Choroidal Neovascularization Market was valued at USD 5.8 billion in 2022 and is poised to grow at a CAGR of 6.8% over 2023-2029. Choroidal Neovascularization (CNV) is the formation of new blood vessels in the choroid layer of the eye, which is associated with excessive amounts of vascular endothelial growth factor, and is the common cause of neovascular degenerative maculopathy, and can be exacerbated by extreme myopia, malignant myopic degeneration, or age-related developments. Based on the application type, the malignant myopic degeneration segment is anticipated to dominate the choroidal neovascularization market share over the forecast period. According to a research report, the estimated number of people with age-related macular degeneration will double by 2050, from 2.07 million to 5.44 million. Increased drug development and growing choroidal neovascularization market demand for hospitals and clinics will act as the growth drivers for the market, whereas complications associated with treatment and unavailability of appropriate treatment might pose as challenges for the market. Higher cases of age-related macular degeneration and increasing use of generic drugs are opportunities for market expansion.
Fastest Growing Market
The increasing prevalence of choroidal neovascularization cases, the increasing aging population, and rising government initiatives for the development of healthcare infrastructure are the major factors for the growth of the choroidal neovascularization market. For instance, in Oct 2021, the FDA gave approval for Bausch Health Companies and Clearside Biomediclas’s Xiperetm for suprachoroidal use in the treatment of macular edema associated with uveitis. Additionally, increasing incidences of lifestyle-associated diseases such as high blood pressure, and diabetes is also supporting the growth of the market. Thus, the increased awareness, research and development for lysosomal storage disorders will lead to the growth of the market within the forecast period.
The Choroidal Neovascularization market was valued at USD 5.8 billion in 2022 and is expected to grow at a 6.8% CAGR over the forecast period 2023 – 2029.
Higher cases of age-related macular degeneration and increasing use of generic drugs are the key opportunities for the Choroidal Neovascularization market.
Increased drug development and growing demand for hospitals and clinics are the growth drivers in the Choroidal Neovascularization market.
Bausch Health Companies Inc., Bayer AG, Gilead Sciences, Inc., Roche AG, MaaT Pharma, Novartis AG, Pfizer Inc., Quark Pharmaceuticals Inc., and Regeneron Pharmaceuticals Inc. are a few companies operating in the Choroidal Neovascularization market.