increasing government expenditure for the development of healthcare infrastructure to curtail financial burden on patients is one of the key factors driving the age-related macular degeneration market. Globally, healthcare burden has increased significantly and becomes a notable reason for concerns among patients and healthcare providers. Some of the key reasons behind the soaring cost include escalating fees of physicians and rising cost of advanced treatment methods. The treatment of AMD requires expensive treatment methods that are being made available at a reduced cost, due to the support from governments.
Another factor propelling the age-related macular degeneration market growth is the existence of extensive pipeline of AMD drugs. Despite the presence of limited treatment options for AMD, key industry players, such as F. Hoffmann-La Roche Ltd., Bayer AG, StemCells Inc., Novartis AG, Neurotech Pharmaceuticals Inc., Ophthotech Corporation, GlaxoSmithKline plc, Regeneron Pharmaceutical Inc., and Alimera Sciences Inc., are focusing on developing drugs to cater to the unmet medical requirements of the patients suffering from AMD.
The categories under the drug segment of the age-related macular degeneration market include Lucentis, Eylea, Avastin, Visudyne, and others (including Visudyne and Macugen). Among these, the Lucentis category is expected to hold the largest market share in the forecast period. Moreover, the demand for Eylea is also expected to rise in the coming years, due to the increasing prevalence of wet AMD and higher efficiency and lower cost of this drug in comparison to other medications.
Further, the type segment of the age-related macular degeneration market is bifurcated into wet AMD and dry AMD. During the forecast period, the wet AMD category is expected to showcase faster growth as compared to the dry AMD category. In wet AMD, abnormal blood vessels are formed under the retina, which may leak fluid or bleed leading to the bulging of the macula, resulting in severe vision loss. The increasing population of the elderly, who are more susceptible to this disease, is driving the market in this category.
Geographically, the North American market generates the maximum revenue, due to the increasing cases of medical conditions such as obesity and hypertension, growing elderly population, and soaring drug prices. Additionally, the rising healthcare expenditure, presence of established pharmaceutical companies, and strong pipeline of AMD drugs are fueling market growth. Among the regional countries, the U.S. accounts for the maximum revenue and it is projected to lead the North American market by 2022. Whereas, the Asia-Pacific (APAC) market is expected to witness the fastest growth during the forecast period.
Thus, the booming elderly population, government support, and extensive pipeline for AMD drugs will augment the demand for AMD treatment in the coming years.
