The global Anti-Vascular Endothelial Growth Factor Therapeutics Market size is expected to reach USD 12.82 billion by 2028, registering a CAGR of 0.5% over the forecast period, according to a new report by Grand View Research, Inc. Increased funding for R&D of anti-VEGF therapeutics to boost the development of new drugs is expected to accelerate market growth. Moreover, the introduction of novel innovative products coupled with the increasing geriatric population that is susceptible to develop ophthalmic diseases is expected to propel the market growth over the forecast period.
According to the United Nations Department of Economic
and Social Affairs data, the global elderly population (aged 60 years and
above) was around 703 million in 2019. The share of the population aged 65
years and above was 6%, which increased to 9% in 2019. The aging population,
based on countries, was around 68.7 million in Africa, 549.2 million in Asia,
183 million in Europe, 78.4 million in North America, and more than 76 million
in Latin America & other regions in 2017. Hence, the increasing geriatric
population is anticipated to drive the market.
The lack of reimbursement policies in developing
regions is creating an opportunity for cost-effective novel molecules. In
addition, ophthalmologists switching to more effective newly launched drugs has
compelled companies to invest in R&D to maintain their industry position.
The interest of investigators on biosimilar of existing drugs is a major trend
in the pipeline of anti-VEGF therapeutics.
Moreover, companies are developing various
formulations and drug delivery systems that may increase the adoption of these
therapies. For instance, F. Hoffmann La Roche Ltd. is developing the port
delivery system-RG6321 (Ranibizumab)-which is currently undergoing a phase III
clinical trial. It is an eye implant that is refillable and continuously
delivers a customized formulation of ranibizumab over a period of months.
Loss of patent protection is likely to have a negative
impact on the market growth and has led big pharma companies to consider new
revenue streams. However, this is creating an emerging market for biosimilar
drug producers in the space. This rising competition is anticipated to impede
market growth. However, the launch of novel products with a competitive
advantage is anticipated to lower the impact of the restraint during the
forecast period.
Related Press Release@ Anti-Vascular Endothelial Growth Factor Therapeutics Market Report
Anti-Vascular Endothelial Growth
Factor Therapeutics Market Report Highlights
- In 2020, Age-related Macular Degeneration (AMD) accounted for the
largest revenue share and is anticipated to maintain its dominance over
the forecast period
- Diabetic retinopathy is anticipated to witness significant growth
over the forecast period due to increasing cases of diabetes across the
globe
- The Beovu segment is expected to grow at the fastest CAGR over the
forecast period due to the geographic expansion and patent exclusivity
- Product expansions in various geographic regions are expected to
increase sales and customer base
- North America was the largest regional market in 2020 due to the
high disease prevalence, rising consumer awareness, proactive government
measures, technological advancements, and improvements in healthcare
infrastructure
- Asia Pacific is anticipated to witness the fastest CAGR over the
forecast period due to a rise in the penetration of anti-VEGF products,
rising disposable income, and growing consumer awareness
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