Dry Age-Related Macular Degeneration AMD Market

• Growing Prevalence of Dry Age-Related Macular Degeneration with growing geriatric population to boost the market growth.

Despite an increasing life expectancy and decreasing fertility levels, the older population in the world is growing rapidly, according to a UN report published in December 2020. In 2020, 727 million people were 65 or older, and the number is predicted to rise to 1.5 billion by 2050, according to the same report. There is a projected increase in the proportion of people aged 65 and over in the population from 9.3% in 2020 to 16.0% in 2050. The same is predicted in China.

The UN projects a rise in the share of seniors from 12% in 2020 to 26% by 2050.

To support national and international health goals, comprehensive and comparable health spending estimates are crucial to health policy and planning. On February 20, 2019, the World Health Organization (WHO) released a new report on health expenditure, indicating that  health spending increased by 6% in low- and middle-income countries and 4% in high-income countries. There is a shift in how external and domestic funding is used, but in middle-income countries, external funding is declining. Governments spend less than 40% on primary health care.

Only a few medications, primarily anti-VEGFs, are approved to treat age-related macular degeneration. Anti-VEGF drugs require repeated and inconvenient intraocular injections, which makes treatment more burdensome and results in non-adherence. It is being developed by companies to develop longer-acting anti-VEGFs and vitreous implants to facilitate sustained drug delivery to overcome this obstacle. It is expected that long-acting anti-VEGF drugs such as Beovu and Vabysmo will propel market growth in the coming years. Still, the entry of biosimilars and a high adoption rate of off-label drugs like impede market growth. 

However, the FDA approved a biosimilar version under the brand name BYOOVIZ in September 2021 for treating wet AMD, myopic choroidal neovascularization, and retinal vein occlusion in the United States. This is another factor driving the growth of the dry age-related macular degeneration market revenue.

The increasing prevalence of age-related macular degeneration (AMD) globally is a primary driver of the Global Dry Age-Related Macular Degeneration Market Industry. As populations age, particularly in developed nations, the incidence of dry AMD is expected to rise significantly. By 2024, the market is projected to reach 4.8 USD Billion, reflecting the urgent need for effective treatments and management strategies. This trend is likely to continue as the World Health Organization indicates that the number of individuals aged 65 and older will double by 2050, further emphasizing the importance of addressing AMD in public health initiatives.

The Global Dry Age-Related Macular Degeneration Market Industry is projected to experience substantial growth over the next decade. By 2024, the market is expected to reach 4.8 USD Billion, with projections indicating an increase to 10.9 USD Billion by 2035. This growth trajectory suggests a compound annual growth rate of 7.77% from 2025 to 2035. Such figures reflect the increasing demand for effective treatments and the ongoing advancements in research and development within the field of AMD. The market's expansion is likely to be influenced by various factors, including demographic shifts, technological innovations, and heightened awareness of the disease.

Innovations in treatment modalities for dry AMD are propelling the Global Dry Age-Related Macular Degeneration Market Industry forward. Recent developments in nutritional supplements, such as those containing antioxidants and omega-3 fatty acids, have shown promise in slowing disease progression. Additionally, emerging therapies, including gene therapy and stem cell treatments, may offer new avenues for intervention. As these advancements gain traction, they are likely to attract investment and research funding, contributing to market growth. The anticipated increase in market value to 10.9 USD Billion by 2035 underscores the potential impact of these innovations on patient outcomes.

The demographic shift towards an aging population, coupled with lifestyle factors such as poor diet and sedentary behavior, is influencing the Global Dry Age-Related Macular Degeneration Market Industry. As individuals age, the risk of developing dry AMD escalates, particularly in those with unhealthy lifestyle choices. The increasing prevalence of obesity and diabetes, which are associated with AMD, further exacerbates this issue. Consequently, the market is poised for growth as healthcare providers focus on preventive measures and lifestyle modifications to mitigate risk factors. This demographic trend is likely to sustain demand for AMD-related products and services.

Heightened awareness regarding dry AMD and the importance of early detection is driving the Global Dry Age-Related Macular Degeneration Market Industry. Public health campaigns and initiatives aimed at educating the population about risk factors and symptoms are becoming more prevalent. Screening programs, particularly for at-risk populations, are being implemented in various countries, facilitating earlier diagnosis and intervention. As awareness increases, more individuals are likely to seek medical advice, leading to a higher demand for diagnostic tools and treatment options. This trend is expected to contribute to a compound annual growth rate of 7.77% for the period from 2025 to 2035.

Support from regulatory bodies and government funding initiatives is fostering growth in the Global Dry Age-Related Macular Degeneration Market Industry. Governments are increasingly recognizing the burden of AMD on healthcare systems and are allocating resources to research and development of effective treatments. Initiatives aimed at improving access to care and funding for clinical trials are becoming more common. This regulatory environment is likely to encourage innovation and attract investment in the AMD sector, ultimately enhancing treatment options available to patients. As a result, the market is expected to experience sustained growth in the coming years.

By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American dry age-related macular degeneration market accounted for USD 3.58 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. There is an increase in dry age-related macular degeneration prevalence as people age, reaching its peak between the ages of 80 and 89. Government initiatives and funding are also propelling the growth of this market in North America.

Further, the major countries studied in the dry age-related macular degeneration market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3 Dry Age-Related Macular Degeneration Market Share by Region 2022 (%)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's dry age-related macular degeneration market accounts for the second-largest market share. As a result of an increasingly older population and an increasing patient population, the dry age-related macular degeneration market in Europe is growing due to improved government initiatives, increasing healthcare frames, and a growing demand for technologically advanced treatments. Further, the German dry age-related macular degeneration market held the largest market share, and the UK dry age-related macular degeneration market was the fastest-growing market in the European region

The Asia-Pacific dry age-related macular degeneration market is expected to grow at the fastest CAGR from 2023 to 2032. The dry age-related macular degeneration AMD market is expected to grow as the prevalence of eye diseases rises, healthcare expenditures rise, and multinational companies establish operations in emerging countries. Moreover, the China dry age-related macular degeneration market held the largest market share, and the India dry age-related macular degeneration market was the fastest-growing market in the Asia-Pacific region

Major market players are spending a lot of money on R&D to increase their product lines, which will help the dry age-related macular degeneration market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the dry age-related macular degeneration industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the dry age-related macular degeneration industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. The dry age-related macular degeneration industry has provided medicine with some of the most significant benefits in recent years. In the dry age-related macular degeneration market, major players such as Santen Pharmaceuticals Inc. (Japan), Allergan plc (Ireland), Bausch Health (Canada), Alimera Science Inc. (US), and others are working on expanding the market demand by investing in research and development activities.

Biopharmaceutical company Alimera Sciences Inc. develops, manufactures, and sells prescription ophthalmic pharmaceuticals to treat eye diseases. Alimera Sciences focuses exclusively on eye diseases affecting the back of the eye. In April 2021, Ocumension Therapeutics was licensed by Alimera to commercialize ophthalmology medicine in Asia and China under an exclusive license agreement. The deal was worth USD 20 million, of which 10 million was paid upfront, and the rest would be based on product sales.

Also, A leading pharmaceutical company, Bausch Health Companies Inc., discovers and distributes a variety of products, such as contact lenses, intraocular lenses, ophthalmic surgical equipment, aesthetic devices, and drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases. Bausch Health Companies serves customers around the world.