Age-related macular degeneration (AMD) is a degenerative eye disease that mainly affects the elderly. It is typified by the macula, the center region of the retina that provides clear, detailed vision, deteriorating. Reading and facial recognition are two everyday tasks that may be impacted by AMD, which can produce blurred or distorted vision and, in its more advanced stages, substantial visual loss. Wet AMD is defined by the development of aberrant blood vessels beneath the retina that can leak fluid and cause fast vision loss, while dry AMD is characterized by the gradual thinning of the macula.
Global Age-related Macular Degenerations Market Driving Factors and Challenges
Driving Factors- The only drugs being developed to treat AMD are monoclonal antibodies and recombinant fusion proteins, and they are usually expensive due to the need for frequent dosage. The high cost of care usually causes patients to have an increased treatment burden, which leads to a high percentage of treatment cessation. Innovative pharmacological modalities like gene therapy, hydrogels, and inhibitor medicines (oral dose) are being researched by companies in the AMD medicine market to tackle patient non-adherence to treatment. Companies like Adverum Biotechnologies, Inc. (US) are developing gene therapies to treat wet AMD, for instance.
- Furthermore, As the world's population ages, AMD is expected to grow more prevalent, with a higher frequency in Western nations. The Globe Health Organization estimates that there are currently 1.1 billion tobacco smokers worldwide, and if current trends continue, that number is expected to double by 2050. Cigarette smoking is therefore believed to be a significant factor in the rise in AMD prevalence worldwide.
- Furthermore, the prevalence of AMD rises in tandem with the global population of adults 60 and older. In 2017, there were around 962 million people in the world who were 60 years of age or older, and by 2050, that number is expected to more than quadruple, according to the United Nations' Globe Population Prospects report.
Challenges- There are a number of important challenges facing the worldwide age-related macular degeneration (AMD) industry. The disease's rising incidence as a result of an aging population is one of the main problems, placing strain on healthcare systems and resources. Furthermore, people are not well-informed about AMD, which results in delayed diagnoses and worse than ideal treatment results. A complicated payment environment and the high costs of novel therapies also have an impact on the market, potentially preventing patients from accessing essential treatments. Additionally, it might be difficult to stay up to date with regulatory approvals and guarantee safety and efficacy due to the quick speed at which technical improvements in diagnostic equipment and treatment alternatives are occurring.
Impact of COVID-19 on Global Age-related Macular Degenerations Market
The COVID-19 pandemic has a significant impact on the global market for age-related macular degeneration (AMD) in a variety of ways. Delays in normal eye exams and treatments caused by disruptions in healthcare services resulted in patients missing crucial consultations and follow-up care. COVID-19 was often prioritized over chronic conditions like AMD, which resulted in a decrease in detection rates and an increase in symptoms for many people. Supply chain interruptions that affected the availability of essential medications and diagnostic tools further complicated patient care. On the plus side, the pandemic accelerated the use of telemedicine services, allowing some patients to receive consultations from a distance.
Global Age-related Macular Degenerations Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as: Amgen Inc., Bausch Health Companies Inc., Bayer AG, Biogen, F. Hoffmann-La Roche Ltd, Novartis AG, Pfizer Inc., Regeneron Pharmaceuticals Inc., Samsung Bioepis, Others.
Global Age-related Macular Degenerations Market Segmentation:
By Products: Based on the Products, Global Age-related Macular Degenerations Market is segmented as; Lucentis, Eylea & Eylea HD, Vabysmo, Sofovre, Others.
By Molecules: Based on the Molecules, Global Age-related Macular Degenerations Market is segmented as; Ranibizumab, Aflibercept, Faricimab, Pegcetoplan, Others.
By Type of AMD: Based on the Type of AMD, Global Age-related Macular Degenerations Market is segmented as; Wet AMD, Dry AMD.
By Approval Type: Based on the Approval Type, Global Age-related Macular Degenerations Market is segmented as; Biologic, Biosimilar.
By End User: Based on the End User, Global Age-related Macular Degenerations Market is segmented as; Hospitals, Specialty Centers, Long-Term Care Facilities.
By Region: This research also include data for North America, Europe, Asia-Pacific Middle East & Africa and South America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.