Ophthalmology market to grow at moderate rate to 2016
Generic erosion in glaucoma and allergic conjunctivitis markets will help growth
GBI Research predicts that the global ophthalmology market will grow at a moderate rate over the next six years owing to generic erosion in markets such as glaucoma and allergic conjunctivitis.
In its report, The Future of Ophthalmology Therapeutics, Analysis and Market Forecasts to 2016 – Strategies to Counter Generic Erosion in Key Markets, which analyses the ophthalmology markets in the US, the top five countries in Europe (the UK, Germany, France, Italy and Spain) and Japan, GBI suggests that the unmet need in the macular degeneration and macular edema sectors will make the ophthalmology market attractive in spite of generic erosion.
The attractiveness of the macular degeneration and macular edema markets is evident from the considerable amount of research and development activity for these indications, GBI says.
The major factor driving market growth is awareness of the importance of detecting ophthalmic diseases early, the availability of effective diagnostic tools and an increase in the prevalence of diabetes. The expiry of blockbuster drugs’ patents and increasing pressure from cheap off-label products in some markets will be the key restraints for the market.
The entry of generics will cause glaucoma’s market share to shrink, says GBI, and the macular degeneration and macular edema markets will eat into glaucoma’s share. The share of the market generated by allergic conjunctivitis therapies, which includes a considerable number of generics, will remain the same in 2016. Due to the extensive presence of generics in the market, allergic conjunctivitis companies will aim to improve the revenue potential of their drugs.
‘The Rx to OTC switch is one of the strategies that can be leveraged at the right time to increase revenue potential,’ says GBI.
The market researcher also finds the global ophthalmology market is facing low treatment seeking and diagnosis rates, which will result in huge untapped opportunities in the market.
The treatment usage pattern for 2009 suggests that approximately 123 million people did not seek treatment, were improperly diagnosed or lost to alternative care or other options during the course of treatment. The focus on a greater understanding of the disease and on early detection will therefore help to improve the treatment-seeking rate in the market.
