Vietnam Age-Related Macular Degeneration Therapeutics Market Analysis

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

The Vietnam Age-Related Macular Degeneration (AMD) Therapeutics Market is at around US $54 Mn in 2022 and is projected to reach US $109 Mn in 2030, exhibiting a CAGR of 9.13% during the forecast period.

Age-related macular degeneration (AMD) is a progressive eye condition that predominantly affects older individuals, potentially resulting in significant vision loss. It impacts the macula, which is responsible for central vision. Non-modifiable risk factors for AMD include diabetes, smoking, lifestyle changes, and other factors. There are two primary types of AMD, namely dry AMD and wet AMD. Common symptoms include distorted vision, difficulty seeing clearly, and a gradual decline in vision. Dry AMD is more prevalent but progresses more slowly, while wet AMD, though less common, is more severe and characterized by abnormal blood vessel growth beneath the macula. Treatment options include anti-VEGF therapy using medications like Lucentis, Vabysmo, Avastin from Genentech, and Eylea from Regeneron Pharmaceuticals. Other options encompass laser therapy and the incorporation of nutritional supplements like zinc and copper as preventive measures.

The prevalence of AMD in Vietnam is estimated to range from around 7% to 20% among individuals aged 40 to 80 years. The prevalence is considered to be directly proportional to age. The market is propelled by significant factors such as the growing aging population and the subsequent rise in prevalence, improved healthcare infrastructure, increased government initiatives, and consumer knowledge of the therapeutics industry. However, high treatment costs, limited coverage, and poor market accessibility are a few factors that limit the market's potential.

Market Dynamics

Market Growth Drivers

Surge in the prevalence of AMD: The estimated prevalence of AMD in Vietnam varies from approximately 7% to 20% within the age range of 40 to 80 years. The country's aging population is steadily increasing, creating a larger pool of patients in need of regular treatments and fostering market growth. Additionally, the rising prevalence of diabetes and obesity, both known as significant risk factors for AMD, further contributes to this trend. The increasing occurrences of these health conditions in Vietnam enhance their potential impact on the market.

Improved healthcare infrastructure: Public and healthcare professionals awareness of AMD and its early detection is increasing, resulting in a growing number of individuals actively seeking diagnosis and treatment. Furthermore, improvements in healthcare infrastructure and technology in Vietnam are expanding access to advanced diagnostic and treatment options for AMD, including anti-VEGF injections.

Government initiatives: The government is broadening the coverage of health insurance to a larger segment of the population through the Social Health Insurance scheme, which has the potential to improve access to AMD services. However, restrictions on expensive treatments may still be present.

Market Restraints

High costs of treatment: Anti-VEGF treatments such as Eylea and Beovu come with a significant cost, surpassing millions of Vietnamese đồng per injection. This imposes a considerable financial strain, affecting even individuals with middle incomes, as many rely on restricted health insurance coverage or find the treatment financially unaffordable.

Limited coverage: Despite the expansion of Vietnam's health insurance scheme, coverage for costly AMD treatments such as anti-VEGF medications is still restricted, often excluding them entirely or involving substantial co-payments. This imposes additional barriers to access for financially vulnerable patients. The average income in Vietnam is generally lower than that of many developed countries, making it difficult for a subset of the population to cope with the high expenses associated with AMD treatments.

Market accessibility: The distribution network for specialized AMD medications may not be sufficiently developed in all parts of Vietnam, especially in rural areas, posing challenges for access in underserved communities. Additionally, the absence of local manufacturing means that most AMD medications are currently imported, contributing to their high cost and the possibility of disruptions in the supply chain.

Healthcare Policies and Regulatory Landscape

Vietnam's healthcare policy and regulatory framework encompass various crucial authorities and agencies. The primary entity overseeing healthcare regulations and licensing in Vietnam is the Ministry of Health (MOH). The MOH is responsible for formulating national health policies, coordinating medical and healthcare reform, and overseeing healthcare services.

To obtain a license for healthcare products in Vietnam, companies must adhere to the regulations established by the MOH. For pharmaceuticals and medical devices, obtaining registration and marketing authorization from the MOH is essential. This process involves the submission of technical and scientific data to validate the product's safety, quality, and effectiveness.

Vietnam's healthcare policy and regulatory structure involve numerous authorities and agencies, with the MOH playing a pivotal role in regulating healthcare products. Both the public and private healthcare sectors in the country provide diverse opportunities for companies operating within the healthcare industry.

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