Verteporfin is a light-activated drug used to treat wet age-related macular degeneration (AMD), one of the leading causes of moderate vision impairment or blindness. Verteporfin effectively seals leaky blood vessels when activated by light from a laser. It is administered intravenously and activated by non-thermal red light from a laser, which selectively damages newly formed, leaky blood vessels with little damage to surrounding healthy tissues.
The global Verteporfin Market is estimated to be valued at US$ 140.71 million in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growth of the global verteporfin market is majorly driven by the growing geriatric population globally as the prevalence of AMD increases with age. According to the United Nations report, the number of people aged 65 and above is projected to grow from 727 million in 2020 to 1.5 billion in 2050. The increasing life expectancy coupled with the rising prevalence of chronic diseases among the geriatric population is expected to boost the demand for verteporfin therapy for AMD management. Furthermore, ongoing research and development activities focused on expanding the therapeutic applications of verteporfin are also expected to fuel the market growth over the forecast period.
Segment Analysis
The verteporfin market is segmented based on application into age-related macular degeneration and pathological myopia. The age-related macular degeneration segment currently dominates the market due to increasing prevalence of age-related blindness across the globe. According to WHO, around 130 million people around the world will suffer from age-related macular degeneration by 2030 and 2050.
PEST Analysis
Political: Governments across various countries are focusing on healthcare reforms and increasing investments to curb burden of eye diseases. Regulations promoting research and development activities in ophthalmology will support market growth.
Economic: Rising geriatric population globally susceptible to age-related eye conditions will drive the market. However, high drug costs may hamper adoption in low-income countries.
Social: Increasing public awareness about eye care and availability of advanced treatment options is positively impacting the market. Sedentary lifestyle leading to obesity and diabetes also contributes to retinal diseases.
Technological: New drug delivery routes and combination therapies are being developed to improve treatment efficacy and safety. Pharmaceutical companies are focused on more targeted drug formulations.
Key Takeaways
The Global Verteporfin Market Demand is expected to witness high growth over the forecast period driven by increasing prevalence of age-related macular degeneration worldwide. The global Verteporfin Market is estimated to be valued at US$ 140.71 million in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030.
Regional analysis
The North American region holds the major share in the verteporfin market led by the US and Canada. Increasing healthcare spending, large patient population and growing research collaborations between pharmaceutical companies and research institutes are fueling market growth. According to Prevent Blindness America, AMD is the leading cause of blindness in the US.
Key players
Key players operating in the verteporfin market are Bausch Health Companies Inc., Cheplapharm Arzneimittel, Novartis AG, Novelion Therapeutics Inc. These players are focused on new product launches and approvals to strengthen their market position. For instance, in 2021 Novartis received approval for Sustained release formulations for chronic retinal disorders.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it