Registering a CAGR of 7.6% during the forecast period (2016–2022), the global age-related macular degeneration (AMD) market is projected to garner $8.9 billion by 2022, significantly growing from $5.3 billion in 2015. The market is experiencing growth due to the rising geriatric population, growing pipeline for AMD therapeutics, surging chronic disease prevalence, and increasing healthcare expenditure. Age-related macular degeneration is a retinal disorder, which is indicated by changes in the fundus of the eye. It commonly affects the elderly, in which, first, the central vision becomes blurred, which ultimately leads to blindness.
Based on type, the age-related macular degeneration market is bifurcated into wet AMD and dry AMD. Between the two, during the historical period (2012–2015), the larger revenue in the market was generated by the wet AMD type. This type of AMD is caused due to the abnormal growth of blood vessels from the choroid layer, which is situated beneath the macula. It is also known as neovascular macular degeneration, and even though it accounts for only 10–15% of AMD cases, it is expected to be the faster growing category in the forecast period.
The age-related macular degeneration market is classified into Asia-Pacific, Europe, North America, and Rest of the World, based on region. In 2015, the highest value share in the market was held by the North American region. This was attributed to the rising prevalence of conditions, such as obesity and hypertension. Further, the presence of major pharmaceutical companies supports the regional market growth. In 2022, with high healthcare expenditure of countries in the region, it is predicted to hold more than 90.0% of the market share.
The AMD market is witnessing the trend of the rising awareness about the disease. Various activities, campaigns, and programs are being conducted by NGOs, healthcare providers, and optometrists’ associations to sensitize people about the disease and its course of treatment. February is celebrated as the National AMD awareness month as a measure to encourage people to educate themselves about the disease and understand the risk factors and be aware in case they exhibit any of the symptoms. The awareness about the disease has also resulted in increased funding for research related to the AMD.
The age-related macular degeneration market is growing due to the rising geriatric population. Old age is one of the major risk factors of the disease, which may lead to visual impairment, and eventually complete blindness. A report on global aging population was published by the United Nations Department of Economic and Social Affairs, which mentioned that the global population of people in the 60 and above age group, is growing at a high rate. The share of geriatric population by 2050 is predicted to grow to 21.1% from 11.7% in 2013.