inc., Neurotech Pharmaceuticals Inc., Ophthotech Corporation, Kubota Pharmaceutical Holdings Co. Ltd., Gilead Sciences Inc., Novartis AG, Alimera Sciences Inc., and Bayer AG.

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