Choroidal Neovascularization Market Size, Share, Industry, Forecast and outlook (2024-2031)
Choroidal Neovascularization Market
Choroidal Neovascularization Market Anticipates Significant Growth, Projected to Reach US$ XX Million by 2029
The global Choroidal Neovascularization (CNV) market, valued at US$ XX million in 2021, is poised for substantial expansion, estimated to reach US$ XX million by 2029, with a robust Compound Annual Growth Rate (CAGR) during the forecast period of 2024-2031.
Choroidal neovascularization, characterized by the growth of new blood vessels beneath the retina causing visual obstruction, is a critical concern in ocular health. These abnormal vessels disrupt the choroid, the region between the sclera and retina responsible for oxygen and nutrient supply to the eye. This condition, often associated with histoplasmosis, ocular damage, wet age-related macular degeneration, and myopic macular degeneration, poses severe threats to vision.
Market Dynamics:
The market is witnessing significant growth driven by the escalating prevalence of age-related macular degeneration (ARMD), pathologic myopia, and other retinal and choroidal diseases. The surge in the geriatric population, more susceptible to ocular ailments, is a pivotal factor propelling market expansion.
The prevalence of ARMD and pathologic myopia is on the rise globally. The estimated number of ARMD cases is expected to double by 2050, reaching 5.44 million. Aging is a major risk factor, with the likelihood of advanced ARMD rising from 2% for individuals aged 50-59 to approximately 30% for those aged 75 and above. Pathologic myopia, a significant contributor to choroidal neovascularization, ranges from 0.9% to 3.1%. The geriatric population, projected to reach 1.4 billion by 2030, further fuels market growth.
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Market Challenges:
Despite the promising growth, challenges such as the high cost of treatment and lack of awareness about ocular diseases pose hurdles to market expansion. Inadequate access to primary healthcare services in developing countries, coupled with rising healthcare costs, impedes the market's potential.
COVID-19 Impact Analysis:
The global healthcare landscape, strained by the COVID-19 pandemic, has witnessed disruptions in routine medical care. Healthcare systems are adapting to new norms, emphasizing patient safety and remote monitoring options through telehealth.
Segment Analysis:
The malignant myopia degeneration segment is projected to exhibit the fastest CAGR during 2024-2031. The increasing number of cases, coupled with a rising geriatric population, contributes to this segment's growth. Myopia-related complications, particularly malignant myopia degeneration, are key drivers.
Geographical Analysis:
North America currently dominates the CNV market, with a substantial share attributed to the growing baby boomer population and rising incidences of choroidal diseases. However, Asia-Pacific is anticipated to witness the fastest growth, driven by increased healthcare spending and awareness about treatment options.
Competitive Landscape:
The CNV market is highly competitive, featuring both local and global players. Key contributors include Bausch Health Companies Inc, Bayer AG, Gilead Sciences Inc, F.Hoffmann–La Roche AG, Novartis AG, Pfizer Inc, Quark Pharmaceuticals Inc, Regeneron Pharmaceuticals Inc, and Suzuken Co.Ltd. These players are adopting growth strategies, such as product launches and acquisitions, to enhance market presence.
In October 2021, Bausch + Lomb and Clearside Biomedical achieved FDA approval for XIPERETM, a triamcinolone acetonide injectable suspension, for Suprachoroidal Use in the Treatment of Macular Edema Associated with Uveitis.
Market Metrics:
Market CAGR:
Segments Covered: By Product Type, By Application, By Treatment Type, By Treatment Sales, By Distribution Channel, and By Region
Report Insights Covered: Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other Key Insights
Fastest Growing Region: Asia Pacific
Largest Market Share: North America
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