Singapore Age-Related Macular Degeneration Therapeutics Market Analysis

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

The Singapore Age-Related Macular Degeneration (AMD) Therapeutics Market is at around US $13 Mn in 2022 and is projected to reach US $27 Mn in 2030, exhibiting a CAGR of 9.50% during the forecast period.

Age-related macular degeneration (AMD) is a gradual eye condition that mainly affects older individuals, potentially leading to significant loss of vision. It affects the macula, which is responsible for central vision. The non-modifiable risk factors for AMD include diabetes, smoking, lifestyle changes, and other factors. The two major types of AMD are dry AMD and wet AMD, and the common symptoms include distorted vision, difficulty seeing clearly, and a gradual decline in vision. Dry AMD is more common but progresses more slowly, whereas wet AMD, though less prevalent, is more severe and characterized by abnormal blood vessel growth beneath the macula. Treatment options encompass anti-VEGF therapy with medications like Lucentis, Vabysmo, Avastin from Genentech, and Eylea from Regeneron Pharmaceuticals. Additionally, treatment may involve laser therapy and the inclusion of nutritional supplements such as zinc and copper as preventive measures.

It is estimated that the prevalence of AMD is approximately 5% for early AMD and that of late AMD is about 0.5% for people age 50 years and older in Singapore. The market is therefore driven by major factors like an increase in the aging population and the subsequent increase in prevalence, supportive government initiatives, and technological advancements in the therapeutics industry. However, high treatment costs and a lack of local research and development are a few factors that limit the market's potential.

The most notable player in the market is Roche, with its product, Lucentis, capturing a significant portion of the market, followed by Novartis.

Market Dynamics

Market Growth Drivers

Surge in the prevalence of AMD: Singapore's aging population is rapidly growing, particularly in the 65+ age group, leading to a rise in the prevalence of AMD, the primary cause of vision loss in the elderly. The estimated prevalence is around 5% for early AMD and about 0.5% for late AMD. Enhanced healthcare and lifestyle improvements contribute to Singaporeans living longer lives, thereby expanding the potential market for AMD treatments.

Technological advancements: Advancements in diagnostic tools, such as optical coherence tomography (OCT), enable the early and accurate detection of AMD, facilitating timely treatment initiation. The field of AMD therapeutics is evolving, with promising developments like gene therapy and extended-duration anti-VEGF medications that may potentially be introduced to the Singapore market in the future.

Government initiatives: Singapore's national healthcare financing programs like MediSave and MediShield offer partial coverage for crucial AMD services such as eye examinations and surgeries, although there are restrictions on costly medications. The government's emphasis on chronic disease management aims to improve efforts to prioritize the management of chronic conditions like AMD, potentially resulting in increased support for research and improved access to treatment.

Market Restraints

High cost of treatments: While effective, the cost of anti-VEGF therapies for wet AMD is remarkably high, surpassing SGD 20,000 per injection. This poses substantial affordability challenges, impacting even individuals with middle incomes and leaving many dependent on the limitations of MediSave coverage.

Unmet medical need: Unlike other countries, Singapore currently lacks approved medications for dry AMD, the more common form. This creates significant unmet demand and hinders the expansion of the market.

Lack of local research and development: Research endeavours focused on AMD therapeutics within the local context are still in their initial phases, resulting in a significant reliance on global advancements for the market.

Notable updates

July 2022, The Singapore Eye Research Institute (SERI) and Roche jointly announced that Vabysmo® (faricimab) has received approval from Singapore's Health Sciences Authority for treating neovascular age-related macular degeneration (nAMD) and diabetic macular edema (DME).

Healthcare Policies and Regulatory Landscape

Singapore's healthcare policy and regulatory framework involve various crucial authorities and agencies. The primary entity responsible for overseeing healthcare regulations and licensing in Singapore is the Ministry of Health (MOH). The MOH is entrusted with formulating national health policies, coordinating and advancing medical and healthcare reforms, and supervising the administration of healthcare services in Singapore.

Obtaining a license for healthcare products in Singapore necessitates compliance with the regulations set by the MOH. For pharmaceuticals and medical devices, companies must obtain registration and marketing authorization from the Health Sciences Authority (HSA), which functions as a statutory board under the MOH. This process entails the submission of technical and scientific data to validate the product's safety, quality, and effectiveness.

Competitive Landscape

Key Players

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