Age-Related Macular Degeneration (AMD) Market By Disease Type (Wet AMD, Dry AMD); By Therapy Type (Anti-VEGF Agents, Complement Inhibitors, Nutritional Supplements, Gene Therapy, Photodynamic Therapy, Laser Photocoagulation, Others); By Route of Administration (Intravitreal, Oral, Subretinal, Others); By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies); By Geography, Segment Revenue Estimation, Forecast, 2026–2032

Age-Related Macular Degeneration (AMD) Market - Wet AMD Remains the Revenue Core While Dry AMD Therapies Expand the Treatment Market

The Global Age-Related Macular Degeneration (AMD) Market was valued at USD 11.95 billion in 2025 and is projected to reach USD 20.22 billion by 2032, growing at a CAGR of 7.8% during 2026–2032.

 

Age-related macular degeneration (AMD) damages the macula and gradually affects central vision needed for reading, driving, and recognizing faces, while usually preserving peripheral vision. Dry AMD is the more common form and involves macular thinning and drusen deposits, whereas wet AMD develops when abnormal blood vessels grow beneath the retina and leak fluid or blood. Common signs include blurred central vision, wavy straight lines, dark central spots, and reduced color intensity. Age above 50, smoking, genetics, high blood pressure, and poor diet increase risk.

 

Treatment depends on AMD type and severity. For dry AMD, AREDS2 supplements can reduce progression from intermediate to advanced disease by about 25% in appropriate patients. Advanced dry AMD with geographic atrophy can now be treated with FDA-approved complement inhibitors Syfovre (pegcetacoplan) and Izervay (avacincaptad pegol), which slow lesion progression but do not restore vision already lost.

 

For wet AMD, anti-VEGF injections remain the main therapy, including Eylea/Eylea HD, Vabysmo, Lucentis, Avastin, and Beovu. Longer-acting options such as Eylea HD and Vabysmo can allow some patients to extend treatment intervals to around three or four months. Photodynamic therapy and laser photocoagulation remain options for selected patients.

 

Innovation is increasingly focused on sustained-release drug delivery, gene therapies designed to reduce repeated injections, and stem-cell approaches aimed at replacing damaged retinal cells. In addition, the FDA approved Lytenava, an ophthalmic formulation of bevacizumab for wet AMD, in July 2026.

 

These advances are expanding the AMD market by increasing treatment options for dry AMD, extending dosing intervals for wet AMD, and creating opportunities for longer-lasting gene, cell, and drug-delivery technologies.

 

AMD represents a substantial and growing vision-health burden. Around 20 million people in the United States and approximately 196–200 million people worldwide are living with AMD across all disease stages. In the U.S., an estimated 18.3 million adults aged 40 years and older have early-stage AMD, while about 1.5 million have late-stage, vision-threatening disease. Prevalence increases markedly with age and may affect nearly half of adults aged 85 years and older. Globally, the affected population is projected to rise to approximately 288 million by 2040, driven largely by population aging. AMD is also estimated to account for about 8.7% of blindness worldwide, highlighting the need for earlier diagnosis and effective therapies that can slow progression and preserve vision. The combination of a large patient population, chronic treatment requirements and new therapeutic classes drive the continued market expansion.

 

Wet AMD Holds 88% Share as Longer-Lasting Anti-VEGF Treatments Gain Importance

Wet AMD accounted for 88.0% of the market and USD 10.52 billion in 2025 and is projected to grow at a CAGR of 5.7%. Its dominant position reflects the widespread use of anti-VEGF injections to control abnormal blood-vessel growth and fluid leakage. Because treatment effects are temporary for many patients, continued monitoring and repeat injections sustain recurring demand.

Anti-VEGF agents represented 86.0% of the market and USD 10.28 billion in 2025, with a CAGR of 5.5%. The segment remains the largest drug class, although competition is increasingly centered on longer treatment intervals and reduced injection frequency.

Regeneron's EYLEA HD received an FDA-approved dosing extension in April 2026 that allows intervals of up to 20 weeks for appropriately responding wet-AMD patients after the first year. The company also reported that EYLEA HD demand increased while conventional EYLEA faced competitive pressure and patient migration toward the higher-dose formulation.

Roche's Vabysmo generated CHF 4.10 billion in 2025 sales across its approved retinal indications, including neovascular AMD. Sales increased particularly in Europe and international markets, indicating strong acceptance of treatments designed to extend intervals between injections.

Competition from lower-cost alternatives is also increasing. The FDA approved Yesafili and Opuviz in 2024 as the first interchangeable biosimilars to EYLEA. Their availability gives healthcare systems more treatment options and may increase price pressure on established anti-VEGF brands.

 

Dry AMD Is Growing Faster as Geographic Atrophy Becomes Treatable

Dry AMD accounted for 12.0% of the market and USD 1.43 billion in 2025 and is projected to grow at a CAGR of 13.5%. Although dry AMD affects a much larger patient population than wet AMD, its drug-market contribution historically remained limited because treatment focused mainly on disease monitoring and nutritional supplementation.

AREDS2 supplements continue to be used in appropriate patients with intermediate AMD to reduce the risk of progression to late-stage disease. However, the introduction of treatments for geographic atrophy has created a more significant prescription-drug market within dry AMD.

Complement inhibitors accounted for 10.0% of the market and USD 1.20 billion in 2025, with a CAGR of 14.6%. Growth is being driven by the commercialization of intravitreal treatments for geographic atrophy.

Apellis reported USD 587 million in U.S. SYFOVRE net product revenue during 2025, while injection demand increased 17% year over year. The company also estimated that SYFOVRE represented approximately 60% of the U.S. geographic-atrophy treatment market during the fourth quarter.

Adoption outside the United States remains less certain. The European Medicines Agency refused authorization for Syfovre after concluding that the reduction in geographic-atrophy lesion growth did not demonstrate sufficient improvement in visual function. Astellas also withdrew its European application for Izelvay after similar concerns were raised.

These decisions show that future growth will depend not only on slowing retinal damage but also on demonstrating outcomes considered meaningful to patients and healthcare systems.

 

Gene Therapy Could Reduce Dependence on Repeated Eye Injections

Gene therapy accounted for 0.5% of the supplied 2025 market, or USD 0.06 billion, and has the highest stated CAGR at 30.0%. The segment remains small and largely development-stage, but its long-term importance comes from the possibility of producing sustained therapeutic activity after a single treatment.

4D Molecular Therapeutics completed enrollment in its global Phase 3 4FRONT-2 study of 4D-150 in wet AMD in June 2026. The study is evaluating an intravitreal gene therapy designed to provide sustained anti-VEGF activity and reduce the need for repeated injections.

REGENXBIO and AbbVie are also developing surabgene lomparvovec through pivotal studies using subretinal delivery. Topline results from the ATMOSPHERE and ASCENT programmes were expected during the fourth quarter of 2026, subject to study progress.

Subretinal administration accounted for 0.5%, or USD 0.06 billion, and is projected to grow at a CAGR of 25.0%. Its growth is closely linked to emerging gene-therapy programmes rather than established routine AMD treatment. Clinical success could expand this route, although procedural complexity and long-term safety will influence adoption.

 

Intravitreal Treatment Keeps AMD Revenue Concentrated in Clinical Care

Intravitreal administration represented 95.0% of the market and USD 11.35 billion in 2025 and is projected to grow at a CAGR of 6.8%. Its dominant share reflects the current treatment of both wet AMD and geographic atrophy, where medicines are injected directly into the eye by ophthalmologists or retina specialists.

This treatment pattern also explains the strong position of hospital pharmacies, which held 75.0% of the market and USD 8.96 billion in 2025, with a CAGR of 6.5%. Physician-administered retinal medicines are closely tied to specialist clinics, hospitals and medical reimbursement systems rather than conventional prescription dispensing. CMS reimbursement guidance includes coverage and billing pathways for intraocular drugs used in ophthalmology.

Retail pharmacies accounted for 18.0% of the market and USD 2.15 billion, growing at 6.0%, while online channels held 7.0% and USD 0.84 billion, with an 11.0% CAGR. These channels are more relevant to nutritional products, oral therapies and specialty fulfillment than to direct administration of intravitreal medicines.

The oral route accounted for 2.0% of the market and USD 0.24 billion, with a CAGR of 3.0%. Its limited share reflects the lack of oral therapies that can replace intravitreal treatment for advanced wet AMD or geographic atrophy.

 

North America Leads While Asia Pacific Records the Fastest Regional Growth

North America accounted for 45.0% of the global market and USD 5.38 billion in 2025 and is projected to grow at a CAGR of 6.2%. The region benefits from a large AMD population, extensive retina-specialist networks and early access to newer therapies. The United States has also become an important market for geographic-atrophy drugs and longer-duration anti-VEGF treatments.

Europe held 27.0% of the market and USD 3.23 billion, with a CAGR of 6.4%. Demand remains supported by established anti-VEGF treatment. Roche reported a 21% increase in European Vabysmo sales during 2025 across approved retinal indications. However, the lack of European authorization for current geographic-atrophy complement inhibitors limits near-term expansion of that treatment category.

Asia Pacific represented 20.0% of the market and USD 2.39 billion in 2025 and has the fastest regional CAGR at 8.2%. Growth is supported by aging populations and wider availability of newer retinal therapies. Roche has reported continued Vabysmo uptake in Japan and China, while Astellas announced in 2026 that China's regulator accepted its Izelvay application for review.

Latin America accounted for 5.0% of the market and USD 0.60 billion, with a CAGR of 7.5%, while the Middle East & Africa represented 3.0% and USD 0.36 billion, growing at 7.8%. Growth from these smaller markets will depend largely on improvements in specialist access, treatment affordability and regular patient follow-up.

 

Competition Is Shifting Toward Longer Treatment Intervals and New Dry AMD Therapies

The AMD market is moving beyond competition based only on anti-VEGF efficacy. Treatment duration is becoming increasingly important because reducing injection frequency can lower the burden on patients and retina clinics. EYLEA HD and Vabysmo illustrate this shift toward longer intervals, while aflibercept biosimilars are increasing price competition within established treatment categories.

At the same time, complement inhibitors are creating a new revenue stream within geographic atrophy. Their growth could gradually reduce wet AMD's overwhelming share of total market revenue, although regulatory acceptance remains uneven across regions.

Gene therapies represent a longer-term change. If late-stage programmes demonstrate durable disease control with acceptable safety, they could reduce dependence on repeated injections. However, clinical outcomes, treatment complexity and cost will determine how quickly these therapies move into routine care.

The main constraint through 2032 remains the burden of long-term treatment. Most major AMD medicines still require repeated specialist visits and intravitreal administration. Price competition in anti-VEGF therapy and uncertainty around the clinical value of some geographic-atrophy treatments may also limit revenue growth.

 

Age-Related Macular Degeneration (AMD) Market Coverage Table

Report Attribute	Details
Forecast Period	2026 – 2032
Market Size Value in 2025	USD 11.95 Billion
Revenue Forecast in 2032	USD 20.22 Billion
Overall Growth Rate	CAGR of 7.8% (2026 – 2032)
Base Year for Estimation	2025
Historical Data	2019 – 2024
Unit	USD Million, CAGR (2026 – 2032)
Segmentation	By Disease Type, By Therapy Type, By Route of Administration, By Distribution Channel, By Geography
By Disease Type	Wet AMD, Dry AMD
By Therapy Type	Anti-VEGF Agents, Complement Inhibitors, Nutritional Supplements, Gene Therapy, Photodynamic Therapy, Laser Photocoagulation, Others
By Route of Administration	Intravitreal, Oral, Subretinal, Others
By Distribution Channel	Hospital Pharmacies, Retail Pharmacies, Online Pharmacies
By Region	North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
Country Scope	U.S., Canada, UK, Germany, France, Italy, China, Japan, South Korea, India, Brazil, Mexico, Saudi Arabia, UAE, South Africa
Market Drivers	Aging global population and rising AMD disease burden, continued demand for chronic anti-VEGF therapy in wet AMD, commercialization of complement inhibitors for geographic atrophy, longer-duration retinal therapies and emerging gene-therapy approaches
Customization Option	Available upon request