iCrowdNewswire Oct 30, 202010:55 AM ET
Wet Macular Degeneration Market size is forecast to reach $8.71 billion by 2025, growing at a CAGR of 8.11% during the forecast period 2020-2025. Increasing prevalence of eye disorder and increasing geriatric population are the major factors driving the growth of the market. Growing number of drug approvals is set to further enhance the overall market demand wet macular degeneration during the forecast period 2020-2025.
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Drug – Segment Analysis
The Eylea segment held the largest share in the Wet Macular Degeneration Market in 2019 and is estimated to grow at a CAGR of 6.39% during the forecast period 2020-2025. This is owing to the increasing prevalence of wet macular degeneration and rise in demand for Eylea. In people with certain types of eye disorders, new blood vessels grow under the retina where they leak blood and fluid. Lucentis is used to treat the wet form of age-related macular degeneration. Lucentis is also used to treat swelling in the retina caused by diabetes or by a blockage in the blood vessels. Bevacizumab, sold under the brand name Avastin, is a medication used to treat a number of types of cancers and a specific eye disease. For wet macular degeneration it is given by injection into the eye and it is estimated that eylea is set to be the fastest growing segment during the forecast period 2020-2025.
Route of Administration – Segment Analysis
Intravitreal segment held the largest share in the Wet Macular Degeneration Market in 2019 owing as it is more effective owing to targeted drug delivery. An intravitreal injection is a shot of medicine into the eye. The inside of the eye is filled with a jelly-like fluid (vitreous). Most anti-VEGF injections are administered using intravitreal or intraocular injections. Intravenous is therapy that delivers fluids directly into a vein. The intravenous route of administration can be used both for injections, using a syringe at higher pressures; as well as for infusions, typically using only the pressure supplied by gravity. Intravenous infusions are commonly referred to as drips. Intravitreal is estimated to be the highest growing segment during the forecast period 2020-2025 boosting the growth of the Wet Macular Degeneration Market.
Geography – Segment Analysis
North America dominated the wet macular degeneration market in 2019 with a share of more than 38.5%, followed by Asia Pacific owing to the increasing prevalence of wet macular degenerative as well as the rising number of drug approvals in the region.
However, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to the growing geriatric population and prevalence of eye disorder along with the increase in pipeline drugs.
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Drivers – Wet Macular Degeneration Market
- Increasing prevalence of eye disorder
Increasing prevalence of eye disorder is increasing the wet macular degeneration market. Wet macular degeneration is a chronic eye disorder that causes blurred vision or a blind spot in your visual field. It’s generally caused by abnormal blood vessels that leak fluid or blood into the macula. Wet macular degeneration symptoms usually appear suddenly and worsen rapidly. This include-Visual distortions, such as straight lines seeming bent , Reduced central vision in one or both eyes , decreased intensity or brightness of colors , a well-defined blurry spot or blind spot in your field of vision . A general haziness in your overall vision, abrupt onset and rapid worsening of symptoms. No one knows the exact cause of wet macular degeneration, but it develops in people who have had dry macular degeneration. Of all people with age-related macular degeneration, about 10 percent have the wet form. Thus, increasing the growth of the wet macular degeneration market during the forecast period 2020-2025.
- Increasing prevalence of wet macular degeneration and rise in demand for Eylea
Increasing prevalence of wet macular degeneration and rise in demand of eylea is increasing the growth of the wet macular degeneration market. Eylea is a prescription medicine given by injection into the eye. One should not use EYLEA if they have an infection in or around the eye, eye pain or redness or known allergies to any of the ingredients in EYLEA, including aflibercept. EYLEA is an anti-vascular endothelial growth factor (anti-VEGF) treatment that is given by injection into the eye and works by blocking VEGF. EYLEA blocks VEGF by trapping it between its molecular arms. Eylea is used in the treatment of wet macular degeneration. Thus, increasing the demand of wet macular degeneration market.
Challenges – Wet Macular Degeneration Market
- High cost of on label drugs and increase in off label drugs
Some of the factors which can impede the growth of the wet macular degeneration market are high cost of on label drugs and increase in off label drugs.
- In January 2019, GlaxoSmithKline plc acquired Tesaro.
- In November 2018, Ophthotech Corporation acquires Versant ventures backed inception
- North America dominated the Wet Macular Degeneration Market in 2019 owing to increasing geriatric population and growing number of drug approvals by the key players present in this region. The Wet Macular Degeneration Market scope for different regions will be provided in the final report.
- Increasing prevalence of wet macular degeneration and rise in demand for Eylea is likely to aid in the market growth of wet macular degeneration.
- Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Wet Macular Degeneration Market report.
- High cost of on label drugs and increase in off label drugs is set to create hurdles for the Wet Macular Degeneration Market.
Wet Macular Degeneration Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the wet macular degeneration market. In 2019, Wet Macular Degeneration Market share is consolidated by the top ten players present in the market. Wet Macular Degeneration, top 10 companies are Pfizer Inc., F. Hoffmann-La Roche, Regeneron Pharmaceutical, Novartis Ag, Valeant Pharmaceutical International, Inc., Apellis Pharmaceuticals Inc., GlaxoSmithKline plc, Bausch Health Companies Inc., Ophthotech Corporation and Gilead Sciences Inc. among others.
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