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What Is the Forecast for the Choroidal Neovascularization Market from 2024 to 2025?
The market for choroidal neovascularization has seen robust growth in the past few years. It is projected to expand from $3.37 billion in 2024, to $3.61 billion in 2025, clocking a compound annual growth rate (CAGR) of 8.1%. The growth witnessed in the past can be credited to factors such as an increase in diseases related to sedentary lifestyles, a rise in age-related macular degeneration cases, increasing incidence of illnesses related to the retina, the aging population, escalating costs of eye care, and broadening education and screening initiatives.
What Is the Projected Market Size of the Choroidal Neovascularization Market?
Strong expansion is expected in the choroidal neovascularization market in the coming years. The market is projected to climb to $5.64 billion by 2029, with a compound annual growth rate (CAGR) of 7.7%. The rise during the forecast period can be credited to greater patient awareness, the increasing use of optical coherence tomography angiography, an escalating demand for less invasive procedures, beneficial reimbursement policies, and a swelling geriatric population. Noteworthy trends for the forecast period incorporate the advent of intravitreal anti-vascular endothelial (VEGF) therapies, innovative gene treatments, gene therapy methodologies, the adoption of telemedicine, the development of combined therapies, and customized treatment strategies.
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Who are the Major Competitors in the Choroidal Neovascularization Market Outlook?
Major companies operating in the choroidal neovascularization market are Pfizer Inc., Roche Holding AG, AbbVie Inc., Bayer Aktiengesellschaft, Novartis AG, Teva Pharmaceutical Industries Limited, Regeneron Pharmaceuticals Inc., Astellas Pharma Inc., Biogen Inc., Chugai Pharmaceutical Co. Ltd., Alcon Inc., Genentech Inc., Bausch + Lomb Incorporated, Samsung Bioepis Co. Ltd., Santen Pharmaceutical Co. Ltd., Apellis Pharmaceuticals Inc., Kodiak Sciences Inc., Xbrane Biopharma AB, Allergan Inc., Adverum Biotechnologies Inc., Clearside Biomedical Inc., Sylentis S.A.
What Is Fueling Growth in the Choroidal Neovascularization Market?
The growth of the choroidal neovascularization (CNV) market is anticipated to be driven by the increasing occurrence of age-related macular degeneration (AMD). AMD is an ocular condition that gradually impairs the macula, resulting in loss of central vision, predominantly in the elderly. The escalating instances of AMD can be attributed to demographics aging, extended lifespan, lifestyle shifts, genetics, and heightened exposure to environmental hazards. CNV aids AMD patients by facilitating the onset of wet AMD, characterized by the proliferation of abnormal blood vessels below the retina causing vision impairment. Advanced treatments such as anti-VEGF therapy are required to control CNV and slow down the progression of AMD, thereby safeguarding the central vision in affected persons. According to data from the National Institutes of Health, a government agency in the US, in September 2022, it is projected that by 2040, AMD cases may touch 300 million and by 2050, 5.4 million Americans may be impacted. Consequently, the escalating occurrence of AMD is propelling the growth of the choroidal neovascularization market.
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Which Choroidal Neovascularization Market Segments Are Growing the Fastest?
The choroidal neovascularization market covered in this report is segmented –
1) By Treatment Type: Anti-Angiogenic Therapy, Laser Photocoagulation, Photodynamic Therapy, Verteporfin Sodium, Ranibizumab, Bevacizumab, Aflibercept, Pegaptanib Sodium
2) By Indication: Age-Related Macular Degeneration (AMD), Diabetic Macular Edema (DME), Central Serous Chorioretinopathy (CSC), Polypoidal Choroidal Vasculopathy (PCV), Myopic Macular Degeneration (MMD), Other Indications
3) By Route Of Administration: Intravitreal, Subconjunctival, Periocular, Oral
4) By End User: Hospitals, Ophthalmology Clinics, Ambulatory Surgical Centers, Research Centers
Subsegments:
1) By Anti-Angiogenic Therapy (Anti-VEGF Therapy): Ranibizumab, Bevacizumab, Aflibercept, Pegaptanib Sodium
2) By Laser Photocoagulation: Thermal Laser Photocoagulation, MicroPulse Laser Therapy
3) By Photodynamic Therapy (PDT): Standard PDT, Low-Fluence PDT, Half-Dose PDT
4) By Verteporfin Sodium: Intravenous Administration, Combination Therapy With Anti-VEGF
5) By Ranibizumab: Monthly Dosing, As-Needed Dosing, Treat-and-Extend Regimen
6) By Bevacizumab: Off-Label Use, Compounded Intravitreal Injections
7) By Aflibercept: Fixed-Dosing Regimen, Treat-and-Extend Regimen
8) By Pegaptanib Sodium: Monotherapy, Combination Therapy
Which Industry Trends Are Shaping the Future of the Choroidal Neovascularization Market?
Key players in the choroidal neovascularization market are endeavoring to develop innovative therapeutic solutions, including photodynamic therapy, aiming to offer accurate and efficient treatment alternatives that enhance patient results and treatment execution. Photodynamic therapy (PDT) is a clinical procedure that employs a photosensitizing agent, activated by light, to eliminate abnormal or cancerous cells. For instance, in February 2023, Bausch & Lomb, a health care firm based in Canada, along with Modulight, a biomedical firm from Finland, unveiled the ML6710i photodynamic laser that received approval from the Food and Drug Administration, a U.S. federal agency. This approach is sanctioned for use in conjunction with Bausch + Lomb’s VISUDYNE therapy, developed to treat age-related macular degeneration (AMD)-induced choroidal neovascularization. The cutting-edge, portable ophthalmic laser enables a precise methodology to manage abnormal ocular blood vessels, aiding in halting disease advancement and maintaining vision.
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Which Countries Are Leading the Choroidal Neovascularization Market?
North America was the largest region in the choroidal neovascularization market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the choroidal neovascularization market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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This Report Delivers Insight On:
1. How big is the choroidal neovascularization market, and how is it changing globally?
2. Who are the major companies in the choroidal neovascularization market, and how are they performing?
3. What are the key opportunities and risks in the choroidal neovascularization market right now?
4. Which products or customer segments are growing the most in the choroidal neovascularization market?
5. What factors are helping or slowing down the growth of the choroidal neovascularization market?
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