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Age-related Macular Degeneration (AMD) stands as a prevalent disorder, particularly among the elderly population. A report from the BrightFocus Foundation in the US highlighted that the dry form of AMD accounts for approximately 90% of all diagnosed cases. In the US alone, statistics from January 2019 indicated that over 11 million individuals were affected by AMD, a number projected to double to around 22 million by the year 2050. Similarly, on a global scale, the prevalence of AMD is anticipated to surge significantly, escalating from approximately 196 million cases in 2020 to an estimated 288 million cases by 2040, according to the same report.
The concerning trend of escalating AMD cases extends to China as well. The report highlighted a substantial increase in AMD cases within the Chinese population. In 2020, the reported cases stood at 31.23 million, a figure projected to skyrocket to approximately 55.19 million by 2050. Notably, a majority of these cases are expected to be the dry form of AMD, emphasizing its predominant presence within the affected population.
These projections paint a concerning picture of the escalating prevalence of AMD, both in the US and globally, including China. The substantial increase in diagnosed cases, particularly the dry form of AMD, poses significant challenges for healthcare systems worldwide. Addressing this growing burden of AMD necessitates a proactive approach, including advancements in research, innovative treatments, and enhanced accessibility to healthcare services. The rise in AMD cases underscores the urgency of collaborative efforts in the medical community to develop effective interventions and preventative measures to manage and mitigate the impact of this widespread eye disorder, ensuring improved outcomes and quality of life for affected individuals in the years to come.
In 2018, healthcare spending in the US averaged more than $10,000 per resident, surpassing all other OECD countries by a significant margin, even when accounting for different purchasing powers across nations. Switzerland, the next highest spender among OECD nations, allocated less than 70% of this amount, while the average spending for all OECD countries amounted to less than 40% of the US figure, totaling $3,994. Government expenditures on healthcare, coupled with policies governing healthcare facilities, access to essential medications, and disposable income availability, play pivotal roles in fostering patient adherence to available treatments. Besides public investment, substantial contributions from manufacturers, venture capitalists, and the introduction of new products in the global intracranial hemorrhage diagnosis and treatment market are anticipated to drive market growth.
The landscape of healthcare investments demonstrates a surge in funding, particularly in the health technology sector. The 2019 Year End Asia Pacific Health Tech Investment Landscape Report by Galen Growth revealed that health tech funding in Asia reached an impressive $5 billion across 340 deals. This substantial increase in healthcare spending is expected to positively impact market growth. A Statista report from October 2020 highlighted China's remarkable healthcare expenditure surge, escalating from under 500 billion yuan in 2000 to over 6.5 trillion yuan in 2019. Such substantial increases in healthcare spending are foreseen to catalyze growth within the dry AMD market.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Stages, Age Group, Diagnosis and Treatment, Route of Administration, End Users, and Region |
Dry Age-Related Macular Degeneration AMD Market Highlights:
Dry Age-Related Macular Degeneration Market Overview
Dry Age-Related Macular Degeneration Market Valued at USD 4.4 billion in 2023, projected to grow from USD 4.8 billion in 2024 to USD 8.61 billion by 2032, exhibiting a CAGR of 8.30% during the forecast period (2023 - 2032).
Increasing geriatric populations and increasing prevalence of age-related macular degeneration are among the factors responsible for the growth of the dry AMD market. Additionally, novel treatments for dry AMD have been developed, and a growing number of clinical trials focusing on dry AMD have been conducted, which are the key market drivers spurs the market growth.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Dry Age-Related Macular Degeneration Market Trends
- 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.
Dry Age-Related Macular Degeneration Market Segment Insights
Dry Age-Related Macular Degeneration Stages Insights
The dry age-related macular degeneration market segmentation, based on stages, includes early age-related macular degeneration, intermediate age-related macular degeneration, and late age-related macular degeneration. The early age-related macular degeneration segment held the majority share in 2021, contributing to around ~35-37% with respect to the dry age-related macular degeneration market revenue.
As AMD patient numbers increase at this stage, it is difficult to distinguish between early-stage AMD and later-stage AMD. Early-stage AMD does not result in vision loss and is diagnosed by the presence of medium-sized drusen beneath the retina. The drusen are deposits of amorphous debris that form near the retinal pigment epithelium's basement membrane.
Dry Age-Related Macular Degeneration Age Group Insights
The dry age-related macular degeneration market segmentation, based on age group, includes above 75 years, above 60 years, and above 40 years. The above 75 years segment dominated the dry age-related macular degeneration market in 2021 and is projected to be the faster-growing segment during the forecast period, 2023-2032. In the elderly, vision loss is a serious problem since it gets worse over time.
There are two primary types of macular degeneration dry macular degeneration and wet macular degeneration. Both are potentially fatal and require medical attention, which is why there is an increasing number of elderly patients in the dry age-related macular degeneration market growth.
Dry Age-Related Macular Degeneration Route of Administration Insights
The dry age-related macular degeneration market data has been bifurcated by route of administration into oral and injectables. The oral segment dominated the dry age-related macular degeneration market in 2021 and is projected to be the faster-growing segment during the forecast period, 2023-2032. Nutrition therapy is prescribed as the main preventative measure for dry age-related macular degeneration. Zinc, copper, beta-carotenoids, and other antioxidants are prescribed. Because most of the clinical studies have used this route of administration, it holds the largest share of the dry age-related macular degeneration market.
Figure 2 Dry Age-Related Macular Degeneration Market, by Route of Administration, 2022 & 2032 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Dry Age-Related Macular Degeneration End User Insights
Based on end users, the dry age-related macular degeneration industry has been segmented into hospitals & clinics, diagnostic centers, and academic & research institutes. Hospitals & clinics held the largest segment share in 2021. As an increasing number of patients are being monitored for eye diseases, this share is primarily attributed to the fact that hospitals are equipped with advanced and complete treatments. Hence, patients generally prefer to go there for care. Clinics are also medical centers that treat AMD patients.
Dry Age-Related Macular Degeneration Regional Insights
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
Dry Age-Related Macular Degeneration Key Market Players & Competitive Insights
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.
Key Companies in the Dry Age-Related Macular Degeneration market include
- Santen Pharmaceuticals Inc. (Japan)
- Allergan plc (Ireland)
- Bausch Health (Canada)
- Alimera Science Inc. (US)
- Phio Pharmaceuticals Corp (US)
- Ocumension Therapeutics Co. Ltd (China)
- Belite Bio Inc. (US)
- Kubota Vision Inc. (US)
- Iveric Bio (US)
- Eyestem Research Pvt Ltd (India), among others
Dry Age-Related Macular Degeneration Industry Developments
July 2020 The bioMérieux company has launched BIOFIRE MYCOPLASMA, a test for detecting mycoplasma in pharmaceutical products used in biotherapeutics (antibodies, hormones, cell and gene therapies, etc.) - one of the most active sectors in the pharmaceutical industry. Some countries in Europe and Asia-Pacific will launch the BIOFIRE MYCOPLASMA test in the near future. It is currently available in the US.
March 2020 Zimura (avacincaptad pegol), an inhibitor of complement C5, has been granted Fast Track designation by the FDA in the development of treatments for geographic atrophy (GA) due to dry age-related macular degeneration (AMD).
Dry Age-Related Macular Degeneration Market Segmentation
Dry Age-Related Macular Degeneration Stages Outlook
- Early Age-Related Macular Degeneration
- Intermediate Age-Related Macular Degeneration
- Late Age-Related Macular Degeneration
Dry Age-Related Macular Degeneration Age Group Outlook
- Above 75 Years
- Above 60 Years
- Above 40 Years
Dry Age-Related Macular Degeneration Diagnosis and Treatment Outlook
- Treatment
- Diagnosis
Dry Age-Related Macular Degeneration Route of Administration Outlook
- Oral
- Injectables
Dry Age-Related Macular Degeneration End Users Outlook
- Hospitals & Clinics
- Diagnostic Centers
- Academic & Research Institutes
Dry Age-Related Macular Degeneration Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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