Introduction of Geographic Atrophy Market
The Global Geographic Atrophy Market is set to surge from USD xxx Bn in 2023 to a projected USD xxx Bn by 2032, growing at a CAGR of xxx%.
Geographic atrophy (GA) is a chronic progressive degeneration of the macula as part of late-stage age-related macular degeneration. Localized sharply demarcated atrophy of outer retinal tissue, retinal pigment epithelium (RPE), and choriocapillaris characterize the disease. The cause of the eye changes leading to geographic atrophy is unknown. However, researchers state that the immune system plays a role. Genetic and environmental factors also likely play a part.
The increasing prevalence of Geographic atrophy worldwide is majorly driving the growth of the market. GA is the major cause of blindness, impacting more than one million people in the USA and five million worldwide. As developed countries experience an increasing age burden, the prevalence of GA is expected to rise. Furthermore, the several risk factors associated with GA, especially in the geriatric population, the high prevalence rate, and emerging novel treatment options drive the market growth.
However, the limited availability of effective therapies has hindered the market’s growth. Additionally, stringent regulatory hurdles for drug approvals also pose challenges for companies developing new treatments and diagnoses.
Companies have been investing heavily in developing new treatments, creating opportunities for the market. In Feb 2023, Apellis Pharmaceuticals, Inc. received the U.S. Food and Drug Administration (FDA) approval for SYFOVRE™ (pegcetacoplan injection) for the treatment of geographic atrophy (GA) secondary to age-related macular degeneration (AMD). SYFOVRE is the first and only FDA-approved treatment for GA. A marketing authorization application for SYFOVRE is under review by the European Medicines Agency, with a decision expected in early 2024. Furthermore, Health Canada has received a marketing application. Anticipated drug approvals are expected to create opportunities for the market.
Segment Analysis of Global Geographic Atrophy Market
The Global Geographic Atrophy Market is segmented based on Diagnosis & Treatment, and Age-Group.
The Global Geographic Atrophy Market is segmented by Diagnosis & Treatment into Diagnosis and Treatment. The treatment segment is expected to hold the largest market share. Pharmaceutical companies and research institutions have been actively working on developing new therapies for geographic atrophy. These treatments can include anti-VEGF therapy, complement inhibitors, stem cell therapy, and other novel approaches. The development of treatments involves substantial research, clinical trials, and investment, making it a key driver of market growth. Moreover, treatment for GA, such as anti-VEGF injections or complement inhibitors, can be expensive, which is a major factor driving the market growth.
Regional Analysis of Global Geographic Atrophy Market
The Asia region growth is due to the increasing demand for operative treatment options for eye disorders and dry macular degeneration. Projections indicate that by 2050, 25% of Asians will reach the age of 60 or older, signaling a significant increase in the population of older individuals in the Asia region in the coming decades. Furthermore, tobacco exposure poses a risk factor for late AMD. In Asia, men use tobacco products at higher rates than women, and experts anticipate that this trend will increase the prevalence of Geographic Atrophy, thereby expanding the market share in the Asia region.
List of Companies
The report provides profiles of the key companies, outlining their history, business segments, product overview, and company financials. Some companies from competitive analysis are Allegro Ophthalmics, Allergan, Apellis Pharmaceuticals, Gensight Biologics, Hemera Biosciences Iveric Bio, Lineage Cell Therapeutics, Regenerative Patch Technologies, etc.
Key Developments of Global Geographic Atrophy Market
Apellis Pharmaceuticals, Inc. received the U.S. Food and Drug Administration (FDA) approval for SYFOVRE™ (pegcetacoplan injection) for the treatment of geographic atrophy (GA). – February 2023
Frequently Asked Questions
How Much Is The Global Geographic Atrophy Market Size?
The Global Geographic Atrophy Market is projected to surge from USD xxx in 2023 to USD xxx by 2032, growing at a CAGR of xxx%.
What Is The Major Global Geographic Atrophy Market Driver?
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Increasing Aging Population and Increasing Prevalence of Age-Related Macular Degeneration
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Increased Healthcare Spending
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Advances in Diagnostic Technologies
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Rising Prevalence of Geographic Atrophy
What are the Opportunities of the Geographic Atrophy Market?
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Development of New GA Treatments
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Increased Research and Development Activities
Who Are The Geographic Atrophy Market Players?
Allegro Ophthalmics, Allergan, Apellis Pharmaceuticals, Gensight Biologics, Hemera Biosciences Iveric Bio, Lineage Cell Therapeutics, Regenerative Patch Technologies, etc.
