Dry Age-related Macular Degeneration (AMD) stands as one of the prevalent eye conditions among individuals aged 60 and above. Its correlation with advancing age makes it a progressively worsening ailment. Over time, this condition leads to the thinning and eventual degeneration of the light-sensitive cells in the macula, contributing to vision impairment. The United Nations (UN) shed light on a significant trend in their December 2020 report, revealing a rapid increase in the world's older population. This surge is attributed to rising life expectancies coupled with declining fertility rates. As of 2020, the report highlighted that 727 million individuals aged 65 or older were living globally, projecting a substantial increase to approximately 1.5 billion by 2050. This growth signifies a considerable demographic shift, where the proportion of the global population aged 65 or above is anticipated to rise from 9.3% in 2020 to around 16.0% by 2050.
This demographic trend mirrors a similar pattern observed in China. The UN's projections for China indicate a notable surge in the proportion of adults aged over 65. In 2020, this demographic accounted for 12% of the population, a figure expected to double to 26% by 2050. This significant increase in the elderly population poses implications for health care systems, particularly in addressing age-related ailments like Dry AMD. As this eye disorder is closely linked to aging, the burgeoning elderly population globally, including in China, underscores the pressing need for effective treatments and healthcare interventions to mitigate the impact of vision-related conditions on the aging population.
The statistics revealed by the UN report paint a compelling picture of the demographic shifts underway worldwide. The substantial increase in the elderly population, coupled with the direct association of Dry AMD with advancing age, emphasizes the criticality of proactive measures in healthcare and research. Addressing the growing prevalence of age-related eye disorders necessitates a proactive approach in developing innovative treatments, enhancing healthcare accessibility, and implementing preventative strategies to ensure a better quality of life for the aging population globally, safeguarding their visual health amidst the demographic transformations taking place.
Report Attribute/Metric | Details |
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Market Opportunities | Growing Prevalence of Dry Age-Related Macular Degeneration with growing geriatric population |
Market Dynamics | Increasing prevalence of age-related macular degeneration A growing number of clinical trials focusing on dry AMD have been conducted |
Dry Age-Related Macular Degeneration Market Size was valued at USD 8.15 billion in 2021. The dry age-related macular degeneration market industry is projected to grow from USD 8.82 Billion in 2022 to USD 17.92 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.2% 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
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 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.
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.
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
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.
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
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).
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