Global ophthalmology market to reach $13 billion by 2008

14 July 2006

New York, USA. The market for ocular remedies is experiencing rapid growth, with overall global revenues expected to rise from $7.8 billion in 2004 to greater than $13 billion in 2008, according to market research from Kalorama Information.

The drive for the growth is fierce competition in the refractive vision correction market and rapidly increasing rates of eye disease, which  are creating an accelerated demand for newer, better, and more affordable therapeutics.

According to the latest market research report from Kalorama Information, Advances in Ophthalmology: Markets in the Treatment of Eye Disorders and Corrective Vision, the popularity of LASIK and other laser systems — which in 2004 represented 50% of worldwide revenues for refractive vision correction — are already being challenged by emerging technologies in lens implantation, which are expected to command 30% of market revenues by 2008. The major impact of lens implants will help drive sales in the RVC sector to over $3 billion in 2008.

While these RVC treatments will have their highest impact in developed countries, they pale in comparison to the larger global impact of blindness and visual impairment due to major eye diseases such as cataracts, glaucoma and vitreoretinal conditions. As the worldwide population ages, the proportion of treatments administered to persons with eye disease will substantially increase, raising this portion of the ophthalmology market from 2004's $6.9 billion to $9.8 billion in 2008.

"The alarming increase in loss of vision worldwide is creating a race to develop and exploit cutting-edge technologies — diagnostics, imaging, therapeutics, and devices — that will address the threat of serious eye disease," notes Steven Heffner, the publisher of Kalorama Information. "In fact, the discovery of technology that may revolutionize the market over the next several years has already triggered a trend to reorganize business strategies that will result in significant consolidations, partnerships, licensing and marketing agreements."

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