노인황반변성 시장 : 치료제, 약제 클래스별, 유형별, 최종사용자별, 유통 채널별 - 세계 예측(2025-2032년)

The Age-related Macular Degeneration Market is projected to grow by USD 18.98 billion at a CAGR of 6.93% by 2032.

A concise orientation to current clinical, technological, and operational forces reshaping age-related macular degeneration care and strategic priorities

Age-related macular degeneration remains a central focus for ophthalmic research and clinical care, driven by demographic shifts and evolving therapeutic possibilities. The landscape has expanded beyond single-modality treatments to encompass biologics, sustained-release devices, gene-based interventions, and advanced imaging, creating a complex environment for clinicians, payers, and manufacturers to navigate. As diagnostic precision improves and patient pathways become more integrated, stakeholders must reconcile clinical need with operational realities across outpatient clinics, hospitals, and specialty centers.

Translational advances in molecular biology and drug delivery have shortened development cycles for some therapeutic classes while introducing new regulatory and manufacturing challenges. Concurrently, payer scrutiny and procurement practices have intensified, prompting providers to optimize treatment regimens and care delivery models. For decision-makers, understanding the interplay between therapeutic innovation, clinical adoption, and supply chain resiliency is essential to formulate sustainable strategies that deliver improved visual outcomes while controlling total cost of care.

This executive summary synthesizes prevailing trends, supply chain dynamics, segmentation insights, regional nuances, and strategic imperatives to enable informed action. The intent is to offer an analytically rigorous yet accessible foundation for senior leaders seeking to prioritize investments, partnerships, and operational changes in the current era of rapid technological and policy-driven shifts.

How converging therapeutic innovations, diagnostics, and digital care pathways are redefining clinical practice, commercial models, and competitive advantage

The therapeutic and technological shifts occurring in age-related macular degeneration are reshaping clinical pathways and vendor strategies in meaningful ways. Anti-VEGF agents, which once defined the standard of care for neovascular disease, now coexist with sustained-release implants, refillable delivery platforms, and emerging gene-based modalities that aim to reduce treatment burden and improve durability. Imaging advances, including higher-resolution optical coherence tomography and integrated multimodal diagnostics, have enhanced disease stratification and enabled earlier interventions.

Artificial intelligence and cloud-enabled workflows are increasingly used to triage referrals, monitor progression remotely, and standardize treatment decision-making across networks. These capabilities are altering care delivery economics by shifting some monitoring activities to community clinics and telemedicine platforms while concentrating procedural interventions within specialty centers. The convergence of real-world evidence and adaptive regulatory pathways has accelerated the translation of innovative devices and biologics, but it has also amplified expectations for post-approval surveillance and outcome-based contracting.

As a result, commercial models are evolving to accommodate value-based arrangements, differentiated pricing for sustained-delivery products, and new partnerships between diagnostic vendors and therapeutic developers. The cumulative effect is a landscape in which clinical effectiveness, operational efficiency, and commercial agility collectively determine competitive positioning.

Assessment of how 2025 tariff escalations in the United States disrupted ophthalmic supply chains, procurement behavior, and strategic manufacturing decisions

The imposition of elevated tariff measures in the United States during 2025 has created a cascade of operational and strategic consequences for the ophthalmic supply chain and service delivery. Higher duties on imported components, devices, and certain biologic inputs elevated landed costs for suppliers who rely on international manufacturing hubs for vials, prefilled syringes, delivery systems, and specialized instrumentation. In response, manufacturers reassessed sourcing strategies, accelerated supplier diversification, and prioritized qualification of alternative contract manufacturing organizations to reduce exposure to single-country cost shocks.

Procurement teams within hospitals and specialty centers began to renegotiate long-term supply agreements and to demand greater price transparency from vendors, which intensified commercial pressure on manufacturers to absorb or offset tariff-related cost increases. Some providers explored changes in inventory management, such as larger safety stocks or staggered purchasing cycles, to buffer against short-term disruption, but these adjustments increased working capital requirements and warehousing needs. In parallel, payers scrutinized reimbursement pathways and utilization patterns more closely, seeking to align reimbursement with overall value and to limit the transference of tariff-induced cost inflation to final service pricing.

The tariff environment also catalyzed conversations about nearshoring and localized production capacity, particularly for high-volume consumables and delivery devices, where scale economics could justify capital investments. Regulatory interplay and lead times for establishing domestic manufacturing, however, constrained the speed at which reshoring could mitigate cost impacts. Consequently, companies that adopted flexible sourcing, hedging strategies, and stronger supplier governance demonstrated greater resilience, while those with concentrated upstream exposure experienced amplified margin pressure and operational strain.

Integrated segmentation-driven insights linking therapeutic classes, delivery pathways, care settings, and distribution channels to clinical adoption and strategic opportunity

Segmentation provides a framework to interpret clinical adoption patterns and commercial opportunity across distinct therapeutic and distribution pathways. Based on Treatment, market analysis differentiates Non-Pharmacological modalities and Pharmacological interventions, with Non-Pharmacological approaches further situated within Laser Therapy and Photodynamic Therapy; this structure highlights where minimally invasive procedural options intersect with drug-based approaches. Based on Drug Class, the analytical lens distinguishes Anti-VEGF agents from Corticosteroids, and further dissects Anti-VEGF into Aflibercept, Bevacizumab, Brolucizumab, and Ranibizumab while categorizing Corticosteroids into Dexamethasone and Triamcinolone, enabling a clear view of therapeutic substitution, formulary dynamics, and label-driven usage.

Based on Type, the segmentation separates Dry and Wet disease pathways to emphasize differences in disease progression, unmet need, and potential for regenerative or complement-targeted strategies. Based on End User, the analysis considers Clinics, Hospitals, and Specialty Ophthalmic Centers as distinct channels of care delivery, each with unique procurement, staffing, and capacity characteristics that shape technology adoption and treatment frequency. Based on Distribution Channel, the study assesses Hospital Pharmacy, Online Pharmacy, and Retail Pharmacy pathways to reflect evolving purchasing behaviors, the rise of digital dispensing models, and implications for cold-chain logistics and patient access.

Together, these segmentation dimensions allow for nuanced interpretation of clinical utilization patterns, capital and operating investment priorities, and the differential impact of policy or reimbursement changes across care settings. By mapping therapeutic innovations to end-user and distribution realities, stakeholders can better anticipate adoption bottlenecks and prioritize interventions that address the most consequential frictions.

Regional nuances in clinical adoption, regulatory pathways, and commercialization approaches across the Americas, Europe, Middle East & Africa, and Asia-Pacific

Regional dynamics continue to shape clinical practice patterns, regulatory expectations, and commercialization strategies across the Americas, Europe, Middle East & Africa, and Asia-Pacific. In the Americas, established reimbursement systems and high adoption rates of intravitreal therapies have driven an emphasis on treatment optimization, adherence strategies, and innovations that reduce visit frequency; provider consolidation and integrated delivery networks have also influenced procurement and contracting behavior. Across Europe, Middle East & Africa, heterogeneous regulatory pathways and payer models have led manufacturers to pursue localized evidence generation and adaptive pricing arrangements to secure formulary inclusion and maintain profitability.

In the Asia-Pacific region, rapid investment in diagnostic infrastructure, growing clinical trial activity, and increasing demand from aging populations have accelerated uptake of next-generation therapeutics, while a focus on manufacturing scale and cost optimization has made the region central to global supply networks. Cross-region collaboration, such as multinational clinical programs and harmonized regulatory submissions, has become more common as developers seek to shorten time-to-market and align safety monitoring across jurisdictions. Variations in healthcare infrastructure and provider distribution also affect where procedural capacity is concentrated, often requiring differentiated commercial and training strategies for specialty centers versus community clinics.

Understanding these regional nuances is critical for designing phased market entry plans, aligning regulatory dossiers with local evidence needs, and developing channel strategies that reflect payer expectations and provider capabilities within each geography.

Strategic corporate behaviors and partnership models shaping therapeutic leadership, delivery innovations, and integrated offerings in the AMD ecosystem

Corporate strategy in the age-related macular degeneration ecosystem is characterized by a mix of portfolio diversification, targeted partnerships, and investments in advanced manufacturing and data capabilities. Established biopharmaceutical sponsors maintain leadership through iterative improvements to licensed anti-VEGF agents and by sponsoring real-world evidence studies to support label expansions and dosing innovations. Simultaneously, companies with niche capabilities in sustained-delivery systems and ocular devices are leveraging strategic alliances to combine delivery platforms with established biologics, creating differentiated offerings that address clinician and patient demand for reduced treatment burden.

Across the competitive landscape, alliances between therapeutic developers, contract manufacturers, and diagnostic vendors have increased, reflecting a recognition that integrated solutions-combining therapy, monitoring, and adherence tools-provide stronger commercial value propositions. Investment activity has favored firms that can demonstrate scalable aseptic manufacturing, robust cold-chain logistics, and regulatory experience in ophthalmic modalities. Additionally, firms pursuing novel mechanisms for geographic atrophy and complement inhibition have attracted attention from investors and partners, underscoring the broader appetite for first-in-class interventions within dry AMD.

Companies that prioritize interoperable data strategies, regulatory planning for global submissions, and flexible commercial models for diverse payer environments are better positioned to capture opportunities. At the same time, market entrants must navigate pricing scrutiny and evidentiary expectations, making strategic collaborations and selective evidence generation crucial to commercial success.

Practical and prioritized strategic actions executives should implement to strengthen clinical value, supply resilience, market access, and commercial differentiation

Industry leaders should pursue a set of pragmatic actions to align clinical value with commercial sustainability and operational resilience. First, prioritize development of durable delivery mechanisms and combination approaches that demonstrably reduce treatment frequency while preserving or enhancing long-term visual outcomes; evidence packages should emphasize patient-centric endpoints and health system resource utilization. Second, strengthen supply chain flexibility by qualifying multiple manufacturing partners across geographies and by investing in inventory analytics that reduce lead-time risk while controlling working capital demands.

Third, implement differentiated market access strategies that tailor evidence generation to regional payer expectations and to the specific needs of clinics, hospitals, and specialty centers. This includes negotiation-ready value propositions that reflect real-world treatment pathways and potential savings from reduced visit burden. Fourth, embed digital and diagnostic partnerships into commercial plans to support remote monitoring, adherence programs, and outcome tracking, thereby improving post-launch data collection and enabling outcome-based contracting where feasible. Fifth, foster cross-functional alignment between regulatory, clinical, and commercial teams to streamline global submissions and coordinate post-approval safety monitoring, which will accelerate adoption while maintaining compliance.

Taken together, these actions reduce operational exposure, enhance provider and patient value, and create defensible differentiation in a competitive therapeutic landscape. Executives should sequence investments to balance near-term revenue protection with mid- to long-term capability building that supports sustained leadership.

A robust mixed-methods research framework integrating primary stakeholder interviews, secondary regulatory and clinical evidence, and scenario validation for actionable intelligence

The research approach combined primary qualitative inquiry with comprehensive secondary evidence review to ensure robustness and practical relevance. Primary research included structured interviews with ophthalmologists, procurement leads in hospitals and specialty centers, senior commercial executives, and clinical trial investigators to capture frontline perspectives on treatment adoption, operational constraints, and payer interactions. Secondary sources encompassed peer-reviewed clinical literature, regulatory approval documents, clinical trial registries, and public filings to validate therapeutic profiles, indications, and safety data.

Data synthesis involved cross-validation of interview insights with published evidence and regulatory summaries, supplemented by scenario analysis to explore operational and policy contingencies such as tariff changes or shifts in reimbursement. Segmentation frameworks were developed by mapping therapeutic modalities, drug classes, disease subtypes, end-user settings, and distribution channels to clinical workflows and procurement pathways. Quality assurance measures included reconciliation of conflicting sources, iterative expert review, and transparent documentation of assumptions and inclusion criteria.

Limitations of the methodology include variability in regional reporting standards and the evolving nature of clinical trial outcomes, which necessitates ongoing monitoring of late-stage data. Nonetheless, the triangulated approach provides a reliable foundation for strategic decision-making by integrating real-world clinician perspectives with rigorous secondary evidence and disciplined analytical techniques.

Concluding synthesis linking clinical innovation, operational preparedness, and strategic imperatives required to realize improved outcomes in age-related macular degeneration

In sum, the age-related macular degeneration landscape is at an inflection point where therapeutic innovation, delivery technologies, and systemic pressures intersect to reshape care paradigms. Advances that reduce treatment frequency or address unmet needs in dry AMD offer meaningful clinical promise, but their realization depends on coordinated evidence generation, adaptive commercial models, and resilient supply chains. Stakeholders who proactively adapt procurement practices, invest in manufacturing agility, and align evidence strategies with payer expectations will be better equipped to translate scientific breakthroughs into sustainable clinical and commercial value.

Operationally, the capacity to integrate diagnostics, digital monitoring, and adherence solutions into product offerings will influence adoption trajectories and payer receptivity. Strategically, selective partnerships and targeted regional approaches enable sponsors to balance the demands of regulatory heterogeneity and localized payer systems. As the landscape continues to evolve, ongoing vigilance, flexible planning, and a focus on measurable patient benefit will be essential to converting innovation into improved outcomes across diverse care settings.

Table of Contents

1. Preface

• 1.1. Objectives of the Study
• 1.2. Market Segmentation & Coverage
• 1.3. Years Considered for the Study
• 1.4. Currency & Pricing
• 1.5. Language
• 1.6. Stakeholders

2. Research Methodology

3. Executive Summary

4. Market Overview

5. Market Insights

• 5.1. Approval and market adoption of gene therapy approaches for dry age-related macular degeneration
• 5.2. Emergence of anti-VEGF biosimilars reducing treatment costs and expanding patient access
• 5.3. Development of sustained-release intravitreal implants to reduce injection frequency in AMD patients
• 5.4. Integration of artificial intelligence algorithms for early diagnosis and progression monitoring of AMD
• 5.5. Expansion of teleophthalmology platforms to deliver remote monitoring and virtual consultations for AMD management
• 5.6. Growing emphasis on personalized nutrition and lifestyle interventions to slow AMD progression in aging populations
• 5.7. Advancements in high-resolution retinal imaging devices for more precise monitoring of macular degeneration progression

6. Cumulative Impact of United States Tariffs 2025

7. Cumulative Impact of Artificial Intelligence 2025

8. Age-related Macular Degeneration Market, by Treatment

• 8.1. Non-Pharmacological
  • 8.1.1. Laser Therapy
  • 8.1.2. Photodynamic Therapy
• 8.2. Pharmacological

9. Age-related Macular Degeneration Market, by Drug Class

• 9.1. Anti-Vegf
  • 9.1.1. Aflibercept
  • 9.1.2. Bevacizumab
  • 9.1.3. Brolucizumab
  • 9.1.4. Ranibizumab
• 9.2. Corticosteroid
  • 9.2.1. Dexamethasone
  • 9.2.2. Triamcinolone

10. Age-related Macular Degeneration Market, by Type

• 10.1. Dry
• 10.2. Wet

11. Age-related Macular Degeneration Market, by End User

• 11.1. Clinics
• 11.2. Hospitals
• 11.3. Specialty Ophthalmic Centers

12. Age-related Macular Degeneration Market, by Distribution Channel

• 12.1. Hospital Pharmacy
• 12.2. Online Pharmacy
• 12.3. Retail Pharmacy

13. Age-related Macular Degeneration Market, by Region

• 13.1. Americas
  • 13.1.1. North America
  • 13.1.2. Latin America
• 13.2. Europe, Middle East & Africa
  • 13.2.1. Europe
  • 13.2.2. Middle East
  • 13.2.3. Africa
• 13.3. Asia-Pacific

14. Age-related Macular Degeneration Market, by Group

• 14.1. ASEAN
• 14.2. GCC
• 14.3. European Union
• 14.4. BRICS
• 14.5. G7
• 14.6. NATO

15. Age-related Macular Degeneration Market, by Country

• 15.1. United States
• 15.2. Canada
• 15.3. Mexico
• 15.4. Brazil
• 15.5. United Kingdom
• 15.6. Germany
• 15.7. France
• 15.8. Russia
• 15.9. Italy
• 15.10. Spain
• 15.11. China
• 15.12. India
• 15.13. Japan
• 15.14. Australia
• 15.15. South Korea

16. Competitive Landscape

• 16.1. Market Share Analysis, 2024
• 16.2. FPNV Positioning Matrix, 2024
• 16.3. Competitive Analysis
  • 16.3.1. Regeneron Pharmaceuticals, Inc.
  • 16.3.2. Bayer AG
  • 16.3.3. Novartis AG
  • 16.3.4. F. Hoffmann-La Roche AG
  • 16.3.5. Alcon Inc.
  • 16.3.6. Carl Zeiss AG
  • 16.3.7. Topcon Healthcare, Inc.
  • 16.3.8. Nidek Co., Ltd.
  • 16.3.9. Heidelberg Engineering GmbH
  • 16.3.10. Optos plc