Pharmaceuticals, implants account for majority of ophthalmic market in 2023
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SAN FRANCISCO —The global ophthalmic market was worth an estimated $48.5 billion in 2023, according to Market Scope data presented here.
“Incremental advances are great, but doctors will pay for an inventive machine that’s going to change the way they do stuff and make it better and safer and faster,” Kristen Harmon Ingenito, MBA, said at Eyecelerator@AAO. “But if it is just tweaking a little something, they are already feeling so many pressures on the reimbursement side, they really have to justify their [return on investment].”
Pharmaceuticals accounted for the majority of the total market at 57.1%, Ingenito said, with retina accounting for 34.8%, dry eye disease for 11.5% and glaucoma for 10.8%. Implants made up the second-highest portion of the total market at 15.8%, with cataracts accounting for 11.8%, cornea for 1.7% and glaucoma for 1.3%; implants for refractive and dry eye each accounted for less than 1%.
Of the 66 publicly announced eye care companies that have entered the market so far in 2023, the majority were focused on retina pharmaceuticals, Ingenito said.
“We’re really refilling that pipeline,” she said. “As we get these approvals through, we’re getting new innovation. All of these, obviously, will not make it to market, but that innovation can be incremental, and we can grow on it.”
High-technology concepts are also an area of interest for emerging eye care companies.
“There’s a lot of new high-tech concepts,” she said. “We have digital, AI-driven diagnostics, connectivity, screening of patients and really working on the R&D side too.”
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Ingenito KH. Market overview. Presented at: Eyecelerator@AAO; Nov. 2, 2023; San Francisco.
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