Macular Degeneration Treatment Market To Be Valued at US$ 13,195.7 Mn by 2028

Macular degeneration is an eye disease that can blur central vision; happens when aging causes damage to the macula (small but important area in the centre of the retina). There is no cure, but macular degeneration (AMD) treatment help slow the disease and keep people from having a severe vision loss. However, the treatment depends on the stage and type. There is currently no treatment for AMD, so doctor will probably just keep track of how patient eyes are doing with regular eye exams. No treatments can reverse macular degeneration, but some can help prevent the condition from worsening. As of now, there's no treatment for dry AMD. However, there are many clinical trials in progress.

Market Statistics:

The global macular degeneration treatment market is estimated to account for US$ 8,780.6 Mn in terms of value by the end of 2022.

Drivers:

Increasing awareness among people about macular degeneration and its treatment is expected to augment the growth of the global macular degeneration treatment market during the forecast period. For instance, AMD is a major cause of irreversible blindness, and awareness regarding AMD is important to prevent a blindness. The National Eye Institute (NEI) created the National Eye Health Education Program (NEHEP) to help health and community professionals increase awareness about eye health. Moreover, in February 2020, Bausch Health collaborated with Prevent Blindness, a non-profit organization, to create awareness among people about macular degeneration through social media campaigns.

Opportunities:

Rising focus on the development of macular degeneration treatment due to rise in prevalence of retinal disease worldwide is expected to offer significant growth opportunities for players in the global macular degeneration treatment market. There is an increasing demand for safe and effective treatment, and thus, market players are focusing on launching novel treatments. For instance, in August 2020, Sam Chun Dang Pharm Co. Ltd. started a phase III clinical trial to assess the safety, tolerance, effectiveness, and immune response of SCD411 in patients with wet AMD. The trial was expected to complete in April 2022.

Restraints:

Increasing usage of off-label drugs and lack of awareness regarding macular degeneration are major factors expected to hamper growth of the global macular degeneration treatment market. AMD is the leading cause of permanent vision loss in adults 60 and older. That’s why being aware of AMD and its warning signs is important. But like many age-related eye conditions, by the time AMD presents symptoms, it’s too late to restore any vision loss. Therefore, people (especially elders) should be aware of AMD.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/macular-degeneration-treatment-market-5149

Global Macular Degeneration Treatment Market - Impact of Coronavirus (Covid-19) Pandemic

The outbreak of COVID-19 has had a dissenting impact on the market. Travel and movement restriction on the public and the increased risk of infection significantly reduced the number of hospitals and clinical visits. According to a research study titled ‘Immune complement and coagulation dysfunction in adverse outcomes of SARS-CoV-2 infection’ published in August 2020 in Nature Medicine, patients with age-related macular degeneration (AMD) who become infected with SARS-CoV-2 are at higher risk of developing severe complications, including requiring supplemental oxygen and death.

Key Takeaways:

The global macular degeneration treatment market was valued at US$ 8,208.7 Mn in 2021 and is forecast to reach a value of US$ 13,195.7 Mn by 2028 at a CAGR of 7.0% between 2022 and 2028.

Among type segment wet age-related macular degeneration segment held dominant position in the global macular degeneration treatment market in 2021, accounting for 93.9% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Market Trends:

1. Growing geriatric population across the globe is expected to propel the growth of the global macular degeneration treatment market. For instance, the risk for AMD increases as people get older. People aged 60 and older are more likely to have AMD. According to the World Health Organization (WHO), by 2030, 1 in 6 people in the world will be aged 60 years or over, and by 2050, the world’s population of people aged 60 years and older will double (2.1 billion).
2. Increase in number of clinical trails is expected to augment the growth of the global macular degeneration treatment market. For instance, in October 2019, Panoptica represented its phase 1/2 clinical trial data of PAN-90806 (being developed as a monotherapy for the treatment for wet-AMD) at Ophthalmology Innovation Summit, American Academy of Ophthalmology.

Competitive Landscape:

Major players operating in the global macular degeneration treatment market include Bayer AG, REGENXBIO Inc., Aerie Pharmaceutical Inc., Panoptica, F. Hoffmann-La Roche Ltd., Regeneron Pharmaceutical Inc., Novartis AG, Pfizer Inc., and Bausch Health Companies Inc., among others.

Recent Developments:

In March 2020, Pfizer conducted an investigational study for Macugen in patients with nAMD (neurovascular age- related macular degeneration) to determine both the benefits and efficacy on preserving the vision of these patients.

In October 2019, Novartis received an approval for US FDA (Food and Drug Administration) for Beovu. It helped in reducing the fluids in case of wet-AMD patients.