Spain Age-Related Macular Degeneration Therapeutics Market Analysis

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

The Spain Age-Related Macular Degeneration (AMD) Therapeutics Market is at around US $208 Mn in 2022 and is projected to reach US $383 Mn in 2030, exhibiting a CAGR of 7.90% during the forecast period.

Age-related macular degeneration (AMD) is a progressive eye condition that predominantly impacts older individuals, potentially leading to significant vision loss. It specifically affects the macula, responsible for central vision, making activities such as reading challenging. The condition presents in two primary forms: dry AMD and wet AMD. Symptoms include distorted vision, difficulty in clearly, and a gradual decline in eyesight. While dry AMD is more common, it advances more slowly. On the other hand, wet AMD, though less widespread, is more severe and involves the abnormal growth of blood vessels beneath the macula. Treatment options include anti-VEGF therapy, involving medications like Lucentis, Vabysmo, Avastin (developed by Genentech), and Eylea (produced by Regeneron Pharmaceuticals). Additionally, preventive measures include laser therapy and the consumption of nutritional supplements like zinc and copper.

It is estimated that the prevalence of AMD is around 3.5% between the age groups of 65 and 80 years in Spain, where approximately 7,00,000 individuals suffer from AMD. However, the aging population above the age of 65 that is susceptible to AMD is expected to increase by around 29% until the year 2050. 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, advancements in treatment, and increased government spending fueling the therapeutics industry. However, the lack of specialist professionals and the economic constraints for approaches like gene therapy and laser surgery, which are implemented in response to demand, limit the market's potential.

Market Dynamics

Market Growth Drivers

Surge in prevalence of AMD: The estimated prevalence of AMD is around 3.5% in the age group of 65–80 years. AMD is known to affect approximately 7,00,000 individuals in Spain and is considered to be the primary pathology associated with blindness that will grow the most in the forecasted period. Spain is considered to have one of the fastest-aging populations, and this demographic is particularly vulnerable to AMD, resulting in a larger pool of patients and increased market demand.

Advancements in treatment: Continuous research introduces innovative medications such as Vuity and delivery systems like nanotechnology featuring extended dosing intervals. This broadens the range of treatment choices, accommodating individual patient preferences. Ongoing clinical trials, such as those conducted by the Barcelona Macula Foundation, examining gene therapy and other revolutionary treatments, provide optimism for long-term solutions and potentially curative alternatives.

Increased investment: Spain has rising economic growth coupled with an increase in disposable income. The Spanish government, along with external agencies, is actively investing in research infrastructure and funding clinical trials by leading ophthalmic companies that contribute to personalised and innovative therapeutics, expanding the market.

Market Restraints

Lack of specialists: Disparities in access to specialized ophthalmologists and treatment facilities are evident in locations beyond major cities. Rural areas face limited choices, resulting in geographical inequalities in healthcare and delayed diagnoses

Economic constraints: The conventional method for managing wet AMD, which includes administering anti-VEGF injections, comes with a substantial cost and requires frequent treatments. The price per dose of Lucentis solution is expensive, posing a significant financial burden on both the healthcare system and individual patients, consequently limiting market penetration. Although Spain has Universal Health Insurance, the coverage of advanced treatments like gene therapy is complex, potentially disincentivizing their widespread adoption.

Limited competition: The current treatment options for AMD are limited to a select few, leading to a market dominated by a small number of key players. This situation potentially hinders both price competition and innovation in the field.

Healthcare Policies and Regulatory Landscape

Spain's healthcare policy and regulatory structure are overseen by the Spanish National Health System (SNS), primarily a publicly oriented system. Grounded in the legal principles outlined by the Spanish Constitution, the SNS ensures healthcare rights for all citizens. This system operates through the administration of Spain's 17 autonomous regions, granting them significant authority over healthcare affairs, which includes the provision of public healthcare services and associated financial aspects.

The SNS relies on Social Security funds and integrates health promotion, disease prevention initiatives, and medical services. The regulatory framework for healthcare, including pharmaceutical approval, falls exclusively under the jurisdiction of the central government. Obtaining a license for healthcare products in Spain involves obtaining administrative authorization for each pharmaceutical product beforehand from the Spanish Agency of Medicines and Medical Devices (AEMPS).

Spain adheres to EU healthcare regulations, and the different regions have the autonomy to implement this system within their territories. The SNS is seen as an opportunity that holds potential for private investors. Despite the robust public healthcare system, there is room for expansion, global outreach, and strengthening within the private healthcare sector.

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