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| Verteporfin Market Growth |
The verteporfin market includes photodynamic therapy agents like verteporfin
which are widely used for treating wet age-related macular degeneration (AMD).
Wet AMD is caused due to abnormal blood vessel growth underneath the macula,
the central part of the retina. Verteporfin and photodynamic therapy help close
and seal leaky blood vessels through a minimally invasive procedure to halt
further vision loss from wet AMD.
The global
verteporfin market is estimated to be valued at US$ 162.1 Mn in 2024 and is expected
to exhibit a CAGR of 5.8% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the verteporfin market are Daikin Industries, Ltd.,
Mitsubishi Electric Corporation, LG Electronics Inc., Panasonic Corporation,
Johnson Controls International plc, Carrier Global Corporation, Trane
Technologies plc, Fujitsu General Limited, Midea Group Co., Ltd., Gree Electric
Appliances Inc. of Zhuhai, Samsung Electronics Co., Ltd., Hitachi, Ltd.,
Toshiba Carrier Corporation, Haier Group Corporation, Rheem Manufacturing
Company.
The key opportunities in the Verteporfin
Market Growth include high prevalence of wet AMD in developed nations
due to aging population, continued research for expanding indications of
verteporfin therapy, and ongoing device innovation for photodynamic therapy.
Furthermore, initiatives by companies to spread awareness and enhance
accessibility are boosting market demand globally.
The global expansion of the verteporfin market is driven by rising healthcare
investments in emerging economies, increasing disease awareness campaigns
worldwide, and growing focus on establishing specialized retinal centers to
provide minimally invasive treatment options.
Market drivers
The increasing adoption for treating wet AMD is a major driver for the
verteporfin market. As per estimates, over 20 million people suffer from wet
AMD globally and the number is projected to increase significantly due to aging
demographics. Early diagnosis and treatment with verteporfin can stop disease
progression and preserve vision making it the preferred first line therapy for
wet AMD.
PEST Analysis
Political: Regulations in various countries regarding drug monitoring,
approvals, pricing and reimbursements impact the verteporfin market.
Economic: Global economic growth leading to higher healthcare spending in
various countries positively influences the market. Business cycles also affect
spending on new medical devices and therapies.
Social: Growing aging population and increasing prevalence of age-related
macular degeneration, diabetic retinopathy and pathological myopia drive market
growth. Rising health awareness boosts early diagnosis and treatment adoption.
Technological: Advances in laser technologies enhance photodynamic therapy
procedures efficiency and safety. Development of newer photosensitizing agents
expands treatment applications areas in ophthalmology.
Geographical region with highest market share
North America dominates the global verteporfin market in terms of value owing
to high healthcare spending, growing geriatric population, developed healthcare
infrastructure and supportive reimbursement policies in countries like the
United States and Canada.
Fastest growing region
Asia Pacific is projected to witness the fastest growth during the forecast
period due to increasing disposable incomes, rising medical tourism, growing
prevalence of eye diseases, expanding healthcare infrastructure and rising
healthcare expenditure in developing countries like China and India.
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