2024-2033 Age-Related Macular Degeneration Market Outlook: Unlocking Growth Potential
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What is the Anticipated CAGR of the Age-Related Macular Degeneration Market Over the 2024-2033 Forecast Period?
The market size of age-related macular degeneration has seen robust growth in the past few years. There will be an expansion from $9.17 billion in 2023 to an estimated $9.9 billion in 2024, with a compound annual growth rate (CAGR) of 7.9%. Factors contributing to the growth during the historic period include a rising aging population, lifestyle changes, environmental influences, genetic susceptibility, heightened awareness and early detection, along with advances in diagnostic methods.
In the coming years, the market size of age-related macular degeneration is predicted to witness a significant upturn. The value is set to reach $13.1 billion by 2028, growing at a compound annual rate (CAGR) of 7.3%. The increase during the forecast period is due to several factors such as advancements in genetic and biomarker research, the rise of therapeutic alternatives, implementation of telemedicine and remote patient monitoring, and increased focus on patient advocacy and education. Key trends that will shape the market during this period include the use of personalized medicine, breakthroughs in retinal imaging technologies, the emergence of sustained drug delivery systems, the onset of clinical trials for new potential therapies, and partnerships for research and development.
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What Are the Driving Forces Behind the Growth of the age-related macular degeneration Market?
The surge in cases of age-related macular degeneration (AMD) is predicted to significantly boost the expansion of the AMD market in the future. AMD is an advancing eye disorder that impacts the macula, which is a minor area of the retina critical for main vision. Treatments for AMD help patients dealing with retinal disorders by mitigating the severity of the disease. As an example, in February 2023, based on data presented by Optimaxa, a UK specialist in laser eye treatment, 196 million people worldwide had AMD, with projections estimating a rise to 288 million by 2040, comprising 8.7 percent of the global population. Consequently, the escalating prevalence of AMD contributes to the advancement of the AMD market.
What Are the Core Segments of the Age-Related Macular Degeneration Market?
1) By Type: Wet Age-Related Macular Degeneration (AMD), Dry Age-Related Macular Degeneration (AMD)
2) By Drug: Eylea, Lucentis, Avastin, Other Products
3) By Route Of Administration: Intravenous, Intravitreal
4) By Distribution Channel: Hospital Pharmacy, Specialty Pharmacy, Online Pharmacy
What Are the Key Innovations Reshaping the Age-Related Macular Degeneration Market?
One notable trend gaining traction in the age-related macular degeneration market is the introduction of novel products. Prominent businesses in this sector are innovating with new pharmaceuticals to consolidate their industry standing. For example, Genentech Inc., a biotech and pharmaceutical corporation based in the US, obtained regulatory endorsement for its pioneering Susvimo (ranibizumab) therapy designed for patients afflicted with wet, age-related macular degeneration (AMD) from the US Food and Drug Administration, a federal health agency in the US, in October 2021. Susvimo is a long-lasting implant that administers ranibizumab, helping to halt the formation of abnormal blood vessels in the retina and thus providing a more comfortable and less intrusive treatment alternative for patients with wet AMD than standard eye injections.
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What Regions Are Influencing the Dynamics of the Age-Related Macular Degeneration Market?
North America was the largest region in the global age-related macular degeneration market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the age-related macular degeneration market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Age-Related Macular Degeneration Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the age-related macular degeneration market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Age-Related Macular Degeneration Market Include
1. Age-Related Macular Degeneration Market Executive Summary
2. Age-Related Macular Degeneration Market Segments
3. Age-Related Macular Degeneration Market Size And Template Market Growth Rate
4. Key Age-Related Macular Degeneration Market Trends
5. Major Age-Related Macular Degeneration Market Drivers
……
25. Key Mergers And Acquisitions In The Age-Related Macular Degeneration Market
26. Top Age-Related Macular Degeneration Companies
27. Age-Related Macular Degeneration Market Opportunities And Strategies
28. Age-Related Macular Degeneration Market, Conclusions And Recommendations
29. Appendix
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