North America & Europe Age-related Macular Degeneration Therapeutics Market, By Disease Type (Dry AMD and Wet AMD), By Drug Type (Aflibercept (Eylea), Ranibizumab (Lucentis), Bevacizumab (Avastin), Pegaptanib (Macugen), Verteporfin (Visudyne), Brolucizumab (Beovu), Supplements, and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and By Region (North America and Europe) is estimated to be valued at US$ 12.5 Billion in 2023 and is expected to exhibit a CAGR of 6.1% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The strategies by key market players like acquisitions is expected to drive the North America & Europe age-related macular degeneration therapeutics market growth over the forecast period. For instance, on December 22, 2021, Novartis AG, a Switzerland-based multinational pharmaceutical corporation, announced that it entered into a definitive agreement to acquire all of the outstanding share capital of the Gyroscope Therapeutics Limited, a U.K.-based ocular gene therapy company.
North America & Europe Age-related Macular Degeneration Therapeutics Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others faced problems regarding transportation of drugs from one place to another.
COVID-19 had negative impact on the North America & Europe age-related macular degeneration therapeutics market due to reduced patient visits to hospitals during COVID-19 period. For instance, according to an article published by the Jama Network on December 8, 2021, a study carried out in period of January 1, 2019 to January 30, 2021 in 49 U.S. healthcare institutes on nearly 13 million U.S. surgical procedures showed that there was 48% decrease in total surgical procedures volume after march 2020 due to the reduced patient visits. The reduction in patient visits is because of surge in COVID-19 cases and the strict rules and regulations.
North America & Europe Age-related Macular Degeneration Therapeutics Market: Key Developments
Increasing launch of new range of products that can improve the efficacy of age-related macular degeneration therapeutics. This is expected to drive the market growth.
For instance, on February 22, 2023, U.S. Food and Drug Administration (FDA) approved pegcetacoplan, marketed as Syfovre, to treat people diagnosed with geographic atrophy (GA), also known as advanced dry macular degeneration. Pegcetacoplan is the first medication to use targeted C3 therapy to diffuse the harmful three-pronged complement cascade triggered by geographic atrophy, a physiological response that attacks and destroys healthy tissue. In 2022, promising results achieved in clinical trials and a dearth of harmful side effects earned Apellis a fast-track designation for FDA approval. In phase 3 studies of more than 1,200 patients, pegcetacoplan demonstrated a favorable safety profile, with the treatment administered over 12,000 times. Syfovre is expected to be on the market by the beginning of March 2023 and will cost US$ 2,190 per vial before discounts.
On July 4, 2023, Skyline Therapeutics, China based gene therapy company started global trial investigating a gene therapy to treat neovascular age-related macular degeneration (nAMD), after receiving clearance from the US Food and Drug Administration (FDA). The FDA granted the company’s investigational new drug (IND) application for a Phase I/IIa trial of SKG0106 – a one-time intravitreally delivered adeno-associated virus (AAV) gene therapy.
Browse 38 Market Data Tables and 35 Figures spread through 160 Pages and in-depth TOC on North America & Europe Age-related Macular Degeneration Therapeutics Market, By Disease Type (Dry AMD, and Wet AMD), By Drug Type (Aflibercept (Eylea), Ranibizumab (Lucentis), Bevacizumab (Avastin), Pegaptanib (Macugen), Verteporfin (Visudyne), Brolucizumab (Beovu), Supplements, and Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and By Region (North America and Europe)
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