How Are Clinical Trials Adding to Wet Age-Related Macular Degeneration Market Growth?

A surge in the elderly population, rise in age-related macular degeneration (AMD) incidence, and lack of availability of a specific treatment will fuel the wet age-related macular degeneration (AMD) market at a CAGR of 7.1% during the forecast period (2019�"2024). These factors will increase the revenue of the market from $6.9 billion in 2018 to $10.4 billion by 2024.

Moreover, an increasing number of tobacco smokers will fuel the market growth in the forecast period. The World Health Organization (WHO) states that currently there are nearly 1.1 billion smokers in the world, and the number will double by 2050.

Browse detailed report on Wet Age-Related Macular Degeneration Market Revenue Estimation 

AMD is a disease caused due to damage to the macula of the retina, which leads to blurred vision or blindness. There are two types of AMDs: wet and dry. Abnormal blood vessels grow under the macula and retina in wet AMD, and these vessels may bleed or leak fluid, causing the macula to lift from its position or bulge, thereby resulting in severe vision loss. This disease affects a vast population in the age group of 40 and above.

During the forecast period, the Asia-Pacific wet age-related macular degeneration market will register the fastest growth due to a boom in the geriatric population and high reimbursements offered by the government for treatment. APAC accounts for more than one-third of the macular generation cases in the world due to its large geriatric population. According to the United Nations (UN), nearly 24% of Asians will reach the age of 60 or more by 2050. Moreover, Malaysia and South Korea are taking extensive measures to reduce the cost of wet AMD treatment.

Thus, the growing aging population and rising number of clinical trials will fuel the market growth in the forecast period.