SAN FRANCISCO, Nov. 9, 2021 /PRNewswire/ -- 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.
Key Insights & Findings:
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
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.
Grand View Research has segmented the global Anti-Vascular Endothelial Growth Factor Therapeutics Market on the basis of products, disease, and region:
Anti-VEGF Therapeutics Product Outlook (Revenue, USD Million, 2017 - 2028)
Anti-VEGF Therapeutics Disease Outlook (Revenue, USD Million, 2017 - 2028)
Retinal Vein Occlusion
Age-related Macular Degeneration
Anti-VEGF Therapeutics Regional Outlook (Revenue, USD Million, 2017 - 2028)
Middle East & Africa
List of Key Players of Anti-Vascular Endothelial Growth Factor (VEGF) Therapeutics Market
F. Hoffmann-La Roche Ltd.
Bausch Health Companies, Inc.
Check out more studies related to ophthalmic disease treatment and therapeutics, conducted by Grand View Research:
Ophthalmic Drugs Market – The global ophthalmic drugs market size was valued at USD 36.7 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028. Increasing awareness regarding eye-related diseases and rising advancements in technologies are some of the major factors expected to accelerate market growth.
Ophthalmic Devices Market – The global ophthalmic devices market accounted for USD 31.2 billion in 2015 and is anticipated to grow at a CAGR of over 6.0% over the forecast period. The rising prevalence of eye diseases, such as glaucoma, cataract, macular degeneration, and diabetic retinopathy, is anticipated to propel the ophthalmic devices market over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.