Glaucoma surgical, smaller ophthalmic market segments experiencing large growth
Click Here to Manage Email Alerts
Key takeaways:
- The global ophthalmic market was worth $45.3 billion in 2022.
- Dry eye pharmaceuticals, IOLs and glaucoma pharmaceuticals accounted for the largest shares of the market.
SAN DIEGO — The global ophthalmic market was valued at $45.3 billion in 2022, according to Market Scope data presented here.
“Market size is one story, but the other thing we want to look at is growth projections leading into the next 5 years,” Kristen Harmon Ingenito, MBA, said at Eyecelerator@ASCRS. “We based this on our predictions of average sales prices, new devices coming to market, procedure volumes and a whole wealth of things.”
According to Market Scope data, in 2022, dry eye pharmaceuticals accounted for $5.7 billion of the total ophthalmic market, followed by IOLs at $5.1 billion and glaucoma pharmaceuticals at $4.9 billion. Cataract equipment accounted for $1.7 billion, refractive for $1.7 billion, cornea for $922 million and glaucoma surgical for $789 million. The remaining $24.4 billion was accounted for by all other ophthalmic products and services.
Ingenito said that smaller market segments such as glaucoma surgical are experiencing large growth.
“This is still a newer market. We are addressing a patient population that we really haven’t been able to address before, so we expect to see that growth, but this is very exciting,” she said.
Private equity practice and ASC ownership are showing longer sales cycles and more pricing pressure, Ingenito said.
“We know that the cost of goods sold is going up for industry,” she said. “We know that cost of doing business is going up for everybody — not just industry, but practices alike, but reimbursement is not going up. This is going to provide a very interesting situation economically speaking for us.”
Collapse
Ingenito KH. State of the union: Ophthalmic market update. Presented at: Eyecelerator; May 4, 2023; San Diego.
Read more about
Click Here to Manage Email Alerts