New technology, product launches drive excitement in ophthalmology
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BOSTON — Despite the unpredictability that comes with new product launches and reimbursement issues, experts are hopeful about ophthalmic business prospects in 2024.
“It is an election year, and that comes with its own uncertainty. I’m sure my colleagues up here will talk a little bit about some of the financial markets and things, but they don’t like uncertainty,” Kristen Harmon Ingenito, MBA, said at Eyecelerator@ASCRS. “We’re keeping our eye on all of that, but we’re optimistic for 2024 and excited to see some of the new products that get talked about today.”
In ophthalmology in the U.S., procedure volume is up across all segments except refractive surgery. Ingenito said refractive surgery rebounded after the COVID dip as a backlog of patients underwent procedures, but a tough economic climate led to stagnation and a subsequent decline in procedures.
“This particular patient segment is not insulated at all from [that economic climate],” she said. “’You have younger populations. They don’t have much savings. They’re hit really hard with inflation and with student loan repayments coming back. The cost of financing this procedure is higher because interest rates are higher. So, there’s just a lot of things that are really squeezing that market.”
However, because that decline is not happening internationally, Ingenito is hopeful that the U.S. refractive market can learn some lessons from the global markets and apply them locally.
Although the dry eye market faced challenges with recalls of over-the-counter drops, Ingenito said approvals for therapies such as Miebo (perfluorohexyloctane ophthalmic solution, Bausch + Lomb) and Xdemvy (lotilaner ophthalmic solution 0.25%, Tarsus Pharmaceuticals) have kept excitement high.
Likewise, new technology in the IOL market has the potential to drive demand.
“We have a lot of new technology coming out, which is always something that we see help,” she said. “When we see a new IOL hit the market, there’s always greater demand. Doctors are interested in it, and they’re marketing it on a local level. That stimulates growth. All of that tracks in here, and we’re excited to see where it goes in the next year or so.”
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Ingenito KH. Market overview: Ophthalmic market update. Presented at: Eyecelerator; April 4, 2024; Boston.
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