Verteporfin is a benzoporphyrin derivative is used in photo dynamic therapy for treatment the abnormal blood vessels in the eye for the conditions like wet macular degeneration. Photo dynamic therapy is a treatment that combines light energy with the drug which destroys the cancerous cells. Verteporfin is administered intravenously before 15-20 minutes of photo dynamic treatment. Verteporfin rapidly accumulates in these abnormal blood vessels in the eye and when stimulated with non-thermal laser light produces highly reactive single oxygen molecules and other oxygen molecules resulting in blockage of abnormal blood vessels.
Global Verteporfin Market: Drivers
The diversified use of verteporfin in various applications of ophthalmology such as macular degeneration, pathologic myopia, and ocular histoplasmosis is driving demand for verteporfin. Moreover, pharmaceutical companies are focusing on products launches in use of verteporfin in ophthalmology. For instance, in 2019, CIBA Corp, an eye care unit of Novartis AG and QLt. Inc., received authorization for marketing visundyne (verteporfin) therapy for choroidal neovascularization from the European Medicine Evaluation Agency.
Furthermore, research institutes are focusing on applying verteporfin in oncology treatments. For instance in 2017, Mayo Clinic along with National Cancer Institute (NCI) undergoing phase II clinical trials on ultrasound-guided verteporfin photodynamic therapy for the treatment of solid pancreatic tumors .
Global Verteporfin Market: COVID-19 Impact Analysis
According to the Asia Pacific Journal of ophthalmology, COVID-19 has negatively impacted ophthalmologic procedures due to implementation of social distancing measures by governments across the globe. The pandemic has affected general procedures carried out during ophthalmic treatment to prevent or curb the spread of COVID-19. According to U.S National Library Medicine’s report of 2019, patients coming in contact with ophthalmic equipment can increase the risk of infection through aerosolized particles.
Global Verteporfin Market: Restraints
According to the National Library of Medicine, photo dynamic treatment with verteporfin is costlier than pegaptinib for treatment of sub-foveal wet macular degeneration in elderly patients. The cost of pegatanib is US$ 49,052 compared to cost of photo dynamic treatment with verteporfin which is US$ 59,039 in U.S. Moreover, verteporfin is given intravenously before treatment which can cause infection at site of injection such as irritation, redness of skin etc. These factors are expected to restrain the growth of global verteporfin market.
Global Verteporfin Market: Regional Analysis
On basis of region, the global verteporfin market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America has a major burden of age related macular degeneration (AMD). According to the National Library of Medicine’s report of 2019, around 11 million individuals are affected by AMD in the U.S. As a result, pharmaceutical companies are focusing on agreements for developing appropriate treatment for macular degeneration. For instance, in 2018, Baush + Lomb and Modulight entered an agreement to develop a novel laser specifically for use of Baush + Lomb visudyne (verteporfin injection) in photo dynamic therapy for macular degeneration. These factors are expected to accelerate growth of the global verteporfin market.
In Europe, there is significant burden of age macular degeneration among the elderly population. According to the European Society of Retina Specialist (EUROTINA), report of 2018, at least 33.6 million individuals above the of 60 years are affected by age related macular degeneration. Therefore, pharmaceutical companies are focusing on acquisitions and mergers to strengthen their share in the global verteporfin market. For instance, in 2018, Cheplapharm Arzneimittel, a pharmaceutical company in Germany, acquired worldwide rights (except U.S) for visudyne (verteporfin injection) from Novartis Pharma AG.
Global Verteporfin Market: Key Players
Key players operating global verteporfin market are Bausch Health Companies Inc., Cheplapharm Arzneimittel, Novartis AG, Novelion Therapeutics Inc., Ciba Corporation and LGM Pharma, LLC.
On the basis of indication, the global verteporfin market is segmented into:
On the basis of distribution channel, the global verteporfin market is segmented into:
On the basis of region, the global verteporfin market is segmented into: