Exploring the Growing Geographic Atrophy Market Trend

Author: Henry Turner Updated: 09-20-2024 10:00 AM

Geographic Atrophy (GA) Market Size & Growth Analysis

The Geographic Atrophy (GA) market is witnessing a remarkable trajectory towards reaching USD 50.0 billion by 2032, continuing from a valuation of USD 23.7 billion in 2023. This escalation is projected at a compound annual growth rate (CAGR) of 8.6% during the period from 2024 to 2032. A considerable factor driving this growth is the rising prevalence of age-related macular degeneration (AMD), coupled with advancements in diagnostic technologies.

Understanding Geographic Atrophy

Geographic Atrophy represents a significant concern within ophthalmology, characterized by bilateral and progressive degeneration of retinal cells. This condition predominantly affects the elderly, increasing the urgency for effective treatment solutions as the global population ages. With an expanding elderly demographic, the demand for innovative GA treatment options is on the rise. Enhanced awareness of the disease, along with the development of advanced diagnostic tools like Optical Coherence Tomography Angiography (OCT-A), contributes to the growing market for GA.

Market Dynamics

Continuous investment in research and the emergence of new therapeutic options are shaping the GA market landscape. Organizations such as Apellis Pharmaceuticals and Iveric Bio are at the forefront, pushing the boundaries of GA treatments. The pipeline of therapeutics is expanding and clinical trials are underway, reflecting a strong commitment among key players towards addressing GA.

Regional Market Insights

In 2023, North America dominated the GA market, thanks to its well-established healthcare systems, an increasing number of AMD cases, and numerous pharmaceutical companies active in the region. Meanwhile, the Asia-Pacific market is anticipated to demonstrate a higher growth rate, fueled by its rising healthcare investments and growing elderly population.

Key Market Players

Several notable companies are crucial players in the GA space, including:

Iveric Bio
Alkeus Pharmaceuticals Inc.
Apellis Pharmaceuticals Inc.
Hemera Biosciences LLC
Genentech Inc.
F. Hoffmann-La Roche AG
Stealth BioTherapeutics
Allegro Ophthalmics LLC
Gensight Biologics SA
Gyroscope Therapeutics Limited
Regenerative Patch Technologies LLC
NGM Biopharmaceuticals Inc.
Novartis
Perceive Biotherapeutics Inc.
Annexon Inc.
Aviceda Therapeutics
Astellas Pharma Inc.

Market Segmentation

The GA market can be categorized based on age group, diagnosis method, and therapeutic agents. A significant portion of the market comprises individuals aged above 75 years, highlighting the pressing need for effective treatments. In diagnostic methods, OCT-A has emerged as a significant player due to its advanced imaging capabilities, representing 38.6% of the market share in 2023.

Recent Market Trends

Recent approvals and clinical trials have added momentum to the GA market. In mid-2023, Apellis Pharmaceuticals received FDA approval for SYFOVRE, a groundbreaking therapy for GA. Furthermore, successful Phase III trials conducted by Iveric Bio for avacincaptad pegol illustrate the commitment to treatment efficacy, reinforcing the market's growth potential.

Future Outlook of the Geographic Atrophy Market

With increasing incidence rates of GA and constant innovation in treatment modalities, the market is well-positioned for sustained growth. The growing elderly demographic reinforces the increasing need for effective diagnostic and therapeutic strategies, cementing the market's importance in ophthalmic healthcare. Key takeaways from recent insights include:

The GA market is expected to reach USD 50.0 billion by 2032, maintaining a growth rate of 8.6% during the forecast period.
Individuals aged 75 years and older represent the largest market segment and show the fastest growth.
OCT-A is rapidly becoming the preferred diagnostic technology, with its ability to provide real-time imaging of retinal conditions.
North America currently leads the revenue generation in this market; however, Asia-Pacific is projected to show the most considerable growth in the coming years.

Frequently Asked Questions

What is the expected size of the Geographic Atrophy market by 2032?

The Geographic Atrophy market is expected to reach USD 50.0 billion by 2032.

What factors are driving the market growth of Geographic Atrophy?

The increasing incidence of age-related macular degeneration (AMD) and advancements in diagnostic tools are key factors driving market growth.

Which region currently dominates the Geographic Atrophy market?

North America is currently the dominant region in the Geographic Atrophy market.

Who are the key players in the Geographic Atrophy market?

Significant players include Apellis Pharmaceuticals, Iveric Bio, and Genentech, among others.

What diagnostic method is leading the Geographic Atrophy market?

Optical Coherence Tomography Angiography (OCT-A) is the leading diagnostic method in the Geographic Atrophy market.

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