Growing Demand for Cutting-edge Therapeutic Treatments for Retinal Diseases to Aid Market Growth
Degenerative retinal diseases are one of the major causes of irreversible vision loss across the world. Multiple studies pertaining to retinal disorders have revealed that diabetic retinopathy and age-related degeneration (AMD) accounts for over 80% of the reported cases of bilateral blindness worldwide. According to the National Eye Institute of the U.S., nearly 7.7 million individuals suffer from diabetic retinopathy across the U.S. and the number is estimated to reach around 11.3 million by 2030. On a global scale, nearly 36 million individuals suffer from complete vision loss and in most cases, the blindness stems from a range of retinal disorders.
The prevalence of retinal disorders is notably higher in low to medium income countries wherein access to efficient and effective healthcare is a major issue. While developed countries, such as the U.S., Canada, Germany, and the U.K., among others, have laid down the groundwork to address retinal disorders, developing countries continue to make gradual improvements in that regard. Within the retinal disorders treatment market, research and development activities have gained significant momentum, especially over the last decade. Due to the growing demand for cutting-edge retinal disorders treatment and noteworthy investments in research, the retinal disorder treatment market is expected to reach a value of ~US$ 17.6 Bn by the end of 2027.
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Progress in Ophthalmic Drug Development to Offer Better Results
In recent times, the development and discovery of new ophthalmic drugs has gained significant momentum. Within the retinal disorders treatment market, drug manufacturers are shifting from traditional drug formulations toward the discovery of new and improved drugs to treat a range of retinal disorders. This factor, along with notable progress in genetic sequencing and molecular biology has paved the way for improved retinal disorders treatment.
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Government, as well as several nonprofit organizations, are increasingly spending on the development of new retinal disorders treatment. Within the retinal disorders treatment market, collaborations between nonprofit organizations and the government are on the rise particularly in developed regions such as North America. For instance, The Foundation Fighting Blindness, a nonprofit organization, is aiding in research pertaining to ophthalmic drug development by funding over 90 researchers around the world. The research activities are largely focusing on the development of new drugs to treat retinal disorders, including inherited retinal degenerative diseases and age-related macular degeneration diseases. Moreover, swift and cost-efficient genetic testing is likely to offer lucrative opportunities for drug developers in the retinal disorder treatment market during the forecast period. Within the retinal disorders treatment market, macular degeneration and diabetic retinopathy disease indication segments are expected to collectively account for over 85% of the total market share, in terms of value– a major factor why researches and studies pertaining to retinal disorders are largely focusing on these disease indications. The macular degeneration disease indication segment is expected to reach a market value of ~US$ 5.3 Bn by 2020 from ~US$ 5.1 Bn in 2019.
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Preference for Anti-vascular Endothelial Growth Factor Agents to Remain High
Age-related macular degeneration (AMD), diabetic retinopathy, inherited retinal dystrophies, and diabetic macular degeneration diseases are some of the major retinal disorders that require efficient, reliable, and cost-effective retinal disorder treatments. The advent of anti-vascular endothelial growth factor (VEGF) agents has redefined retinal disorder treatments, such as neovascular (wet) AMD and diabetic macular edema, among others. The adoption of anti-VEGF injections in the retinal disorder treatment market is expected to scale new heights, as these injections have, repeatedly, proved their efficacy in providing relief from a range of retinal disorders. Despite ongoing research pertaining to alternative drug delivery techniques and drugs, anti-VEGF agents therapeutic class segment is expected to account for a share of over 88% of the retinal disorder treatment market during the forecast period. Anti-VEGF agents segment is likely to reach a market value of ~9.4 Bn by 2020.
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