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.
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.
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This post was originally published on Financial Sector