Core Insights - The retinal treatment market is undergoing significant transformation with the approval of new anti-VEGF drugs from Bayer and Novartis, marking a shift after a decade of dominance by traditional anti-VEGF therapies [1][2] - The introduction of dual-target drugs, long-acting formulations, and gene therapies is extending treatment intervals from monthly to quarterly, enhancing efficacy and patient compliance [1] - The competition in the retinal drug market is evolving from fierce price competition to value reconstruction, with companies needing to innovate beyond mere follow-up products to secure market leadership [1] Market Dynamics - Novartis' Ranibizumab, which has dominated the market for over a decade, is showing signs of fatigue as competition intensifies from new entrants like Conbercept and Aflibercept [2][5] - Conbercept has achieved a 17.53% growth rate in 2024, surpassing Ranibizumab in market share due to its lower pricing and reduced injection frequency [5][10] - Aflibercept's sales have skyrocketed since its approval, with projected sales exceeding 900 million yuan in 2024, further intensifying market competition [7][10] New Entrants and Innovations - Roche's Faricimab, the first dual-target drug for retinal diseases, is expected to disrupt the market significantly after its approval in China, with anticipated global sales exceeding $4 billion in 2024 [8][10] - Novartis is responding to market challenges with Brolucizumab, which offers unique structural advantages and extended dosing intervals, aiming to reshape the treatment landscape for diabetic macular edema [12][14] Gene Therapy Developments - Gene therapy is gaining traction in the retinal treatment space, with over 80 candidates in clinical development, leveraging the eye's unique immune environment for safer applications [18][20] - ABBV-RGX-314 has shown promising results, drastically reducing the need for anti-VEGF injections, indicating a potential shift in treatment paradigms [19][20] - Domestic companies in China are increasingly moving towards innovative drug development, with several candidates entering clinical stages, positioning themselves as key players in the evolving market [20]