According to MRFR analysis, the Global Retinal Biologics Market is expected to register a CAGR of 11.5% during the forecast period of 2020 to 2027 and is anticipated to reach USD 34,891.44 Million by 2027.
The growth of the Global Retinal Biologics Market is driven by various factors, such as the growing demand for effective biological drugs, rising research, and development activities to develop new drugs for ophthalmic conditions. Additionally, increasing strategic collaboration, expansion, and product launches by the companies also contribute to market growth. In August 2019, Regeneron Pharmaceuticals, Inc. received the US FDA approval for the EYLEA (aflibercept) injection prefilled syringe used for the treatment of retinal conditions. However, the ignorance of healthcare issues, lack of awareness about the new drugs available in the market in the developing countries hamper the market growth.
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The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The retinal biologics market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The Americas is expected to be the largest market owing to the presence of a large number of, companies providing retinal biologics such as Regeneron Pharmaceuticals Inc. (US), Ocular Therapeutixc. (US), Spark Therapeutics (US), and many more. Additionally, the rising prevalence of diabetic retinopathy and the aging population supports the retinal biologics market in this region. For instance, currently, around 12 million people of 40 years and above has a vision problem in the US. A large number of vision problem cases and the presence of a number of manufacturing companies drive the market growth in this region.
The European Retinal biologics market is the second-largest market, and it has been categorized as Western Europe and Eastern Europe. The Western European market has further been divided as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The increasing R&D to develop novel retinal biologics, and growing product approval boosts the market growth. Moreover, the increasing cases of macular degeneration, diabetic retinopathy, and uveitis among the population support market growth.
The retinal biologics market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. According to the World Blind Union Asia Pacific Region 2018, it was reported that in China, more than 35 million people have some disability out of which 17.5 million are vision impairment which includes blind people with various disabilities. The increasing geriatric population will lead to an increase in age-related macular degeneration which will, in turn, increase the patient population.
The retinal biologics market in the Middle East & Africa has been divided into the Middle East and Africa. The growing number of research laboratories in this region drives market growth. The increasing adaption of innovative treatment methods drives the market growth.
Global Retinal Biologics Market has been segmented based on Drug Class, Indication, and Distribution Channel.
Global Retinal Biologics Market has been segmented, on the basis on drug class, into TNF-α inhibitor and VEGF-A antagonist.
On the basis of indication, the market is segmented into macular degeneration, diabetic, retinopathy, uveitis, and others.
On the basis of distribution channel, the market is segmented into hospitals and clinics, pharmacies, and others.
Some of the Key Players in the Global Retinal Biologics Market are Regeneron Pharmaceuticals Inc. (US), Ocular Therapeutixc (US), Spark Therapeutics (US), F. Hoffmann-La Roche Ltd (Basel, Switzerland), AbbVie Inc. (US), Johnson & Johnson Services, Inc. (US), Amgen Inc. (US), MeiraGTx Limited (US) and many more.