Choroidal Neovascularization Market - Forecast(2023 - 2028)
Choroidal Neovascularization Market Overview
Choroidal Neovascularization Market Size was $5.1 billion in 2021. Furthermore, it is poised to grow at a CAGR of 6.8% over the forecast period of 2022-2027. The choroid is the portion of the eye between the retina (vision sensory area) and the sclera (outside covering of the eye), and it is made up of blood vessels that feed nutrients to the retina. Choroidal Neovascularization is a condition in which new blood vessels grow as a result of the presence of vascular endothelial growth factor (VGEF) or as a result of Age-related Macular Degeneration (AMD). Usually, AMD is owing to neovascular degenerative maculopathy. Moreover, Choroidal neovascularization is a common cause of neovascular degenerative maculopathy. Furthermore, CNV is commonly caused by extreme myopia, malignant myopic degeneration, or age-related developments. Diabetic retinopathy patients potentially have choroidal neovascularization (CNV). It can happen in people who have deficiencies in Bruch's membrane, the choroid's innermost layer, in rare situations. Patients with Choroidal Neovascularization in one eye have a very high likelihood of contracting Choroidal Neovascularization in the other eye within a short period of time, according to the American Academy of Ophthalmology and other research. The growing prevalence of sedentary lifestyle diseases especially diabetes which can lead to diabetic retinopathy and the rising aged population are some of the factors driving the Choroidal Neovascularization Industry growth during the forecast period 2022-2027.
Choroidal Neovascularization Market Report Coverage
The report: “Choroidal Neovascularization Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Choroidal Neovascularization Market.
- Geographically, North America held a dominant market share in the year 2021 on account of the increasing prevalence of lifestyle change diseases and the aged population. Asia-Pacific is estimated to offer lucrative growth opportunities to the manufacturers owing to the increasing aged population. The proliferation of lifestyle change diseases is predicted to augment the market growth during the forecast period of 2022-2027.
- The growing prevalence of lifestyle change diseases is estimated to drive the market growth of the Choroidal Neovascularization Market. Lack of awareness about Choroidal Neovascularization poses threat to the market growth.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Choroidal Neovascularization Market Report.
Choroidal Neovascularization Market Segmentation Analysis- By Type
Choroidal Neovascularization Market based on type can be further segmented into Type-1 (occult), Type-2 (classic), and Type-3. Type-1 held a dominant market share in the year 2021 and is estimated to be the fastest-growing, with a CAGR of 7.9% over the forecast period of 2022-2027. According to the American Academy of Ophthalmology 2020, New vessels grow from the choriocapillaris into the subretinal pigment epithelial region, which is linked to damage to the outer retina. Type 1 neovascularization, also known as occult neovascularization, is the formation of new blood vessels behind the pigment epithelium. Damage to the pigment epithelium, the layer between the choroid and the retina, causes new capillaries to develop. The pigment epithelium might occasionally detach as a result of its development.
Signs and symptoms include; Painless loss of vision, Metamorphopsia, Paracentral or central scotoma, Apparent change in image size, Subretinal blood, Subretinal fluid Lipid exudation., Retinal pigment epithelial detachment, Subretinal fibrosis (disciform scar). Moreover, the morphological changes of eyes with subfoveal occult CNV in which the boundaries are poorly demarcated in a variable; the presence of subretinal blood or a component of classic CNV may influence the prognosis for further loss of vision. Hence, Type 1 neovascularization dominates the market.
Choroidal Neovascularization Market Segmentation Analysis- By Application
The choroidal Neovascularization Market based on the application can be further segmented into Age-related Macular Degeneration, Ocular Histoplasmosis, Pathologic Myopia, Eye trauma, and Angioid Streaks. segment Age-related Macular Degeneration held a dominant market share in the year 2021 and is estimated to be the fastest-growing, with a CAGR of 7.2% over the forecast period of 2022-2027 owing to the increased prevalence of Age-related Macular Degeneration. The macula is the pigmented region of the retina in the retina's very center. The fovea, located at the macula's center, is the most significant component of the eye. AMD (age-related macular degeneration) is an eye condition that causes central vision blurring. It occurs when the macula; the region of the eye that regulates crisp, straight-ahead vision is damaged as a result of aging.
According to NCBI 2020, age-related macular degeneration affects around 1 out of every 100 persons between the ages of 65 and 75, and 10 to 20 out of every 100 people beyond the age of 85. Macular degeneration is the most prevalent cause of serious vision loss in elderly persons in developed nations. Hence, age-related macular degeneration is dominating the market for Choroidal Neovascularization (CNV).
Choroidal Neovascularization Market Segmentation Analysis- By Geography
The Choroidal Neovascularization Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 39% in the year 2021 as compared to the other counterparts on account of the increasing aged population. According to NIH 2018, the number of people aged 65 and more in the Region Is anticipated to nearly double in the next three decades, from 48 million to 88 million by 2050, thereby, expanding regional industry.
However, Asia-Pacific is estimated to be the fastest-growing, over the forecast period of 2022-2027 on account of decreased awareness about eye disorders. According to ESCAP 2020, the number of elderly people in Asia and the Pacific is projected to more than quadruple by 2050, from 630 million in 2020 to almost 1.3 billion. In Asia and the Pacific, 13.6 percent of the population is 60 or older in 2020; by 2050, it will account for a quarter of the population, thus increasing geriatric population triggers age-related disorders which is expected to enhance the forecast growth in Asia-Pacific.
Choroidal Neovascularization Market Drivers
Growing Prevalence of Lifestyle Change Diseases Mainly Diabetes is Boosting the Market growth
Diabetes mellitus is a metabolic condition characterized by insulin secretion (type 1), insulin action (type 2), or both. Chronic hyperglycemia is one of its hallmarks, and it can cause malfunction and damage to a variety of organ systems, including the brain, kidneys, eyes, and peripheral nerves. The presence or absence of retinal neovascularization can be used to classify diabetic retinopathy. Intraretinal microvascular alterations that occur in the early phases of diabetic retinopathy are referred to as non-proliferative diabetic retinopathy (NPDR). Diabetic retinopathy is the most common cause of blindness in adults aged 20 to 74 in the United States. Diabetic retinopathy becomes increasingly common as diabetes mellitus progresses, and it affects the great majority of people who have had diabetes for 20 years or longer. PDR affects roughly 50% of individuals with type 1 diabetes, 5–10% of patients with noninsulin-dependent type 2 diabetes, and 30% of patients with insulin-dependent type 2 diabetes after 20 years of diabetes.
According to CDC, in 2021, Diabetic retinopathy (DR) is a common diabetic condition. It is the primary cause of blindness in adults in the United States. Progressive damage of the blood vessels of the retina, the light-sensitive tissue at the back of the eye that is required for good vision, characterizes it. Mild non-proliferative retinopathy (microaneurysms), moderate no proliferative retinopathy (blockage in some retinal vessels), severe no proliferative retinopathy (more vessels are blocked, depriving the retina of blood supply, resulting in the formation of new blood vessels), and proliferative retinopathy (growth of new blood vessels) are the four stages of DR (most advanced stage). Both eyes are generally affected by diabetic retinopathy. Thus, the Growing Prevalence of Lifestyle Change Diseases Mainly Diabetes is propelling the market growth.
The Rising Prevalence of Aging Population is Driving Market Growth
Age is a major risk factor for Age-related Macular Degeneration which is the main cause of Choroidal Neovascularization (CNV). According to the National Institute of Health 2018, From 68.6 years in 2015 to 76.2 years in 2050, global life expectancy at birth is expected to grow by over eight years. Between 2015 and 2050, the worldwide population of the "oldest old" persons aged 80 and above is predicted to be more than treble, rising from 126.5 million to 446.6 million. By 2050, the population of the elderly in several Asian and Latin American nations is expected to double. Noncommunicable illnesses are the leading cause of death among the world's elderly. The elderly in low-income nations, many of which are in Africa, incur a significant burden from both noncommunicable and communicable illnesses.
Choroidal Neovascularization Market Challenges
Lack of Awareness about Eye Disorders Poses Threat to Market Growth
According to WHO 2020, Near or far vision impairment affects at least 2.2 billion people globally. Moreover, in at least one billion of these cases, vision impairment might have been avoided if the patient had gotten an effective diagnosis and treatment. People are more likely to seek treatment for eye issues if they are aware of and understand prevalent eye disorders. This also aids in lowering the prevalence of vision impairment among a society's population. The primary causes of blindness in the world are cataracts, glaucoma, and diabetic retinopathy. Hence, a Lack of Awareness about Eye Disorders Poses a Threat to Market Growth.
Choroidal Neovascularization Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Choroidal Neovascularization Market. Choroidal Neovascularization to 10 companies are-
- Pfizer Inc.
- F. Hoffmann-La Roche Ltd.
- Novartis AG
- Regeneron Pharmaceuticals Inc.
- Bayer AG
- QLT Inc.
- Sanwa Kagaku Kenkyusho Co. Ltd.
- Promedior Inc.
- Bausch Health
- Gilead Sciences Inc
- In March 2022, Intas Pharmaceuticals launched a biosimilar of Lucentis®, (ranibizumab). Intas is the first firm in the world to develop and market a ranibizumab biosimilar. RAZUMABTM is a single-dose vial that is made under rigorous requirements for sterile use in the eye, decreasing the risk of contamination during usage. Ranibizumab is a therapeutic antibody fragment developed exclusively for the treatment of ocular degenerative diseases. It inhibits the synthesis of vascular endothelial cell growth factor A (VEGF-A), a protein that, when overexpressed in the retina, causes aberrant blood vessel development, leaks, and vision loss. With the mission to provide global healthcare at affordable costs, RAZUMABTM will be about 25 percent cheaper than the imported Lucentis® in the hand of the patient.
- In January 2022, Roche got FDA approval for the monoclonal antibody named Vabysmo, formerly known as faricimab, which is a novel type of biological medication known as a bispecific antibody because it binds to two proteins instead of just one. In the instance of Vabysmo, Roche's medicine binds to two proteins: VEGF, which is targeted by Eylea and Lucentis, and Ang-2, which is not.
- In October 2019, the FDA has authorized Novartis' Beovu® (brolucizumab) injectable, also known as RTH258, for the treatment of wet age-related macular degeneration (AMD). Beovu is the first FDA-approved anti-VEGF to provide both higher fluid resolution and the capacity to retain eligible wet AMD patients. Moreover, Novartis mentioned Beovu meets its goals in clinical practice for treating wet AMD: improving vision and drying retinal fluid.
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