Western: The map is withering with great potential demand that has not yet been met. It is advisable to consider continuous monitoring of future developments.

Western released a research report stating that the macular degeneration (GA) field of retinal diseases is a typical blue ocean market, with a large potential demand that has not yet been met for real clinical needs. In recent years, mergers and financing cases have to some extent demonstrated the market's investment interest in this field. Currently, several products have entered the late clinical stage, and some have also shown potential therapeutic signals in early to mid-stage clinical trials. Therefore, it is recommended to continue monitoring the progress in this ophthalmology subsector. The main points of Western are as follows: 1. The population of patients with Geographic Atrophy (GA) is large, but there is currently a lack of effective drugs targeting functional aspects. There are over 8 million patients globally affected by GA, and as the disease progresses, patients often experience irreversible damage to their vision. However, currently approved drugs lack protection for visual functional indicators, making the treatment of geographic atrophy GA an area of unmet medical need. 2. Several products entering the late clinical stage offer new treatment options. Currently, several products are entering Phase 3 clinical trials, including Annexon (Vonaprument), Aviceda (AVD-104), Belite Bio (Tinlarebant), and Regeneron & Alnylam (Cemdisiran), among others. Some products in the clinical development stage have shown potential protective effects on structural or functional aspects, offering new treatment options. 3. Related acquisitions and financing reflect the market's investment interest in this field. Although the market size of the GA treatment field is relatively small compared to the overall ophthalmology market, recent premium acquisitions and financing deals involving products in this treatment area indicate that the market still has a certain level of interest in this disease area. Risk warning: Risks of innovation research and development failure or falling short of expectations, risks of commercialization falling short of expectations, risks of intensified market competition, and regulatory and access risks.