The market is being driven by the increasing incidence of chronic diseases, surging healthcare expenditure in several countries, soaring pipeline of AMD drugs, and mushrooming population of geriatric people all over the world.
With the rising costs of healthcare, on account of the increasing fees of physicians and soaring costs of advanced treatment procedures, the governments of many countries are augmenting their expenditure on healthcare in order to reduce the escalating healthcare burden on citizens. This is, in turn, making healthcare affordable and accessible to a large number of people, thereby supporting the growth of the market. Additionally, the expanding pipeline of AMD drugs is also driving the progress of the market.
As there are only a limited number of AMD treatment procedures currently, many major market players are actively focusing on developing drugs in order to meet the surging medical requirements of patients. Besides these factors, the mushrooming population of aging people is also propelling the growth of the AMD market. According to the World Population Aging 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050.
When drugs are taken into consideration, the AMD market is categorized into lucentis, avastin, visudyne, and eylea. Out of these, the lucentis category is predicted to dominate the market throughout the forecast period, accounting for as much as 50% of the shares in the market by 2022. Geographically, the market is currently being dominated by the North American region. This is ascribed to the rising incidence of medical conditions such as obesity and hypertension in the region.
Additionally, the soaring prices of drugs and the surging healthcare expenditure are also contributing to the expansion of the market in the region. Furthermore, the region is home to several leading pharmaceutical companies with a long and strong pipeline of various AMD drugs, which is also augmenting the sales of these drugs in the region. The U.S. is contributing significantly to the revenue of the North American AMD market, and it is predicted to hold more than 95% of the shares by 2022.
Hence, it is clear that the sales of AMD drugs will rise tremendously in the coming years, mainly because of the growing healthcare expenditure of several countries, surging population of aging people, and growing incidence of AMD all over the world.
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