The ophthalmology market is healthy, having largely recovered from the impact of COVID, according to data presented by Kristen Harmon Ingenito, MBA, VP and Director of Ophthalmics at Market Scope. Ingenito presented an overview of the global market for ophthalmology at Eyecelerator @ AAO 2021 on November 11th in New Orleans. The three largest sectors are: retina pharma, dry eye pharma, and glaucoma pharma.
A sign of vitality is that 46 companies have entered the eye care market with product lines that are new to ophthalmology. Nine of these are gene therapy products. Most are early stage; 72% are preclinical. The potential of gene therapy goes beyond ophthalmology long term, Ingenito noted. Market Scope estimates that the ophthalmology market is worth $44 billion globally in manufacturers’ revenues for 2021. Combined annual growth rate from 2019 to 2024 is 5.8% for all of ophthalmology.
“We’re seeing lots of interest in the eye care space in trying to meet peoples’ needs,” Ingenito said. “This leads to innovation and financing and benefits everybody. We are interested to see how biosimilars are going to impact the market. We also expect to see investment in new capital equipment and new refractive lasers.”
During a presentation by Gil Kliman, MD, Managing Partner at InterWest Partners and Eyecelerator program director, one slide got everyone’s attention (see graph below). Market Scope polled surgeons and corporate responders, asking: Which of the following is the most likely blockbuster product advancement for ophthalmic innovation in 2022? Receiving the most responses: first FDA approval of pharmacologic therapy of presbyopia (40.6%). It was followed by successful Phase 3 results of next generation AMD drugs (24.5%) and rollout of improved premium intraocular lenses for cataract surgery (20.8%).
During coverage of the event, attendees were asked to remove their masks for the purpose of some of the photos.