Furthermore, the market will demonstrate a CAGR of 7.6% from 2016 to 2022 (forecast period), as per the estimates of the market research firm, P&S Intelligence. The market is being driven by the increasing incidence of chronic diseases, surging healthcare expenditure in several countries, soaring pipeline of AMD drugs, and mushrooming population of geriatric people all over the world.
With the rising costs of healthcare, on account of the increasing fees of physicians and soaring costs of advanced treatment procedures, the governments of many countries are augmenting their expenditure on healthcare in order to reduce the escalating healthcare burden on citizens. This is, in turn, making healthcare affordable and accessible to a large number of people, thereby supporting the growth of the market. Additionally, the expanding pipeline of AMD drugs is also driving the progress of the market.
Access Detailed Report - Age-Related Macular Degeneration Market Growth Factors
As there are only a limited number of AMD treatment procedures currently, many major market players are actively focusing on developing drugs in order to meet the surging medical requirements of patients. Besides these factors, the mushrooming population of aging people is also propelling the growth of the AMD market. According to the World Population Aging 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050.
Since geriatric people are highly vulnerable to visual impairment, their growing population is positively impacting the worldwide demand for AMD drugs. AMD is primarily the deterioration of the macula, which subsequently causes the loss of vision. Depending on type, the AMD market is bifurcated into dry AMD and wet AMD. Between these, the wet AMD category is predicted to register faster growth in the market during the forecast period. This will be because of the surging population of aging people and growing incidence of the ailment.
Additionally, the soaring prices of drugs and the surging healthcare expenditure are also contributing to the expansion of the market in the region. Furthermore, the region is home to several leading pharmaceutical companies with a long and strong pipeline of various AMD drugs, which is also augmenting the sales of these drugs in the region. The U.S. is contributing significantly to the revenue of the North American AMD market, and it is predicted to hold more than 95% of the shares by 2022.
Hence, it is clear that the sales of AMD drugs will rise tremendously in the coming years, mainly because of the growing healthcare expenditure of several countries, surging population of aging people, and growing incidence of AMD all over the world.
Additionally, the global market size shall grow at a rate of 7.80% from 2020 to 2027 (evaluation period).Top Boosters and Key ChallengesAge-related macular degeneration (AMD) is a condition that largely affects the elderlies.
Latest reports confirm that nearly 150 million patients are suffering from AMD worldwide as of now.
This should eventually bolster the growth rate of the age-related macular degeneration market in the ensuing years.Majority of the eminent firms in the market put a lot of effort to develop high quality and performance solutions, with the aim to strengthen their product pipeline.
The emergence of new diagnostic techniques as well as novel treatment processes should further uplift the market position in the next couple of years.
The age groups generally affected by the health condition are people above 75 years, people above 40 years of age, and more than 60 years.
Regional Outlook The Americas leads the global market for age-related macular degeneration, benefitting from the expanding elderly patient base along with the rapid surge in ophthalmological disorders.
