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Macular Degeneration Treatment Market- insightSLICE

The macular degeneration treatments market size is expected to reach US$ 21 Billion by 2032 at a CAGR of 8.7%.

SANTA ROSA, CALIFORNIA, UNITED STATES, May 17, 2023/EINPresswire.com/ -- The core loss of vision can be brought on by the eye condition called macular degeneration. This condition affects the macula (the middle of the light-sensitive retina at the rear of the optic nerve). AMD is an eye condition that can cause central vision to become blurry. It occurs when the macula, also known as a component that makes up the retina deteriorates with age. Age-related macular degeneration is generally considered of two different main types viz dry AMD and moist AMD.

Types and Prevalence of Macular Degeneration:

Dry AMD is the most common type of AMD across all regions of the globe. At the later stages of life, the macula begins to thin out and thus loss of sight is initiated. Especially for people who are older than 50, dry macular degeneration is a prevalent eye condition. Wet AMD results in leaking vessels of blood in the retina, which rapidly and gradually diminish the central field of vision. Although there is no known cure for age-related macular degeneration (AMD), it can be slowed down and prevent severe visual loss. A medical professional can advise you on the most effective treatment for the disease.

Rising Demand for Macular Degeneration Treatment:

The global Macular Degeneration Treatment market size was estimated to be US$ 9.1 Billion in 2022 and is expected to reach US$ 21 Billion by 2032 at a CAGR of 8.7%. Throughout the forecast period, it is anticipated that the prevalence of retinal illnesses would rise, driving the development of the global macular degeneration treatment market. For example, both industrialized and developing nations are beginning to recognize retinal problems as possible risks.

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As retinal problems become more common, blurred vision is turning into a significant public health issue. Around eleven million Americans already suffer from some kind of macular degeneration caused by aging, and by 2050, this figure is projected to rise to about 22 million, based on a survey by BrightFocus Foundation.

There are only a few approved drugs on the market that can be used to treat the condition at hand. Anti-VEGF therapy, consisting of intermittently injecting a substance known as anti-VEGF into the eye (intravitreal), is now the most popular and anticipated treatment for wet AMD. Nearly 5% of vision impairment worldwide is caused by AMD. The International Association for the Prevention and Treatment of Blindness (IAPB) has said that AMD is among the three most prevalent causes of visual impairment worldwide. It is the primary cause of vision impairment in high-income countries with aging populations.

Age, tobacco use, and inherited factors are the main risk factors contributing to the increase in AMD cases. The global market for macular degeneration treatments is anticipated to develop over the course of the period under forecast as a result of an increasing elderly population around the world. Age-related increases in retinal conditions. The most frequent cause of blindness in advanced nations is AMD, especially in those over 60.

Hinderances and Shortcomings:

The expansion of the global market for macular degeneration treatments is anticipated to be constrained by a shortage of knowledge about macular degeneration. A significant risk factor for permanent blindness, AMD must be understood in order to avoid blindness. Nevertheless, there is a very low level of public knowledge of AMD, particularly in underdeveloped nations. To increase public knowledge about AMD, massive media campaigns and efforts to educate are necessary.

The global market for treating macular degeneration is anticipated to see growing challenges due to the rising use of off-label drugs. The practice of prescribing a medicine for a use other than what the FDA has permitted is known as using a drug "off-label." Similar to the COVID-19 pandemic, the biotechnology and pharmaceutical sectors might potentially suffer financial consequences and repercussions. The market for macular degeneration began to rebound as a result of relaxed regulations and the launch of immunization campaigns.

Regional Growth and Sales Data:

In 2021, North America held the greatest market share for macular degeneration treatments globally. As per our report the tendency of growth is expected to persist for the entire duration of our forecast. In the United States, pharmaceutical AMD medications are widely used, and more novel treatments are being approved there regularly.

In the year 2021, Europe held a market share of in excess of 32.1% for macular degeneration treatments worldwide. According to the significant unfulfilled medical requirements in the area and the growing ability of consumers to afford branded medications, the macular degeneration treatment market is anticipated to expand quickly over the projected period. The development of novel macular degeneration medications and enhancements in lifestyle, especially among urban populations, is anticipated to increase the requirement for macular degeneration treatment medications in Europe.

In 2021, Asia Pacific held a greater than 13% stake in the global market as a result of its substantial workforce and rising rate of therapeutic use. The prevalence of evaluation and therapy has increased primarily as a result of rising discretionary income and improved health awareness. As a consequence, there are more macular degeneration medications available now. Major investments are being made by important players in order to establish their presence in the Asia Pacific. The degenerative eye disease treatment market in the entire region is anticipated to grow as a result of these factors and overall increases in consumption.

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Corporate Profiles and Strategy Breakdown:

Pfizer Inc., Hoffman L-Roche AG, Regeneron Pharmaceuticals, Inc., Bausch Health Companies Inc., and Novartis International AG, are the major participants in the global macular degeneration therapy market. To grow their market share, the market participants used a variety of techniques, including product launches, joint ventures, innovations, mergers and acquisitions, consolidations, and extensions. Leading companies' increased R&D efforts in the creation of novel goods and treatments are also promoting market expansion. It is therefore anticipated to fuel the segment's expansion during the forecast time frame as a result of the aforementioned causes.

Segmentation:

Based on Type

• Wet AMD
• Dry AMD

Based on Route of administration

• Intravenous
• Intravitreal

Based on Distribution Channel

• Pharmacies and Drug Stores
• Hypermarket/Supermarket
• Online Stores
• Specialty Store
• Others

By Region

• North America
> United States
> Canada
> Rest of North America

• Europe
> Germany
> United Kingdom
> Italy
> France
> Spain
> Rest of Europe

• Asia Pacific
> Japan
> India
> China
> Australia
> South Korea
> Rest of Asia Pacific

• Middle East & Africa
> UAE
> Saudi Arabia
> South Africa
> Rest of the Middle East & Africa

• South America
> Brazil
> Rest of South America

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