by Verteporfin is a drug used with light therapy (photodynamic therapy) for treating wet age-related macular degeneration. It selectively accumulates in the abnormal new blood vessels and, when activated with light, causes these blood vessels to close off, preventing further loss of vision.
The global Verteporfin Market is estimated to be valued at US$ 140.71 million in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing use of verteporfin based photodynamic therapy in treating wet age-related macular degeneration has been a major driver of the verteporfin market over the recent years. Wet age-related macular degeneration is a leading cause of vision loss in people over the age of 50. As the elderly population is continuously growing, the incidence of wet age-related macular degeneration and associated demand for verteporfin based therapy is expected to increase significantly during the forecast period.
SWOT Analysis
Strength: Verteporfin market has established presence with large number of optometrists and ophthalmologists using it for treatment of wet age-related macular degeneration.
Weakness: High costs associated with verteporfin treatment limits its widespread adoption. Strict regulations for drug approval delays market entry of new players.
Opportunity: Increasing incidence of age-related macular degeneration globally presents an opportunity for verteporfin market players. Launch of affordable biosimilars can help penetrate price-sensitive markets.
Threats: Intense competition from alternative anti-VEGF drugs erodes verteporfin market share. Successful development of advanced treatments for macular degeneration can negatively impact its demand.
Key Takeaways
The Global Verteporfin Market Demand is expected to witness moderate growth over the forecast period of 2023 to 2030. The market was valued at USD 140.71 million in 2023 and is anticipated to reach USD 195.26 million by 2030, expanding at a CAGR of 5.0%.
North America currently dominates the verteporfin market and is expected to continue its dominance through 2030. High prevalence of age-related macular degeneration and favorable reimbursement policies drive the North America verteporfin market. The Asia Pacific region offers lucrative growth opportunities for verteporfin suppliers owing to rising geriatric population susceptible to eye disorders.
Key players operating in the verteporfin market are Bausch Health Companies Inc., Cheplapharm Arzneimittel, Novartis AG, Novelion Therapeutics Inc., Ciba Corporation, and LGM Pharma, LLC. The major players focus on strengthening their distribution networks and developing affordable biosimilars to capture greater market share. Partnerships with local players help expand their geographic presence into high growth emerging markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
