Surging Geriatric Population Supporting the Wet Age-Related Macular Degeneration Sector Growthby Pramod Kumar Digital Marketing Professional
The growing prevalence of age-related macular degeneration (AMD), lack of specific treatment availability, and increase in geriatric population are driving the growth of the wet age-related macular degeneration market.
The market is projected to generate revenue worth $10.4 billion in 2024, witnessing a CAGR of 7.1% during the forecast period (2019–2024). AMD is a disease in which blurred vision or blindness occurs due to damage to the retina macula. Wet AMD is a type of AMD characterized by the growth of abnormal blood vessels under the retina and macula.
Based on the
age group, the wet age-related macular degeneration market is categorized into drugs
that are given to people aged 40–59 years, 60–80 years, and above 80 years. Out
of these, in 2018, wet AMD drugs prescribed to people above 80 years of age
contributed nearly 60.0% revenue to the market. Due to growing prevalence of
the disease in the geriatric population, the market is expected to witness
significant progress in the forecast period.
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The risk of developing AMD is directly proportional to age. With the number of people aged 60 years and above rising, the prevalence of AMD is also increasing. According to the World Population Prospects data published by the United Nations (UN), in 2017, there were about 962 million people in the age group 60 years or over across the globe, and the number is predicted to more than double by 2050, reaching 2.1 billion ultimately. Thus, it can be concluded that the geriatric population is rising faster than younger age groups.
Japan, Germany, Italy, and Portugal are among the nations with the largest population of elderly in the world. As older people are more prone to degenerative disorders, the increasing geriatric population in these countries is anticipated to contribute to the rising demand for drugs for wet AMD treatment, thus driving the wet age-related macular degeneration market during the forecast period.
Therefore, the surging geriatric population across the world is pushing the demand for drugs for treating wet AMD, resulting in the growth of the market.
Created on Feb 12th 2020 05:32. Viewed 287 times.