Global Choroidal Neovascularization Market to Witness Huge Growth by Key Players: Bausch Health Companies Inc, Bayer AG, Gilead Sciences Inc, F.Hoffmann –La Roche AG,MaaT Pharma Novartis AG, Pfizer Inc, Quark Pharmaceuticals Inc, Regeneron Pharmaceuticals Inc, Suzuken Co.Ltd.
Hyderabad, Telengana -- (SBWIRE) -- 02/16/2023 -- Market Dynamics:
The increasing prevalence of age-related macular degeneration (ARMD), pathologic myopia, ocular histoplasmosis, choroidal tears, angioid streaks, and inflammatory diseases of the retina choroid is propelling the market growth. Furthermore, the growing geriatric population, more vulnerable to serious health conditions, is a key factor driving the market growth.
Increase in prevalance of age-related macular degeneration (ARMD), pathologic myopia in the market is expected to drive the market growth
The market for choroidal neovascularization is being pushed by an increase in age-related macular degeneration (ARMD) and pathologic myopia. The estimated number of people with Age-Related Macular Degeneration will double by 2050, from 2.07 million to 5.44 million. The majority of cases will pursue to be dominated by white Americans. On the other hand, Hispanics will see the fastest rate of increase, with a nearly six-fold increase in the number of expected cases from 2010 to 2050.
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A major risk factor for age-related macular degeneration is age. The likelihood of developing advanced age-related macular degeneration rises from 2% for individuals aged 50 to 59 to about 30% for those aged 75 and up. The prevalence of pathologic myopia ranged from 0.9 percent to 3.1 percent. In comparison, the prevalence of visual impairment due to pathologic myopia was reported to range from 0.1 percent to 0.5 percent (European studies) and 0.2 percent to 1.4 percent (American studies) (Asian studies). Choroidal neovascularization was shown to be prevalent in people with pathologic myopia, ranging from 5.2 percent to 11.3 percent, and was bilateral in about 15% of cases.
The growing geriatric population, more vulnerable to serious health conditions, is a key factor driving the market growth. According to WHO, by 2030, one in every six people on the planet will be 60 or older. At this point, the proportion of the population aged 60 and up will rise from 1 billion in 2020 to 1.4 billion. By 2050, the world's population of 60 and up will have doubled (2.1 billion). The total number of eighty and up people is expected to triple between 2020 and 2050, reaching 426 million. Furthermore, the increasing use of combination drugs and the introduction of long-lasting anti-VEGF drugs are driving up demand for choroidal neovascularization treatments globally. Other factors, such as improved healthcare infrastructure and increased investments in research and development (R&D), are also contributing to the market's growth.This contributes to the growth of the global choroidal neovascularization .
High cost of treatment will hamper the market growth
Lack of awareness among people about various types of eye diseases, high treatment costs, lack of access to primary healthcare services in developing countries, lack of health insurance, and poor primary healthcare infrastructure are some of the vital factors restraining the growth of the global choroidal neovascularization market. In addition, rising healthcare costs in developing countries such as China and India are making healthcare facilities unaffordable for the aging populati COVID-19 Impact Analysis
As a result of the coronavirus disease spread, several countries' healthcare systems have become overburdened. As a result, doctors concentrate on patient selection, safe injection techniques, and adequate sterilization to reduce the danger of developing and transferring the disease. In non-emergency situations, they either reschedule and postpone follow-up sessions or provide remote monitoring options to patients with severe diseases using telehealth.
The malignant myopia degeneration segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
Over the projection period, the malignant myopia degeneration segment is expected to increase. The rising number of operations, malignant myopia degeneration cases, and the rising geriatric population contribute to the segment's rise. Myopia is one of the key causes of visual impairment worldwide, and its prevalence has been increasing over the last few decades. By 2050, 49.8 percent of the world's population will have myopia, and 9.8 percent will have high myopia, posing a significant economic burden globally. Individuals with a high level of myopia are more likely to develop myopia-related blinding complications, the most common of which are malignant myopia degeneration, resulting in a progressive loss of visual acuity.
Furthermore, according to WHO, the number and proportion of people 60 aged and up are growing. In 2019, there were one billion people aged 60 and over. This figure is calculated to increase to 1.4 billion by 2030 and 2.1 billion by 2050, and the rise in the geriatric population is also one of the main key drivers to the segment's growth.
North America region holds the largest market share of global choroidal neovascularization market
North America held the largest market share in 2019 and is expected to maintain this position throughout the forecast period attributed to the region's growing baby boomer population and rising incidences of choroidal diseases. Other factors contributing to the market's growth include the increasing use of combination drugs, and the introduction of long-lasting anti-VEGF drugs is driving up demand for CNV treatments globally. Other factors include improved healthcare infrastructure and increased investments in research and development ( R&D). The population of the US is aging. More than 46 million older adults aged 65 and older; by 2050, that number will increase to 90 million. The number of older adults is calculated to rise by nearly 18 million between 2020 and 2030 when the last of the baby boom cohorts reach the age of 75. This means that by 2030, one in every five Americans will be 75 or older. This factor also plays a prominent role. Furthermore, many key players in North America are a major factor driving market growth.
However, Asia-Pacific is assessed to grow the fastest during the forecast period, owing to increased healthcare spending and increased awareness about a different treatment option. Other factors that contribute to the market's growth include a large patient base of chronic diseases such as pathologic myopia and inflammatory diseases of retina and choroid, which contribute to the growth of the Asia-Pacific choroidal neovascularization market.
The choroidal neovascularization market is highly competitive with the presence of local as well as global companies. Some of the key players contributing to the market's growth include Bausch Health Companies Inc, Bayer AG, Gilead Sciences Inc, F.Hoffmann –La Roche AG,MaaT Pharma Novartis AG, Pfizer Inc, Quark Pharmaceuticals Inc, Regeneron Pharmaceuticals Inc, Suzuken Co.Ltd. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the choroidal neovascularization market globally. For instance, in Oct 2021, Bausch + Lomb and Clearside Biomedical have announced that the FDA has approved XIPERETM (triamcinolone acetonide injectable suspension) for Suprachoroidal Use in the Treatment of Macular Edema Associated with Uveitis.
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