Each week, Visiongain’s Market Watch provides strategic insight on the forces reshaping global healthcare, from therapeutic innovation to investment flows and commercial transformation.

This week, we turn our attention to Geographic Atrophy, a fast-growing and long-overlooked challenge in ophthalmology. With millions of patients losing central vision and only the first therapies emerging after decades of research, GA is rapidly becoming a focal point for innovation, investment and competitive differentiation. For biopharma leaders, it represents a rare convergence of unmet clinical need, accelerating technology adoption and substantial commercial opportunity.

Visit visiongain.com for deeper insights, expert analysis and full market intelligence.

Visiongain’s Top Takeaways

• GA is becoming a high-priority global health issue as ageing accelerates.
• First approved treatments have opened a new multi-billion-dollar market.
• Imaging and AI tools are reshaping diagnosis and trial efficiency.
• A diverse pipeline is expanding beyond complement inhibitors.
• Strong double-digit market growth is forecast through 2035.

The Rising Urgency Behind Geographic Atrophy

Geographic Atrophy, the advanced form of dry age-related macular degeneration, is rapidly emerging as a critical global health concern. The condition results from progressive degeneration of the retinal pigment epithelium and surrounding photoreceptors. Although peripheral vision is often preserved, loss of central vision severely limits daily activities such as reading, driving and facial recognition.

More than 5 million people worldwide live with GA, including around one million in the United States. Prevalence increases sharply after age 60, creating rising social and economic pressures as populations age. Until recently, no approved treatments existed. The approvals of SYFOVRE (pegcetacoplan) and IZERVAY (avacincaptad pegol) in 2023 marked a historic milestone, introducing the first therapies capable of slowing lesion progression. A growing pipeline of emerging therapies now aims to reduce degeneration and broaden future treatment options.

The Visiongain Geographic Atrophy Market Report 2025-2035 forecasts that the global GA market will grow from 7,056.3 million US dollars in 2025 to 23,060.5 million US dollars by 2035, supported by strong demographic demand, advancing diagnostics and accelerating innovation.

Visiongain Insight: GA is shifting from a neglected subset of AMD to a high-value strategic market. Therapeutic innovation, advanced imaging and demographic demand are converging to create one of the most attractive growth opportunities in ophthalmology. Companies that integrate diagnostic capability, patient identification and differentiated therapeutic positioning will lead the next decade of market expansion.

Rising Ageing Populations Are Elevating Demand for GA Therapies

Demographic ageing is one of the most powerful forces shaping future demand for Geographic Atrophy treatments. The World Health Organisation projects that the global population aged 60 and above will reach 1.4 billion by 2030, with the majority living in low- and middle-income countries where diagnostic capacity and access to treatment often remain limited. Since age-related macular degeneration is the primary precursor to GA, rising longevity directly expands the at-risk patient population.

In 2024, ophthalmologists in markets such as Japan, Germany, and the U.S. are reporting more cases of geographic atrophy (GA) in patients over 75. This is driving earlier referrals to retina specialists and wider adoption of screening, as clinicians seek to identify vision loss sooner. For healthcare systems, the trend signals rising demand and amplifying resource pressures, while for the GA market, it highlights growing opportunities for diagnostics, treatment adoption, and commercial investment.

The approvals of SYFOVRE and IZERVAY have created a distinct therapeutic category after decades with no treatment options. Ageing populations are expected to sustain strong demand for these therapies, particularly in North America, Europe and the Asia Pacific, where governments and payers increasingly recognise the economic and social burden associated with irreversible vision loss.

Looking ahead, market expansion will be driven by ageing populations, breakthrough complementary therapies, and rising awareness among doctors and patients alike. Companies developing next-generation therapies, including regenerative and gene-based approaches, are strongly positioned to capture future value as treatment expectations evolve.

Visiongain Insight: Ageing demographics are not simply increasing patient numbers; they are reshaping the entire competitive landscape for GA. Markets with mature screening infrastructure and strong payer support will experience the fastest early uptake, while emerging markets represent the largest long-term growth opportunity.

How Imaging Innovation Is Redefining GA Care

Rapid advances in imaging technologies are reshaping how Geographic Atrophy is detected, monitored and evaluated, with direct implications for clinical practice, research and commercial strategy.

High-resolution Optical Coherence Tomography (OCT) has become the standard for visualising retinal layers and tracking lesion growth. Platforms such as Cirrus HD-OCT (Carl Zeiss Meditec) and Spectralis OCT (Heidelberg Engineering) are now embedded across routine care and pivotal GA trials, including studies for SYFOVRE and IZERVAY.

Fundus Autofluorescence (FAF) provides metabolic insight by highlighting stress within the retinal pigment epithelium and predicting lesion expansion. Systems such as Spectralis with BluePeak FAF remain preferred for detailed lesion mapping in both clinics and clinical trials.

Innovation is expanding further with:

• Adaptive optics imaging, enabling cellular-level visibility of photoreceptors (e.g. Imagine Eyes’ rtx1)
• AI-driven analytics, with RetinAI Medical and Google DeepMind developing algorithms that quantify lesion size and predict progression using OCT and FAF data
• Ultra-widefield and multimodal imaging, including platforms such as Optos, which capture larger retinal areas and integrate multiple imaging techniques for more comprehensive assessment.

These tools are reshaping the strategic dynamics of the GA market:

• They underpin clinical trial endpoints and strengthen regulatory submissions.
• They support payer negotiations by generating robust real-world evidence.
• They expand the eligible patient pool through earlier and more accurate diagnosis.

As competition intensifies, diagnostic capability is becoming a critical commercial differentiator, enabling companies to demonstrate treatment effect, improve patient selection and accelerate market penetration.

Visiongain Insight: Imaging is no longer a supporting technology in GA; it is a core strategic asset. Companies that integrate OCT, FAF, AI analytics and widefield imaging into their therapeutic and market access strategies will gain meaningful advantage in demonstrating value, accelerating adoption and securing payer confidence. Diagnostic partnerships are fast becoming a defining feature of leadership in the GA market.

New Entrants Are Reframing the GA Treatment Landscape

The Geographic Atrophy market, historically underserved and without approved therapies until 2023, is now attracting a wave of new entrants offering differentiated mechanisms and delivery approaches. This next generation of therapies aims to broaden treatment options, improve patient convenience and introduce commercial differentiation beyond traditional complement inhibition.

Belite Bio is advancing Tinlarebant (LBS-008), an oral therapy that reduces toxic vitamin A metabolites within the visual cycle. As a non-invasive alternative to intravitreal injections, Tinlarebant has the potential to improve adherence and expand access, particularly in regions where injection-based therapies face barriers. The therapy is currently in Phase 3 development.

Alkeus Pharmaceuticals is developing Gildeuretinol (ALK-001), a modified vitamin A therapy engineered to slow retinal degeneration by preventing the formation of harmful byproducts. With FDA Breakthrough Therapy designation, ALK-001 is positioned as a first-in-class oral therapy targeting earlier stages of GA progression.

Aviceda Therapeutics is progressing AVD-104, a nanoparticle-based therapy with dual complement and immune-modulating activity. Its multimodal mechanism aims to deliver broader efficacy, enhanced durability, and potentially fewer injections than existing complement inhibitors.

Large pharmaceutical companies are also intensifying their focus on GA. Boehringer Ingelheim is developing complement-targeted therapies, including BI 1584862, while exploring gene therapy platforms to deliver long-lasting benefits. Genentech (Roche) and Novartis are investing in regenerative and cell-based approaches that aim to restore retinal function rather than only slow decline, signalling a shift toward future disease-modifying potential

Visiongain Insight: The entry of oral, nanoparticle and regenerative therapies marks the beginning of therapeutic segmentation in the GA market. As treatment burden, durability and mechanism differentiation become key competitive levers, companies that deliver clinically meaningful convenience gains or genuine disease-modifying effects will reshape the long-term market hierarchy. Early alignment with payers and diagnostic partners will be critical to establishing leadership in this expanding category.

Key Factors Driving GA Market Growth

• Ageing demographics are accelerating prevalence; the global population aged 60+ is expanding rapidly, driving higher rates of AMD and GA, particularly in mature healthcare markets.
• First approved therapies have unlocked immediate demand; SYFOVRE and IZERVAY, approved in 2023, represent long-awaited treatment options and have rapidly created a defined therapeutic market.
• Advocacy and awareness are increasing recognition of GA; patient groups and campaigns such as Geographic Atrophy Awareness Week are improving visibility and encouraging earlier diagnosis.
• Payers see economic value in slowing vision loss; health systems recognise that GA therapies can reduce long-term care costs and dependency, strengthening reimbursement momentum.
• Emerging markets are expanding the global patient base; Asia-Pacific, Latin America and the Middle East are seeing rising healthcare access, opening new commercial opportunities for GA therapies.
• Imaging and diagnostics are broadening eligibility; advances in OCT, FAF, and AI-driven analytics are enabling earlier detection, improving monitoring, and increasing the number of treatable patients.

Visiongain Insight: GA market growth is driven not only by ageing demographics but also by rapid structural development across the entire care ecosystem, from diagnostics to reimbursement. Companies that align therapeutic launches with advocacy, payer engagement and diagnostic integration will gain a decisive competitive advantage as the market scales through the next decade.

Key Commercial Trends in the GA Industry

Big Pharma Expansion: Astellas, Johnson & Johnson, and Boehringer Ingelheim are increasing investment through acquisitions, licensing, and internal pipeline development. Interest is centred on next-generation therapies such as Tinlarebant, Gildeuretinol and AVD-104, reflecting a strategic push into modalities that complement or extend beyond current complement inhibitors.

Pipeline Consolidation Biotech firms with promising Phase II or Phase III assets are becoming priority acquisition targets as larger companies diversify into oral therapies, nanoparticle platforms and regenerative approaches. This consolidation is accelerating as the competitive landscape broadens.

Vertical Integration Companies are investing not only in therapeutics but also in diagnostic capabilities, particularly OCT, FAF and AI-driven imaging platforms. Strengthening diagnostic infrastructure enhances clinical evidence generation, market access positioning and end-to-end value across the GA care pathway.

Regional Expansion Partnerships in Europe and the Asia Pacific region are accelerating as companies target ageing populations outside the United States. As diagnostic access improves in emerging markets, firms are seeking early footholds to shape treatment standards and distribution pathways.

Visiongain Insight: Commercial strategy in the GA market is shifting from single-asset competition to ecosystem control. Companies that combine therapeutic innovation with diagnostic partnerships, selective M&A and global market expansion will define the competitive hierarchy over the next decade. Vertical integration, in particular, is emerging as a differentiator, enabling firms to influence diagnosis, evidence generation, and therapy adoption simultaneously.

Key Deals and Collaborations Shaping the Industry

Recent strategic activity highlights the growing commercial momentum in Geographic Atrophy and the race to secure next-generation modalities.

• Astellas’ acquisition of Iveric Bio: A landmark 5.9 billion US dollar deal that secured IZERVAY and significantly expanded Astellas’ ophthalmology footprint.
• Johnson and Johnson pipeline expansion: J&J continues to advance JNJ-1887, with market expectations pointing to further bolt-on acquisitions to accelerate its GA portfolio.
• Boehringer Ingelheim and Roche collaboration discussions: Both companies are exploring partnerships in gene therapy and regenerative medicine, signalling a clear industry shift toward long-term, vision-restoring solutions.

Visiongain Insight: M&A and partnership activity in GA is increasingly focused on securing platform technologies rather than single assets. Companies positioning early in gene therapy, regenerative medicine and multimodal delivery systems will gain first-mover advantage in a market transitioning from lesion-slowing therapies to potentially restorative solutions over the next decade.

Diagnostic and Drug Partnerships Are Becoming Critical to Commercial Success

As GA therapies scale, diagnostic technologies are becoming central to clinical differentiation, evidence generation and market access. Companies such as Heidelberg Engineering, Carl Zeiss Meditec, Optos, RetinAI and Imagine Eyes are forming extensive partnerships with GA drug developers to strengthen clinical and commercial performance across the product lifecycle.

These collaborations support:

• Standardisation of imaging protocols across multicentre clinical trials
• Integration of AI-driven analytics for precise lesion quantification and progression modelling
• Enhanced real-world evidence packages that support payer negotiations and value-based access
• Multimodal and widefield imaging, enabling deeper insight into retinal structure and peripheral changes
• Faster clinical site activation, reducing training burden and improving data consistency

Advanced imaging and analytics have become essential for early diagnosis, robust endpoint measurement and clear demonstration of treatment value. Diagnostic integration is no longer optional; it is a foundational requirement for market access and long-term therapy adoption.

Visiongain Insight: In GA, diagnostics are emerging as strategic assets rather than supporting tools. Companies that build early partnerships with imaging and AI providers will strengthen trial efficiency, evidence quality and commercial positioning. As the market matures, competitive advantage will increasingly hinge on the ability to link therapeutic performance with high-precision diagnostic insight.

Visiongain Market Outlook

The GA market is entering a period of accelerated growth, driven by demographic ageing, the launch of first-in-class therapies and rapid advances in imaging and diagnostics. Visiongain projects the global geographic atrophy market to grow at a CAGR of 12.6% through 2035, supported by broader clinical adoption, stronger payer engagement and a rapidly diversifying innovation pipeline.

Growth will be fuelled by:

• Increasing use of SYFOVRE and IZERVAY
• Expansion into oral, nanoparticle and regenerative therapies
• Rising healthcare access in Asia-Pacific and Latin America
• Greater integration of AI-driven diagnostics and real-world evidence

Visiongain Insight: GA is evolving from a niche segment of AMD into one of the most dynamic growth markets in ophthalmology. Companies that align therapeutic innovation with diagnostic integration and targeted market access strategies will gain the strongest competitive advantage as the category scales globally.

Strategic Questions for Executives

As the GA market accelerates, leadership teams face several strategic decisions that will define competitive positioning. These questions are central to shaping commercial success over the next decade.

• How can companies manage the high cost and treatment burden of intravitreal therapies while securing sustainable reimbursement?
• What partnerships can expand awareness and improve early GA diagnosis across ophthalmology networks?
• How should manufacturers balance imaging-based endpoints with patient-reported outcomes to strengthen label claims and payer confidence?
• Which pricing, distribution and diagnostic strategies will unlock growth in emerging markets?
• What operating models will enable deeper collaboration between drug developers and diagnostic technology providers?

What’s Next from Visiongain?

Visiongain delivers sharp, actionable intelligence. Our analysis reveals the trends that count and the opportunities shaping global healthcare.

Explore our latest strategic market reports:

• Geographic Atrophy Market Report 2025-2035
• Ophthalmic Drugs Market Report 2025-2035
• Precision Medicine Market Report 2025-2035
• Biobanking Market Report 2025-2035
• Next Generation Sequencing Market Report 2025-2035

Press & Media Enquiries

For commentary, data requests or interview enquiries, please contact: press@visiongain.com