The global Age-Related Molecular Degeneration Market is currently valued at US$ 11.28 Million in 2023 and is anticipated to expand at a CAGR of 7%. Owing to the technological advances in healthcare the market is likely to propel to US$ 22.19 Million by 2033.
The increasing prevalence of AMD and a strong product pipeline are anticipated to be the major drivers for the growth of age-related molecular degeneration market. According to the WHO, around 196 million people were affected by age-related macular degeneration globally in 2020, including over 10.4 million moderate-to-severe vision impairment cases.
Globally, advanced age-related macular degeneration is the primary factor in irreversible blindness and visual impairment. As a result, the market for age-related macular degeneration is anticipated to experience significant growth over the forecast period.
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Most severe eye conditions are rising globally, and vision loss is becoming a significant public health issue and increase in the prevalence of the retinal disorder in many developed and developing nations drive market growth. The wet age-related macular degeneration segment is the highest contributor to the market and is expected to grow at a CAGR of 6.9% over the forecast period.
North America dominates the age-related molecular denegation market due to the presence of key market players’ presence, along with recent product launches and established healthcare infrastructure, which will accelerate the market’s growth in the region.
The significant R&D investments in Europe abode well for market growth. Growing awareness of macular degeneration in Asia-Pacific and the presence of key market players, and the rising elderly population in Japan all point to significant growth in the Japanese market for age-related molecular degeneration.
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Key Takeaways from the Market Study
- As of 2023, the age related molecular degeneration market was valued at US$ 11.28 Million
- From 2023 to 2033, the age related molecular degeneration industry is poised to grow at an 7% CAGR
- By 2033, the age related molecular degeneration market is slated to reach a valuation of US$ 22.19 Million
- By distribution Channel, the hospital pharmacy segment accounted for the largest share of 55% and is expected to continue this trend over the forecast period.
- China is poised to yield a CAGR of 6.8% with respect to age related molecular degeneration in 2033
“Growing healthcare spending and increase in the prevalence of AMD, retinal disorders are expected to radically transform the age-related molecular degeneration market in the coming years,” comments an analyst at FMI.
Competitive Landscape
- Hoffmann-La Roche Ltd., Novartis AG, Bayer AG, Pfizer Inc., Bausch Health Companies Inc., Regeneron Pharmaceuticals Inc., Amgen Inc., Biogen, Samsung Bioepis, Ophthotech Corporation are some of the key players in the age related molecular degeneration industry.
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The manufacturers are involved in the production of age related molecular degeneration in a larger capacity. Research and innovation are also conducted to launch innovative product for age related molecular degeneration.
- In July 2021 – Roche announced that the U.S. Food and Drug Administration (FDA) has accepted the company’s Biologics License Application (BLA), under Priority Review, for faricimab for the treatment of neovascular or “wet” age-related macular degeneration (nAMD) and diabetic macular edema (DME). The FDA has also accepted the company’s submission for diabetic retinopathy.
- In June 2022– Biogen Inc. and Samsung Bioepis Co., Ltd announced that BYOOVIZ™ a biosimilar referencing LUCENTIS® has been launched in the United States. Healthcare provider engagement, promotional activity, collaborations with professional societies and patient advocacy groups have commenced and BYOOVIZ will be commercially available on July 1, 2022, through major distributors across the U.S.
Key Segments Covered in the Age-Related Molecular Degeneration Market Industry Survey
Age Related Molecular Degeneration Market by Product Type:
- Eylea
- Lucentis
- Beovu
- Others
Age Related Molecular Degeneration Market by Disease Type:
- Dry AMD
- Wet AMD
Age Related Molecular Degeneration Market by Distribution Channel:
- Hospital Pharmacy
- Specialty Pharmacy
- Online Pharmacy
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Age Related Molecular Degeneration Market by Region:
- North AmericaAge Related Molecular Degeneration Market
- Latin America Age Related Molecular Degeneration Market
- Europe Age Related Molecular Degeneration Market
- South Asia & Pacific Age Related Molecular Degeneration Market
- East Asia Age Related Molecular Degeneration Market
- MEA Age Related Molecular Degeneration Market
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