Choroidal Neovascularization Market Focuses on Market Share, Size and Projected Forecast Till 2031
Choroidal Neovascularization Market Trends, Growth Opportunities, and Forecast Scenarios
Choroidal neovascularization (CNV) is a progressive eye condition characterized by the abnormal growth of new blood vessels beneath the retina. The market for CNV treatments has been witnessing steady growth, primarily driven by the increasing prevalence of age-related macular degeneration (AMD), which is a common cause of CNV. The global CNV market is expected to continue to expand as the aging population grows and the incidence of AMD rises.
One of the key factors contributing to the growth of the CNV market is the advancements in treatment options. Anti-VEGF therapies, such as ranibizumab and aflibercept, have been proven to be highly effective in managing CNV and are the predominant treatment choice for patients. Furthermore, the increasing focus on early detection and diagnosis of CNV is also driving market growth, as early intervention can help prevent vision loss and improve outcomes for patients.
The market for CNV treatments also presents several growth opportunities for pharmaceutical companies and medical device manufacturers. The development of novel therapeutics and innovative drug delivery systems, as well as the expansion of treatment options beyond anti-VEGF therapies, are expected to further propel market growth. Additionally, the rising awareness about CNV and the availability of advanced diagnostic tools are likely to increase the demand for treatment in the market.
Overall, the CNV market is poised for significant growth in the coming years, fueled by the increasing prevalence of AMD and advancements in treatment options. Companies operating in this space have a strong opportunity to capitalize on these market trends and expand their presence in the rapidly growing CNV market.
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Choroidal Neovascularization Market Competitive Analysis
The competitive landscape of the Choroidal Neovascularization market is dominated by key players such as Pfizer Inc., F. Hoffmann-La Roche Ltd., Novartis AG, Regeneron Pharmaceuticals Inc., Bayer AG, QLT Inc., Sanwa Kagaku Kenkyusho Co. Ltd., Promedior Inc., Bausch Health, and Gilead Sciences Inc. These companies develop and commercialize innovative treatments for Choroidal Neovascularization, driving market growth. Sales revenue figures (in million USD) for some of these companies in FY2020: Pfizer Inc. - $41,908, Novartis AG - $50,423, Regeneron Pharmaceuticals Inc. - $8,349, Bayer AG - $48,758, Gilead Sciences Inc. - $24,688.
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In terms of Product Type, the Choroidal Neovascularization market is segmented into:
Choroidal neovascularization can be classified into two types: Intravenous and Intravitreal. Intravenous involves the injection of anti-VEGF drugs into the bloodstream, while Intravitreal involves the direct injection of these drugs into the eye. Both types help in reducing abnormal blood vessel growth in the choroid, providing better vision outcomes for patients suffering from conditions like wet age-related macular degeneration. The increasing prevalence of eye diseases and the rising aging population worldwide are boosting the demand for effective treatments for choroidal neovascularization, driving growth in the market for innovative therapies and technologies.
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In terms of Product Application, the Choroidal Neovascularization market is segmented into:
Choroidal neovascularization is commonly used in the application of extreme myopia, malignant myopic degeneration, and age-related developments such as macular degeneration. In extreme myopia, abnormal blood vessels grow beneath the retina, leading to vision loss. Choroidal neovascularization is also utilized in malignant myopic degeneration, where rapid growth of blood vessels can cause severe visual impairment. In age-related developments, the formation of new blood vessels in the choroid can result in macular degeneration. The fastest growing application segment in terms of revenue is the treatment of age-related macular degeneration due to the increasing aging population worldwide.
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Choroidal Neovascularization Industry Growth Analysis, by Geography
The growth of the choroidal neovascularization market is expected to be significant in regions such as North America (NA), Asia Pacific (APAC), Europe, the USA, and China due to factors such as an increase in the geriatric population and the rising prevalence of age-related macular degeneration. North America and Europe are expected to dominate the market with a market share percent valuation of around 40% each, followed by the USA at 20%, APAC at 15%, and China at 10%. These regions are projected to drive the growth of the choroidal neovascularization market in the coming years.
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