Canada Age-Related Macular Degeneration Therapeutics Market Analysis

Canada Age-Related Macular Degeneration Therapeutics Market Analysis: Executive Summary

The Canada Age-Related Macular Degeneration (AMD) Therapeutics Market is at around US $0.86 Bn in 2022 and is projected to reach $1.71 Bn in 2030, exhibiting a CAGR of 8.9% during the forecast period.

Age-related macular degeneration (AMD) is a progressive eye condition that primarily impacts older individuals, potentially causing significant vision loss. It mainly affects the macula, responsible for central vision, making tasks such as reading challenging. There are two primary forms, namely dry AMD (non-neovascular AMD) and wet AMD (neovascular or exudative AMD). Symptoms include distorted vision, difficulty seeing, and gradual vision decline. Dry AMD, more common but slower-progressing, involves the buildup of yellow deposits called drusen under the macula, leading to its thinning and breakdown. Wet AMD, less common but more severe, entails abnormal blood vessel growth under the macula, resulting in blood and fluid leakage. Treatment options include anti-VEGF therapies including Lucentis, Vabysmo, and Avastin manufactured by Genetech and Eylea by Regeneron Pharmaceuticals, laser treatment, and nutritional supplements like zinc and copper.

It is estimated that currently 2.5 million Canadians are living with AMD contributing to around 6.3% of the population above the age of 50 years. This prevalence is directly proportional to the age of the population. The market is propelled by significant factors such as the growing aging population and the subsequent rise in prevalence, rapid product developments due to technological advancements, increased government initiatives, and consumer knowledge of the therapeutics industry. However, conditions such as adverse side effects of several drugs and a high number of treatments like laser and gene therapy in response to demand hinder the growth and potential of the market.

The top player in the market is Genetech, which has recently obtained approval for the drug Vabsmyo, a bio-specific antibody for the eye from Canada Health.

Market Dynamics

Market Growth Drivers

Rise in the prevalence of AMD: The aging population in Canada is one of the key drivers. 6.3% of the population above the age of 50 years suffers from AMD accounting to 2.5 million Canadians. This prevalence is directly proportional to age with 2% people in the age group 50-54 years, 11% people in the group 65-74 and 25% people belong to the age group of 80 above. These numbers are expected to increase in the forecasted period that will drive market growth

Technological advancements: The emergence of new treatments, such as long-acting anti-VEGF injections and gene therapy approaches, provides opportunities for improved outcomes and increased patient convenience. Progress in diagnostic imaging techniques, like optical coherence tomography (OCT), enables earlier identification and intervention, ultimately enhancing the effectiveness of treatments.

Government initiatives: Canada's publicly funded healthcare system ensures broader access to treatments for AMD through Universal Health Coverage, which potentially stimulates growth in the market. Public health campaigns aimed at raising awareness about AMD and promoting early detection, such as those led by groups like Fighting Blindness Canada, encourage timely treatment initiation and comprehensive disease management. These initiatives aim to reach more individuals in need of treatment, thereby potentially increasing the demand in the market.

Market Restraints

High cost of treatments: Anti-VEGF drugs, the primary treatment for wet AMD, are expensive. This poses a substantial financial challenge for both patients and the healthcare system. Additionally, insurance coverage may not fully include the expenses associated with managing dry AMD using nutritional supplements, leading to financial difficulties for patients.

Lack of Human Resource: Canada is expected to experience a shortage of ophthalmologists, especially in rural regions, potentially restricting timely diagnosis and treatment for individuals with AMD. Extended wait periods for appointments with specialists, such as for optical coherence tomography (OCT), may delay the start of treatment and could potentially lead to poor clinical outcomes digressing market growth.

Treatment side effects: Administering anti-VEGF injections frequently, either monthly or every other month, causes inconvenience to patients. This results in treatment non-compliance affecting the effectiveness of the treatment. Additionally, some patients encounter side effects from the medication, which can further influence their adherence to the treatment restricting the growth of the market.

Notable Recent Updates

July 2023, Vabsmyo by Genetech is the first bio-specific antibody for the eye that obtained approval from Health Canada as an anti-VEGF medication for treating wet AMD.

November 2022, Brolucizumab (Beovu) manufactured by Novartis, was authorized by Health Canada as another anti-VEGF medication.

Healthcare Policies and Regulatory Landscape

The Canada Health Act (CHA) defines the primary goals of Canadian healthcare policy and governs the nation's publicly funded healthcare system. Its objective is to protect, promote, and restore the physical and mental well-being of Canadian residents, ensuring reasonable access to health services without direct charges at the point of service. The CHA establishes criteria that provinces and territories must adhere to in order to qualify for federal funding for both extended and covered health services.

Securing a medical license in Canada involves a province- and territory-specific procedure mandated by Health Canada (HC). Typically, this process entails completing a medical degree, undergoing residency training, and successfully passing licensing examinations.

Competitive Landscape

Key Players

• Genetech
• Regeneron Pharmaceuticals
• Novartis AG
• Apellis Pharmaceuticals
• F. Hoffman-La-Roche Ltd
• Bayer
• Alimera Sciences
• Mosaic Biosciences
• Ocular Therapeutics
• Bausch Health Companies, Inc