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DelveInsight’s “Dry Age-Related Macular Degeneration Market Insight, Epidemiology and Market Forecast – 2036” report delivers an in-depth understanding of Dry Age-Related Macular Degeneration (AMD), historical and forecasted epidemiology as well as the Dry AMD market trends in the United States, EU4 (Germany, France, Italy, and Spain) and the United Kingdom, and Japan.

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Key Takeaways from the Dry Age-Related Macular Degeneration Market Report

• The Dry Age-Related Macular Degeneration (AMD) market across the 7MM is expected to witness significant growth during the forecast period, driven by increasing disease prevalence, improved diagnosis rates, and the emergence of novel therapies targeting other indications like geographic atrophy (GA).

• Emerging therapies such as Tinlarebant (LBS-008), Gildeuretinol acetate (ALK-001), AVD-104, Risuteganib (ALG-1001), JNJ-1887, and others are expected to intensify competition by offering differentiated mechanisms of action, improved durability, and the potential to reduce treatment burden compared with chronic intravitreal injections.

• Gene therapies and regenerative medicine candidates are attracting substantial industry interest due to their potential to provide long-term efficacy through one-time administration, a key factor influencing future market share and physician adoption.

• In 2025, the total prevalent cases of AMD across the 7MM were estimated at over 72 million, with the patient population expected to increase through 2036.

• The United States accounted for the largest geographic atrophy patient population among the 7MM, with approximately 0.8 million prevalent cases in 2025.

• In the US, the highest burden of geographic atrophy was observed among patients aged 85 years and older, followed by those aged 65–84 years in 2025.

• The late-stage AMD population in the US was estimated at nearly 1.9 million cases in 2025.

• The leading Dry AMD Companies include Astellas Pharma/Iveric Bio, Apellis Pharmaceuticals, Belite Bio, Alkeus Pharmaceuticals, Aviceda Therapeutics, Allegro Ophthalmics, Johnson & Johnson Innovative Medicine, and others.

• Despite recent therapeutic advances, substantial unmet needs remain in Dry AMD, visual function preservation, retinal regeneration, and early disease intervention, creating significant opportunities for pipeline developers and investors, understand through this report how to materialise these unmet needs and gain competitive advantage.

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Dry Age-Related Macular Degeneration Epidemiology Segmentation in the 7MM

DelveInsight’s market report is buit on robust Dry AMD epidemiology analysis providing detailed historical and forecasted patient population insights across the 7MM (United States, EU4, the United Kingdom, and Japan), including:

• Total Prevalent Cases of AMD: Assessment of the overall AMD patient population to quantify the disease burden and market opportunity across major markets.

• Stage-specific Prevalent Cases of AMD: Detailed segmentation of AMD patients into early, intermediate, and late-stage disease, helping stakeholders understand disease progression trends.

• Total Prevalent Cases of Geographic Atrophy (GA): Analysis of the GA patient population, representing the advanced form of Dry AMD and a key target population for emerging therapies.

• Total Prevalent Cases of Dry AMD: Comprehensive evaluation of patients affected by Dry AMD across the 7MM.

• Total Diagnosed Prevalent Cases of Dry AMD: Estimation of the diagnosed patient pool, providing insights into treatment accessibility and commercial opportunity.

• Age-specific Cases of Early and Intermediate AMD: Breakdown of patients by age groups to identify populations at greater risk of disease progression and future treatment demand.

• Age-specific Cases of Geographic Atrophy: Analysis of GA prevalence across different age cohorts, supporting patient segmentation and market forecasting.

• Geographic Atrophy Cases by Visual Impairment: Assessment of GA patients based on the severity of visual impairment, enabling evaluation of disease burden, treatment eligibility, and unmet medical needs.

• 7MM Epidemiology Forecast (2022–2036): Long-term projections of patient population trends to support market sizing, launch planning, business development, and investment decisions.

• Country-specific Epidemiology Insights: Granular patient population estimates across the US, Germany, France, Italy, Spain, the United Kingdom, and Japan to identify high-value markets and growth opportunities.

These epidemiological insights help pharmaceutical companies, investors, business development teams, and strategy leaders evaluate the future growth potential of the Dry AMD and Geographic Atrophy markets while supporting data-driven commercial and pipeline decisions.

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Marketed Dry Age-Related Macular Degeneration Drugs: The marketed DryAMD landscape remains relatively nascent but is rapidly evolving following the introduction of novel therapies for Geographic Atrophy. The launch of these products has validated the commercial potential of the market and paved the way for emerging therapies with differentiated mechanisms of action and improved efficacy profiles.

• IZERVAY (Avacincaptad pegol): Astellas Pharma/Iveric Bio

Avacincaptad pegol (IZERVAY) is a novel ophthalmic therapy developed by Iveric Bio and later commercialized under Astellas Pharma following its acquisition of Iveric Bio in 2023. It is an RNA aptamer-based drug designed for the treatment of geographic atrophy secondary to AMD. The drug received US FDA approval in August 2023, marking a significant milestone as one of the first disease-modifying therapies targeting dry AMD progression. Avacincaptad pegol is administered as a monthly intravitreal injection into the affected eye. Its approval was based on Phase III trials (GATHER1 and GATHER2), which demonstrated a statistically significant reduction in the rate of geographic atrophy lesion growth compared with sham treatment.

• SYFOVRE (Pegcetacoplan): Apellis Pharmaceuticals

Pegcetacoplan (SYFOVRE) is a first-in-class complement inhibitor approved for the treatment of geographic atrophy secondary to AMD. It targets complement component C3, a central protein in the complement cascade. Administered via intravitreal injection either monthly or every other month, SYFOVRE demonstrated clinically meaningful reductions in GA lesion growth in Phase III (OAKS and DERBY) trials, with increasing efficacy observed over time. While it does not restore lost vision, it significantly slows disease progression.

Emerging Dry Age-Related Macular Degeneration Drugs

• Tinlarebant (LBS-008): Belite Bio

Tinlarebant is a novel oral therapy intended to reduce the accumulation of vitamin A-based toxins (known as bisretinoids) that contribute to disease progression in geographic atrophy. Bisretinoids are by-products of the visual cycle, which is dependent on the supply of vitamin A (retinol) to the eye. Tinlarebant works by reducing and maintaining levels of serum retinol binding protein 4 (RBP4), the sole carrier protein for retinol transport from the liver to the eye. The therapy is currently in Phase III clinical development.

• Gildeuretinol acetate (ALK-001): Alkeus Pharmaceuticals

Oral gildeuretinol acetate (ALK-001) is a new molecular entity designed to reduce the dimerization of vitamin A without modulating the visual cycle. Gildeuretinol is being evaluated in clinical trials for the treatment of Stargardt disease and has been studied for geographic atrophy secondary to age-related macular degeneration. The therapy is currently in Phase III clinical development.

Latest highlights from dAMD market:

• On March 24, 2026, Ocugen reported topline 12-month results from the Phase II ArMaDa trial, demonstrating a statistically significant 31% reduction in GA lesion growth at the dose selected for Phase III development. The study also showed photoreceptor preservation and a favorable safety profile, supporting advancement into a registrational program. Ocugen announced plans to initiate a Phase III trial in Q3 2026, positioning OCU410 among the most advanced late-stage gene therapies for Geographic Atrophy. The update further strengthened its commercial potential and competitive positioning against SYFOVRE and IZERVAY.

• On January 28, 2026, Eyestem Research announced that it had received CDSCO approval to initiate a Phase II randomized controlled trial of Eyecyte-RPE in patients with geographic atrophy associated with Dry AMD. The retinal pigment epithelium cell therapy is designed to restore retinal function through regenerative medicine, offering a differentiated approach from complement inhibitors and gene therapies. The regulatory milestone highlights increasing industry interest in cell-based therapies and expands the competitive landscape of the Geographic Atrophy market.

• In December 2025, Alkeus Pharmaceuticals announced that data from its clinical studies of investigational oral gildeuretinol for the treatment of geographic atrophy will be presented at the 13th International FLORetina ICOOR Congress at the Fortezza de Basso in Florence, Italy.

• In July 2025, Alkeus Pharmaceuticals announced that data from its clinical studies of investigational oral gildeuretinol for the treatment of geographic atrophy secondary to AMD (SAGA) will be presented during the American Society of Retina Specialists (ASRS) 43rd Annual Scientific Meeting.

• In February 2025, Alkeus Pharmaceuticals announced that results from its clinical studies of investigational oral gildeuretinol for the treatment of geographic atrophy secondary to AMD (SAGA) will be presented at the 48th Annual Meeting of the Macula Society.

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Dry Age-Related Macular Degeneration Companies

Dry Age-Related Macular Degeneration Companies include Astellas Pharma/Iveric Bio, Apellis Pharmaceuticals, Belite Bio, Alkeus Pharmaceuticals, Aviceda Therapeutics, Allegro Ophthalmics, Johnson & Johnson Innovative Medicine, and others.

Dry Age-Related Macular Degeneration Market Outlook

The treatment landscape for Dry Age-Related Macular Degeneration has historically been limited to supportive care, primarily involving nutritional supplementation (e.g., AREDS formulations), lifestyle modifications, and visual aids to slow disease progression and manage symptoms. The approved therapies – Avacincaptad pegol (IZERVAY) and Pegcetacoplan (SYFOVRE) – both target the complement cascade and represent a paradigm shift toward mechanism-based treatment by slowing the progression of geographic atrophy, although they do not restore lost vision and require regular intravitreal administration.

The pipeline for Dry Age-Related Macular Degeneration is rapidly evolving, with emerging therapies focusing on novel biological pathways beyond complement inhibition. Tinlarebant (LBS-008) is an oral therapy designed to reduce the accumulation of toxic vitamin A byproducts in the retina, thereby addressing a key driver of retinal degeneration. Similarly, Gildeuretinol acetate (ALK-001) targets vitamin A dimerization to prevent the formation of harmful retinal deposits. AVD-104 utilizes glycoimmune modulation to reduce inflammation and protect retinal cells. These therapies highlight a shift toward oral and less invasive treatment options, alongside innovative mechanisms targeting metabolic and inflammatory pathways. Overall, the emergence of both approved complement inhibitors and a diverse pipeline of targeted therapies marks a significant transition from supportive care to disease-modifying strategies in dry AMD.

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Scope of the Dry Age-Related Macular Degeneration Market Report

• Coverage: 7MM

• Study Period: 2022–2036

• Dry Age-Related Macular Degeneration Companies: Astellas Pharma/Iveric Bio, Apellis Pharmaceuticals, Belite Bio, Alkeus Pharmaceuticals, Aviceda Therapeutics, Allegro Ophthalmics, Johnson & Johnson Innovative Medicine, and others.

• Dry Age-Related Macular Degeneration Pipeline Therapies: Tinlarebant (LBS-008), Gildeuretinol acetate (ALK-001), AVD-104, Risuteganib (ALG-1001), JNJ-1887, and others.

• Dry Age-Related Macular Degeneration Competitive Intelligence Analysis: SWOT analysis and Conjoint analysis and Market entry strategies

• Dry Age-Related Macular Degeneration Unmet Needs, KOL’s views, Analyst’s views, Dry Age-Related Macular Degeneration Market Access and Reimbursement

Table of Contents

1. Key Insights

2. Report Introduction

3. Executive Summary

4. Key Events

5. Epidemiology and Market Methodology of Dry Age-related Macular Degeneration (AMD)

6. Dry Age-related Macular Degeneration (AMD) Market Overview at a Glance

7. Disease Background and Overview of Dry Age-related Macular Degeneration (AMD)

8. Epidemiology and Patient Population of Dry Age-related Macular Degeneration (AMD)

9. Patient Journey of Dry Age-related Macular Degeneration (AMD)

10. Marketed Therapies

11. Emerging Therapies

12. Dry Age-related Macular Degeneration (AMD): Seven Major Market Analysis

13. Unmet Needs of Dry Age-related Macular Degeneration (AMD)

14. SWOT Analysis of Dry Age-related Macular Degeneration (AMD)

15. KOL Views of Dry Age-related Macular Degeneration (AMD)

16. Market Access and Reimbursement of Dry Age-related Macular Degeneration (AMD)

17. Appendix

18. DelveInsight Capabilities

19. Disclaimer

20. About DelveInsight

How DelveInsight’s Dry AMD Market Report Helps CXOs and Business Leaders

• Evaluate the current and future market opportunity across the United States, EU4, the United Kingdom, and Japan through detailed epidemiology and market forecasts.

• Benchmark emerging assets through comprehensive competitive intelligence, pipeline assessment, clinical trial analysis, and probability of success evaluation.

• Identify potential licensing, acquisition, co-development, and partnership opportunities by tracking key innovators and late-stage pipeline assets.

• Assess the impact of upcoming clinical readouts, regulatory milestones, and expected launches on future market share, pricing, reimbursement, and commercial strategy.

• Support strategic decision-making with insights into KOL perspectives, unmet needs, treatment algorithms, patient segmentation, and evolving market dynamics across the Dry AMD and Geographic Atrophy landscape.

About DelveInsight

DelveInsight is a leading Business Consultant and Market Research firm focused exclusively on life sciences. It supports pharma companies by providing comprehensive end-to-end solutions to improve their performance. Get hassle-free access to all the healthcare and pharma market research reports through our subscription-based platform PharmDelve.

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