China Age-Related Macular Degeneration Therapeutics Market Analysis

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

The China Age-Related Macular Degeneration (AMD) Therapeutics Market is at around US $0.86 Bn in 2022 and is projected to reach US $1.91 Bn in 2030, exhibiting a CAGR of 10.40% during the forecast period.

Age-related macular degeneration (AMD) is a progressive eye condition that predominantly affects elderly individuals, potentially leading to significant vision impairment. It specifically impacts the macula, responsible for central vision, which can make activities like reading challenging. The condition is linked to risk factors such as diabetes, smoking, and other lifestyle choices. AMD presents in two primary forms: dry AMD and wet AMD. Symptoms include distorted vision, difficulty seeing clearly, and a gradual decline in eyesight. Treatment options include anti-VEGF therapy, utilizing medications like Lucentis, Vabysmo, Avastin (developed by Genentech), and Eylea (produced by Regeneron Pharmaceuticals). Additionally, preventive measures involve laser therapy and the consumption of nutritional supplements such as zinc and copper.

It is estimated that the prevalence of AMD is around 5% for early AMD and around 0.8% for late AMD. Thus, the prevalence is directly proportional to age. The market is therefore driven by major factors like an increase in the aging population and the subsequent increase in prevalence, rising economic growth, and increased government initiatives expanding the therapeutics industry. However, a shortage of human resources and the high cost of treatments like gene therapy and laser surgery, which are implemented in response to demand, limit the market's potential.

Market Dynamics

Market Growth Drivers

Increased aging population: China is experiencing a steady increase in its elderly population, with more than 260 million people aged 60 and older. The estimated pooled prevalence of early AMD is around 5%, and that of late AMD is about 0.8% in the Chinese population above 50 years of age.  China is currently ranked second globally in the prevalence of blindness owing to AMD. These estimates suggest a surge in the prevalence of AMD in China, resulting in a larger pool of patients and increased market demand.

Economic growth: China's expanding economy is contributing to increased wealth, resulting in higher healthcare expenditures. This financial growth is fostering greater patient willingness to invest in costly treatments for AMD.

Supportive government initiatives: The Chinese government is actively engaging in activities to enhance healthcare infrastructure and accessibility, which positively impacts the AMD market by broadening treatment options and reaching more patients. Reforms in reimbursement, specifically designed to enhance insurance coverage for chronic conditions like AMD, have the potential to substantially stimulate market growth by facilitating more affordable treatment.

Market Restraints

Lack of specialists: Disparities in accessing specialists and healthcare facilities are noticeable outside major cities, especially in sparsely populated areas. The scarcity of specialized ophthalmologists, optometrists, and advanced care options contributes to geographical healthcare inequalities, resulting in delayed diagnoses that constrain market growth.

High cost of treatment: The primary treatment for wet AMD, which involves anti-VEGF injections, is costly and necessitates frequent administration. This places a burden on both patients and the healthcare system, limiting broader market penetration. Although basic healthcare coverage is expanding, access to advanced therapies like gene therapy is still limited, deterring patient access and adoption within the market.

Notable Updates

September 2023, AffaMed Therapeutics obtained approval from China's National Medical Products Administration (NMPA) for the use of risuteganib (Luminate) in treating intermediate dry age-related macular degeneration (Dry AMD). This approval positions Risuteganib, an ophthalmic intravitreal injectable product, as the first candidate in China expected to advance to Phase III development.

Healthcare Policies and Regulatory Landscape                   

China's healthcare policy and regulatory structure involve various essential authorities and agencies, with the National Health Commission (NHC) serving as the primary entity responsible for healthcare regulations and licensing in the nation. The NHC oversees the formulation of national health policies, facilitates medical and healthcare reform, and supervises healthcare services nationwide.

Obtaining a license for healthcare products in China necessitates compliance with regulations established by these authorities. Companies seeking registration and marketing authorization for pharmaceuticals and medical devices must receive approval from the National Medical Products Administration (NMPA). This process entails submitting technical and scientific data to validate the product's safety, quality, and effectiveness. China's healthcare policy and regulatory framework encompass numerous authorities and agencies, with the NHC playing a pivotal role in healthcare product regulation. Both the public and private healthcare sectors in the country present diverse opportunities for companies within the healthcare industry.

While the Chinese healthcare system has achieved significant progress in managing medical services and enhancing the accessibility of medical resources, the challenge of an aging population in Chinese society is becoming increasingly prominent. The gap between the demand for healthcare and the available supply is expanding.

Competitive Landscape

Key Players

• F. Hoffman-La-Roche Ltd
• Regeneron Pharmaceuticals
• Novartis AG
• Apellis Pharmaceuticals
• Neurotech Pharmaceuticals
• Bayer
• Pfizer Inc
• Genetech
• Kanghong Pharma
• Bausch Health Companies, Inc