The Age-relatedMacularDegeneration (ARMD) Drugs market outlook remains highly attractive, underpinned by a doubling of the 65+ cohort by 2040 and persistently low treatment access outside OECD markets. Competitive intensity is moderate but rising: anti-VEGF biosimilars are compressing VEGF-A revenues by 8-10% CAGR, yet high-fidelity moatsโincluding 10-year safety dossiers, retinal-surgeon loyalty, and payer tendersโprotect originators and reward first-in-class complement or dual-pathway entrants. Long-term, the market is forecast to outpace ophthalmology growth by ~450 bps, driven by bimonthly or longer-acting injectables, gene therapy (AAV- or LNP-based), and AI-guided screening that expands treatable pools. Innovation is pipeline-rich with 27 Phase II/III assets, but supply risk looms: global fill-finish capacity for high-concentration biologics is >95% utilized, and PEGylated excipients face single-source dependencies.