New York, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Age-Related Macular Degeneration Global Market Report 2023" - https://www.reportlinker.com/p06486625/?utm_source=GNW
, Alimera Sciences Inc., Alkeus Pharmaceuticals Inc., AbbVie Inc., Outlook Therapeutics Inc., Biogen Inc., Samsungbioepis Co. Ltd., Allergan plc., Biocon Ltd., Bio-Thera Bio Pharmaceutical Co. Ltd., and AstraZeneca plc
The global age-related macular degeneration market is expected to grow from $8.49 billion in 2022 to $9.17 billion in 2023 at a compound annual growth rate (CAGR) of 8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The age-related macular degeneration market is expected to reach $12.18 billion in 2027 at a CAGR of 7.3%.
The age-related macular degeneration market consists of sales of anti-vascular endothelial growth factor (anti-VEGF) drugs, photodynamic therapy (PDT), low-vision aids, and telescopic lenses.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Age-related macular degeneration (AMD) refers to a progressive eye condition in which the macula, which is located at the center of the retina, deteriorates over time in individuals with AMD, leading to a decline in central vision.It is due to aging.
The therapy options for age-related macular degeneration include regular eye exams, lifestyle changes, and particular nutritional supplements.
North America was the largest region in the age-related macular degeneration market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in age-related macular degeneration report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of age-related macular degeneration are wet age-related macular degeneration (AMD) and dry age-related macular degeneration (AMD).Wet age-related macular degeneration refers to a progressive eye disease in which abnormal blood vessels start growing beneath the macula, which is the central part of the retina responsible for sharp, central vision.
It uses various drugs such as eylea, lucentis, vastin, and others. It is applied intravenously and intravitreally, and are distributed through hospital pharmacies, specialty pharmacies, and online pharmacies.
Rising age-related macular degeneration (AMD) prevalence is expected to propel the growth of the age-related macular degeneration (AMD) market going forward.Age-related macular degeneration (AMD) is a progressive eye condition affecting the macula, a small part of the retina responsible for central vision.
Age-related macular degeneration (AMD) treatments support patients suffering from retinal disorders by minimizing the severity of the disease condition. For instance, in February 2023, according to the reports shared by Optimaxa., a UK-based laser eye treatment specialist, age-related macular degeneration (AMD) affected 196 million individuals globally and is expected to reach 288 million in 2040, accounting for 8.7 percent of the world’s population. Therefore, rising age-related macular degeneration (AMD) prevalence is driving the age-related macular degeneration market.
Product innovations are a key trend gaining popularity in the age-related macular degeneration market.Major companies operating in the age-related macular degeneration market are developing innovative products and drugs to strengthen their position in the market.
For instance, in October 2021, Genentech Inc., a US-based biotechnology and pharmaceutical company, received regulatory approval for its novel Susvimo (ranibizumab) therapy for patients suffering from wet, age-related macular degeneration (AMD) from the US Food and Drug Administration, a US-based federal health agency. Susvimo is a sustained-release implant that delivers ranibizumab. This drug helps prevent the growth of abnormal blood vessels in the retina. It provides patients with wet AMD with a more convenient and less invasive treatment option than traditional eye injections.
In May 2023, Astellas Pharma Inc., a Japan-based pharmaceutical company, acquired IVERIC Bio Inc., for $5.9 billion. Through this acquisition, Astellas Pharma Inc. aims to expand its presence in the ophthalmology market and accelerate the development of novel treatments in the field of ophthalmology. IVERIC Bio Inc. is a US-based biotech corporation that develops age-related macular degeneration drugs and products for treatment.
The countries covered in the age-related macular degeneration market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The age-related macular degeneration market research report is one of a series of new reports that provides age-related macular degeneration market statistics, including age-related macular degeneration industry global market size, regional shares, competitors with an age-related macular degeneration market share, detailed age-related macular degeneration market segments, market trends and opportunities, and any further data you may need to thrive in the age-related macular degeneration industry. This age-related macular degeneration market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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