Neovascular age-related macular degeneration, a type of age-related macular degeneration (AMD or ARMD), is a common medical disorder which results in complete or partial loss of vision in the center of the visual field of eye. The macula is the most sensitive part of the retina located at the back of the eye which comprises millions of light-sensing cells that are responsible for sharp, central vision. When the macula is impaired, the center of vision may appear blurry, distorted, or dark. In neovascular AMD (also called wet AMD), unusual blood vessels develop under the retina and leak fluid and blood, which leads to swelling and damage of the macula. Age-related macular degeneration (AMD) is a primary reason for vision disorders among people aged 50 and above. There may be no apparent symptoms in the initial stages of the disease, but a patient starts experiencing a steady deterioration of vision over time. The disease may affect one or both the eyes. Although it does not lead to complete blindness, age-related macular degeneration is still a debilitating disease as the loss of vision in the central portion of eye can severely affect simple activities of daily life such as driving, reading, writing, and recognizing faces. Although people with a genetic history of AMD are at a higher risk, smoking and race also play important role. Caucasians are found to be more susceptible to age-related macular degeneration (AMD) than people from other races.
The neovascular age-related macular degeneration market is anticipated to witness strong growth during the forecast period owing to launch of various promising drugs. Favorable reimbursement scenario and growing awareness about the disease are also expected to increase demand for better treatment and diagnosis of the disease at an early stage. Rapid increase in the prevalence of complex neurological diseases and genetic disorders have fueled demand for high-end R&D approaches which in turn is anticipated to boost the neovascular age-related macular degeneration market. Moreover, increasing investments in research and development of novel treatment molecules by private and government bodies and rise in geriatric population are expected to propel the neovascular age-related macular degeneration market in the near future. Development of innovative tools in health care management are also likely to augment the market. However, low research and development (R&D) yields, stringent regulatory framework, and lack of awareness are some of the restraints of the neovascular age-related macular degeneration market.
Based on treatment type, the age-related macular degeneration market can be segmented into injecting anti-VEGF (vascular endothelial growth factor), prescribed antibiotic drops, photodynamic therapy, and laser surgery. A dynamic shift toward combination products, using two or more effective treatments, is being observed as a promising factor in treating neovascular age-related macular degeneration. Geographically, the neovascular age-related macular degeneration market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is projected to hold the largest share of the global neovascular age-related macular degeneration market due to presence of superior research and health care base, strong regional economics, and greater emphasis on prevention and wellness by governments. The neovascular age-related macular degeneration market in Europe is expected to witness rapid growth driven by high consciousness about wellbeing in the region and increased spending on R&D. Major factors for the positive outlook are extensive development of health care infrastructure and growing emphasis on research and development in the health care sector.
Key players in the global neovascular age-related macular degeneration market include Alcon, Allergan, Bausch + Lomb, Novartis, Pfizer, Bayer HealthCare, F. Hoffmann-La Roche, Regeneron Pharmaceuticals, Gilead Sciences, Ohr Pharmaceutical, and Ophthotech Corporation.