Market Overview: The global verteporfin market has been gaining major momentum over the past few years due to increasing prevalence of age-related macular degeneration (AMD). Verteporfin is a light-activated drug used in the photodynamic therapy of AMD with predominant classic subfoveal choroidal neovascularization. It works by localizing selectively in the membranes of new blood vessels in the eye upon infusion and activation by non-thermal laser light of a specific wavelength. This process results in the occlusion of abnormal new blood vessels without damaging the surrounding normal tissues. Verteporfin therapy has shown significant effectiveness in stabilizing or improving vision in patients suffering from wet AMD. The Global verteporfin Market is estimated to be valued at US$ 162.1 Mn in 2024 and is expected to exhibit a CAGR of 5.8 % over the forecast period 2024 to 2031. Key Takeaways Key players operating in the Verteporfin Market Growth are Daikin Industries, Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Panasonic Corporation, Johnson Controls International plc. The rising incidence of age-related macular degeneration, especially among the aging population, is a key factor fueling the demand for verteporfin therapy. As per estimates, over 55 million people currently have some form of AMD globally and this number is expected to triple by 2050. Leading manufacturers in the market are actively focusing on geographical expansion strategies. For instance, in 2020, Novartis secured approval to market verteporfin under the brand name Visudyne in Europe to treat wet AMD. This helped the company strengthen its foothold in the European verteporfin market. Market Key Trends A notable trend gaining momentum in the verteporfin market is the development of enhanced delivery systems. Continuous research efforts aim to develop more effective delivery methods such as nanoparticles, microparticles, and liposomes to attain controlled and targeted delivery of verteporfin. Such advanced carrier systems allow for reduced drug dosage and frequency of administration as well as minimized off-target effects. They help improve the efficacy and safety profile of verteporfin therapy significantly. Porter’s Analysis Threat of new entrants: Low cost requirements for pharmaceutical companies to enter the verteporfin market as verteporfin is off-patent drug. Bargaining power of buyers: High as verteporfin used for niche indications like AMD, buyers can easily switch to substitutes if price is not competitive. Bargaining power of suppliers: Low as raw materials for verteporfin production are widely available and manufacturing process is well established. Threat of new substitutes: High threat from other anti-VEGF drugs used for AMD like ranibizumab, aflibercept and brolucizumab capturing major market share. Competitive rivalry: Intense as major players compete on price and brand recognition. Geographical Regions North America accounts for the largest share of the global verteporfin market, owing to rising geriatric population susceptible to AMD and favourable reimbursement policies. Asia Pacific region is expected to witness the highest growth during the forecast period due to improving healthcare infrastructure, growing medical tourism and rising healthcare spending in China and India.
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May 2024
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