Saudi Arabia Age-Related Macular Degeneration Therapeutics Market Analysis

Saudi Arabia Age-Related Macular Degeneration Therapeutics Market Analysis: Executive Summary

The Saudi Arabia Age-Related Macular Degeneration (AMD) Therapeutics Market is at around US $184 Mn in 2022 and is projected to reach US $405 Mn in 2030, exhibiting a CAGR of 10.4% during the forecast period.

Age-related macular degeneration (AMD) is a gradual eye condition that predominantly affects elderly individuals, potentially resulting in significant vision impairment. It primarily impacts the macula, responsible for central vision, making activities such as reading challenging. AMD manifests in two main forms, namely dry AMD and wet AMD. Symptoms include distorted vision, difficulty seeing clearly, and a gradual decline in vision. Dry AMD is more prevalent yet slower in progression. On the other hand, wet AMD, which is less common but more severe, is characterized by abnormal blood vessel growth beneath the macula. Treatment options encompass anti-VEGF therapy, including medications like Lucentis, Vabysmo, Avastin manufactured by Genentech, and Eylea by Regeneron Pharmaceuticals, along with laser therapy and nutritional supplements such as zinc and copper.

It is estimated that the prevalence of AMD is around 4% for the age group of 40 years and older in Saudi Arabia. This prevalence is directly proportional to the age of the population. The market is propelled by key factors such as the growth of the aging population and the consequent rise in prevalence, technological advancements in developing new therapies, increased government initiatives, and consumer knowledge of the therapeutics industry. However, adverse drug reactions and the high expense of therapies like gene therapy and laser surgery, which are adopted in response to demand, limit the market's potential.

The market leader in Saudi Arabia is Regeneron Pharmaceuticals with Eylea, which is an anti-VEGF treatment for wet AMD and earns a market share of approximately 40%. Regeneron is closely followed by its close competitor, Novartis which has a share of around 30%

Market Dynamics

Market Growth Drivers

Demographic shift: The population of Saudi Arabia is ageing disproportionately as compared to its younger age group. The prevalence of AMD in the population aged 40 years and older is around 4%. The increasing prevalence is associated with risk factors like age, smoking, and diabetes, which are anticipated to steadily grow in the forecasted years.

Technological advancements: Progress in diagnostic modalities such as optical coherence tomography (OCT) aids in the prompt and accurate identification of AMD, allowing for the timely commencement of treatment. The landscape for AMD treatments is progressing, with encouraging advancements like gene therapy and long-acting anti-VEGF medications becoming available in the Saudi market, driving growth.

Government initiatives: The healthcare agenda of Saudi Vision 2030 places emphasis on enhancing eye health and expanding access to ophthalmic services, potentially fueling growth in the AMD therapeutics market. The increased allocation of funds from both the government and private sectors in Saudi Arabia fosters a more conducive environment for the uptake of innovative yet costly AMD treatments.

Market Restraints

High cost of treatments: The main treatment for wet AMD, anti-VEGF injections, is considerably costly. The cost of a vial of Lucentis solution is around US $1800 for cash-paying patients. This places a significant financial strain on the healthcare system and the patients. Additionally, insurance does not pay for these expenses, creating a financial barrier for patients.

Limited accessibility: Saudi Arabia faces a shortage of human resources, especially trained ophthalmologists, for accurate AMD diagnosis and prompt treatment. Newer therapies, such as gene therapies and stem cell therapy, are currently unavailable there, which makes access difficult.

Treatment limitations: Regular administration of anti-VEGF injections, whether monthly or bi-monthly, causes inconvenience for patients, leading to non-adherence and reduced treatment effectiveness. Additionally, some patients encounter unfavourable reactions to the medication, exacerbating their reluctance to follow the treatment regimen, thereby constraining market growth.

Healthcare Policies and Regulatory Landscape

Vision 2030 is propelling a substantial overhaul in Saudi Arabia's healthcare sector. Entities such as the Ministry of Health, the Council of Cooperative Health Insurance, and the SACB actively mold this landscape, already effecting significant changes, notably in enforcing mandatory health insurance for expatriates. These transformations offer extensive prospects for pharmaceutical firms. Anticipated alterations encompass heightened healthcare expenditure, infrastructure enhancements, and potential privatization, poised to further reconfigure the regulatory framework.

Securing licenses, particularly in pharmacies, now demands more stringent procedures as outlined by the Saudi Food and Drug Authority (SFDA). Keeping abreast of evolving regulations becomes pivotal for pharmaceutical businesses to leverage the developing Saudi healthcare surge.

Competitive Landscape

Key Players

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