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.
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.
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The risk of developing AMD is directly proportional to age.
With the number of people aged 60 years and above rising, the prevalence of AMD
is also increasing. According to the World Population Prospects data published
by the United Nations (UN), in 2017, there were about 962 million people in the
age group 60 years or over across the globe, and the number is predicted to
more than double by 2050, reaching 2.1 billion ultimately. Thus, it can be
concluded that the geriatric population is rising faster than younger age
groups.
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.
