Verteporfin Market Witnesses High Growth Owing to Increasing Adoption for Treating Wet Age-Related Macular Degeneration
The verteporfin market includes photodynamic therapy agents like verteporfin which are widely used for treating wet age-related macular degeneration (AMD). Wet AMD is caused due to abnormal blood vessel growth underneath the macula, the central part of the retina. Verteporfin and photodynamic therapy help close and seal leaky blood vessels through a minimally invasive procedure to halt further vision loss from wet AMD.
The global verteporfin market is estimated to be valued at US$ 162.1 Mn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the verteporfin market are Daikin Industries, Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Panasonic Corporation, Johnson Controls International plc, Carrier Global Corporation, Trane Technologies plc, Fujitsu General Limited, Midea Group Co., Ltd., Gree Electric Appliances Inc. of Zhuhai, Samsung Electronics Co., Ltd., Hitachi, Ltd., Toshiba Carrier Corporation, Haier Group Corporation, Rheem Manufacturing Company.
The key opportunities in the Verteporfin Market Growth include high prevalence of wet AMD in developed nations due to aging population, continued research for expanding indications of verteporfin therapy, and ongoing device innovation for photodynamic therapy. Furthermore, initiatives by companies to spread awareness and enhance accessibility are boosting market demand globally.
The global expansion of the verteporfin market is driven by rising healthcare investments in emerging economies, increasing disease awareness campaigns worldwide, and growing focus on establishing specialized retinal centers to provide minimally invasive treatment options.
Market drivers
The increasing adoption for treating wet AMD is a major driver for the verteporfin market. As per estimates, over 20 million people suffer from wet AMD globally and the number is projected to increase significantly due to aging demographics. Early diagnosis and treatment with verteporfin can stop disease progression and preserve vision making it the preferred first line therapy for wet AMD.
PEST Analysis
Political: Regulations in various countries regarding drug monitoring, approvals, pricing and reimbursements impact the verteporfin market.
Economic: Global economic growth leading to higher healthcare spending in various countries positively influences the market. Business cycles also affect spending on new medical devices and therapies.
Social: Growing aging population and increasing prevalence of age-related macular degeneration, diabetic retinopathy and pathological myopia drive market growth. Rising health awareness boosts early diagnosis and treatment adoption.
Technological: Advances in laser technologies enhance photodynamic therapy procedures efficiency and safety. Development of newer photosensitizing agents expands treatment applications areas in ophthalmology.
Geographical region with highest market share
North America dominates the global verteporfin market in terms of value owing to high healthcare spending, growing geriatric population, developed healthcare infrastructure and supportive reimbursement policies in countries like the United States and Canada.
Fastest growing region
Asia Pacific is projected to witness the fastest growth during the forecast period due to increasing disposable incomes, rising medical tourism, growing prevalence of eye diseases, expanding healthcare infrastructure and rising healthcare expenditure in developing countries like China and India.
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