Surging Geriatric Population Driving the Wet Age-Related Macular Degeneration (AMD) Market Growth

September 07 02:53 2019
Surging Geriatric Population Driving the Wet Age-Related Macular Degeneration (AMD) Market Growth
The global wet age-related macular degeneration (AMD) market, estimated at $6.9 billion in 2018, is projected to reach $10.4 billion by 2024, registering a CAGR of 7.1% during the forecast period.

The growing prevalence of age-related macular degeneration (AMD), lack of specific treatment availability, and increase in geriatric population are driving the growth of the wet age-related macular degeneration market. The market is projected to generate revenue worth $10.4 billion in 2024, witnessing a CAGR of 7.1% during the forecast period (2019–2024).  AMD is a disease in which blurred vision or blindness occurs due to damage to the retina macula. Wet AMD is a type of AMD characterized by the growth of abnormal blood vessels under the retina and macula.

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On the basis of product, the wet age-related macular degeneration market is categorized into Eylea, Avastin, Lucentis, and others. Out of these, during the historical period (2014–2018), the Eylea category witnessed the fastest growth, and it is expected to keep growing during the forecast period at a CAGR of 10.0%. This is mainly attributed to the surging demand for this medication due to its low cost as well as high efficiency in the management of exudative or wet AMD.

The wet age-related macular degeneration market is divided into direct and indirect channels on the basis of distribution channel. Of these, in 2018, the direct channel category held more than 60.0% share in the market, owing to the fact that a direct channel of distribution demands less investment and excludes the need for a third person for the supply of products, thereby making the process simpler and shorter. Hence, market players prefer selling their products directly to pharmacies and medical stores.

Based on the age group, the wet age-related macular degeneration market is categorized into drugs that are given to people aged 40–59 years, 60–80 years, and above 80 years. Out of these, in 2018, wet AMD drugs prescribed to people above 80 years of age contributed nearly 60.0% revenue to the market. Due to growing prevalence of the disease in the geriatric population, the market is expected to witness significant progress in the forecast period.    

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Japan, Germany, Italy, and Portugal are among the nations with the largest population of elderly in the world. As older people are more prone to degenerative disorders, the increasing geriatric population in these countries is anticipated to contribute to the rising demand for drugs for wet AMD treatment, thus driving the wet age-related macular degeneration market during the forecast period.

Therefore, the surging geriatric population across the world is pushing the demand for drugs for treating wet AMD, resulting in the growth of the market.

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