The age-related macular degeneration (AMD) market is at an inflection point. With the elderly population rapidly expanding — the WHO projects 1.5 billion people aged 60+ by 2050 — vision-threatening diseases like AMD are no longer niche concerns. They are global health imperatives. In this comprehensive guide, we explore the critical market drivers, therapeutic trends, strategic alliances, and innovations shaping AMD treatments. The data-backed insights here are crafted for industry professionals, R&D teams, investors, and policy stakeholders aiming to navigate and capitalize on a high-growth ophthalmic therapeutics segment.
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Age-related macular degeneration is a progressive retinal disorder that primarily affects individuals over 60. It involves the degeneration of the macula — the central part of the retina responsible for sharp, detailed vision.
Dry AMD: Caused by the gradual breakdown of light-sensitive cells and tissue beneath the macula.
Wet AMD: Characterized by abnormal blood vessel growth (neovascularization) under the retina, often leading to rapid vision loss.
Dry AMD accounts for nearly 90% of all AMD cases but receives disproportionately less R&D investment due to its historically poor drug response.
The Age-related Macular Degeneration (AMD) Market in the U.S. is expanding rapidly, driven by the increasing prevalence of both wet AMD and dry AMD cases, particularly among the aging population. The most significant growth is observed in treatments for wet AMD, including anti-VEGF drugs such as Eylea, Lucentis, Beovu, Vabysmo, and the recently introduced Susvimo, which offer alternatives for managing choroidal neovascularization and preventing further retina damage. For dry AMD, particularly in cases of geographic atrophy, novel approaches like Syfovre are emerging alongside supportive treatments such as AREDS supplements. In addition to established options like photodynamic therapy, innovative solutions such as gene therapy and intravitreal injections continue to advance. As the AMD landscape evolves, biologics like ranibizumab and aflibercept remain widely prescribed, while newer agents such as faricimab and pegcetacoplan target broader mechanisms in macular degeneration, helping to preserve central vision and delay vision loss.
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Wet AMD: Fast-growing segment due to existing treatments (e.g., Lucentis, Eylea).
Dry AMD: Represents significant untapped potential due to the absence of approved therapies.
Hospital Pharmacies: Dominant but shifting as online pharmacies gain momentum.
Specialty and Online Pharmacies: Driving greater accessibility and convenience, especially for elderly populations.
North America leads with 44% of the global share. Rapid growth is anticipated in Asia, led by Japan and urban aging centers.
Numerous pipeline drugs are setting the stage for a paradigm shift:
| Pipeline Drug | Target Form | Mechanism |
|---|---|---|
| ALK-001 | Dry AMD | Retinoid analog |
| RGX-314 | Wet AMD | Gene therapy (AAV) |
| Danicopan | Geographic atrophy | Complement inhibition |
| ALXN2040 | Dry AMD | Alternative complement pathway |
High treatment efficacy in wet AMD
Robust pipeline for dry AMD and geographic atrophy
Strategic mergers (e.g., Janssen + Hemera Biosciences) accelerating innovation
High cost of intravitreal injections
Treatment fatigue due to frequent injections
No approved therapies for dry AMD
In 2011, Regeneron launched Eylea (aflibercept) — a VEGF inhibitor — and within five years, captured nearly 50% of the U.S. wet AMD market, overtaking Genentech’s Lucentis.
The key? A longer-lasting effect and less frequent dosing, providing both better compliance and lower treatment fatigue for elderly patients.
Rising geriatric population (WHO: 2.1B by 2050)
High AMD prevalence rates (11M in US) and projected 30M by 2050
Innovation in biologics, gene therapies, and complement inhibition strategies
Strategic partnerships fueling research (e.g., Janssen-Hemera)
Growth of online distribution channels
Convergence of retinal diseases with shared treatment modalities (e.g., diabetic retinopathy)
No FDA-approved dry AMD therapies
Cost burden and need for frequent in-office injections
Mixed outcomes in late-stage trials (e.g., Lampalizumab by Roche)
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Gene therapies like RGX-314 and HMR59 may soon revolutionize how we manage AMD — potentially transforming the paradigm from monthly injections to single-dose interventions.
With aging as the leading risk factor, the addressable market will grow naturally over the next decade, pushing both innovation and investment.
FDA & EMA scrutiny over novel mechanisms (e.g., gene editing)
Cost containment pressures in national health systems
Market saturation risk in wet AMD if new therapies don’t offer differentiated value
Further analysis of the AMD market highlights increasing investment in long-term treatment platforms, including port delivery system technologies and alternatives to frequent eye injections, aiming to improve patient compliance. Research continues on therapies targeting drusen deposits and retinal pigment epithelium damage, especially for patients with atrophic AMD and neovascular AMD. Breakthroughs in angiostatin, endostatin, and experimental stem cell therapy offer future hope for reversing retinal disorders and halting disease progression. Meanwhile, biosimilar competition is emerging in the hospital pharmacy and specialty pharmacy channels, potentially reducing treatment costs. Diagnostic advancements such as fundus imaging and optical coherence tomography enhance early detection and disease monitoring, enabling more personalized ophthalmic care. With a growing intersection between AMD and conditions like diabetic macular edema, the market is becoming more integrated, focusing on comprehensive strategies for managing visual impairment and preserving long-term eye health.
The age-related macular degeneration market is uniquely poised for disruption. With USD 5.10 billion in growth forecasted through 2028 and a strong innovation pipeline, stakeholders must act decisively to lead rather than follow. As dry AMD therapies near commercialization and gene therapy matures, we stand on the cusp of redefining vision care for millions.
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