With a compound annual growth rate (CAGR) of 7%, the age-related molecular degeneration market size is expected to reach a global market valuation of US$ 11.28 million in 2023. Thanks to technology advancements, the healthcare technology market is expected to reach 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.
Key Takeaways:
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.
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.
More Valuable Insights Available
FMI, in its new offering, presents an unbiased analysis of the age related molecular degeneration market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the age related molecular degeneration market by Product (Eylea, Lucentis, Beovu), By Disease Type (Wet AMD, Dry AMD), By Distribution Channel (Hospital Pharmacy, Specialty Pharmacy, Online Pharmacy) by Region – Global Forecast 2023 to 2033
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Our Healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the industrial automation sector. Our expertise in recognizing the challenges and trends impacting the global chemical & material industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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