July 23, 2024

The Global Verteporfin Market Driven By Rising Prevalence Of Age-Related Macular Degeneration

Verteporfin is a light activated drug used to treat wet age-related macular degeneration (AMD), the leading cause of blindness among elderly population globally. It works by getting activated by low intensity laser light to shut down abnormal blood vessels growth in the eye caused by AMD. Verteporfin therapy helps prevent further vision loss due to AMD progression.

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:

One of the key trends witnessed in the verteporfin market is increasing adoption of combination therapies. Researchers are exploring efficacy of combining verteporfin therapy with drugs like anti-VEGF drugs to enhance treatment outcomes in wet AMD patients. For instance, studies have shown that combining photodynamic therapy using verteporfin with intravitreal injections of anti-VEGF drugs like ranibizumab provides superior vision gains compared to monotherapy. Combination therapies help tackle wet AMD through multiple mechanisms and has potential to improve long term disease control. Such advancements are expected to drive increased uptake of verteporfin drugs and fuel market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: Low as verteporfin market requires high R&D investments and manufacturing expertise.

Bargaining power of buyers: Moderate as verteporfin products have limited alternatives.

Bargaining power of suppliers: Moderate as suppliers have regulatory approvals to provide verteporfin.

Threat of new substitutes: Low as there are limited substitutes for verteporfin products.

Competitive rivalry: High among established players to gain more market share in verteporfin market.

Key Takeaways

The Global Verteporfin Market Demand is expected to witness high growth. 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.

North America dominated the global verteporfin market in terms of revenue in 2023 due to increasing healthcare expenditure and presence of key players. Europe is expected to witness the fastest growth during the forecast period owing to growing prevalence of macular edema and macular degeneration.

Key players related content comprises 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. Bausch Health Companies Inc. dominated the verteporfin market in 2023 due to its strong distribution network across North America and Europe. Cheplapharm Arzneimittel is expected to gain more market share during the forecast period owing to its focus on expanding operations in European countries.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it