The Ophthalmology Market

The report presents the findings of a review of the ophthalmic market which covers a wide range of industries and technologies including: contact lenses; optical instrumentation and devices; gene therapy; drug delivery systems; computer software for diagnostic and rehabilitatative testing; and research services. The report considers the growth of the market over the last 20 years, providing a breakdown by sector and comparisons with the US. It also states market growth projections, technological barriers and financing arrangements of the current ophthalmology market.

The review consisted of a survey of existing market research reports. The report also uses case studies to outline potential and successful business models within the ophthalmology market and details the findings of a survey of alliances and funding.

The report suggests that all of the market sectors in ophthalmology will see strong growth of market value driven by ageing populations in developed countries and sales of new products, in particular, anti-VEGF (vascular endothelial growth factor) therapeutics. In the longer term, the report suggests that gene therapeutics will help to increase the market value of ophthalmics. The report highlights that Scotland has expertise in drug delivery, one of the most common late stage products, as well as diagnostics and instrumentation. The report identifies the technological areas that are weak in Scotland, including gene therapy and small molecule drugs. It is suggested that anti-VEGF therapeutics, gene therapy, MIGS (minimally invasive glaucoma surgery) and cell therapy are attracting the most media attention and funding, with cell therapy identified as particularly of interest to Scotland due to Roslin Cells being the main contract manufacturer of the retinal epithelial pigment cells for Pfizer’s ongoing clinical trials. It is noted that ophthalmics is receiving significant investment across the world, with the US gene therapy company Spark Therapeutics raising $161m from an initial public offering (IPO) in January 2015. It is highlighted that visual field testing had an estimated value of $280m in the US in 2012 with similar market sizes estimated for Europe and Asia, and that Scotland has three companies in this sector. The report indicates that venture capital companies consider ophthalmology to be one of the best investments, as evidenced by the level of funding which is currently being provided to them and the combination of technological capability and viability of funding, which is driven by the perception of an increase in demand which will come as a result of an increasingly ageing population.

The report makes no overarching recommendations.