Ophthalmic Therapeutic Drugs: Technologies and Global Markets

Published - Apr 2010| Analyst - Jackson Highsmith| Code - PHM031C
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Report Highlights

  • The global ophthalmic therapeutic market was valued at $15.5 billion in 2009, showing a growth rate of more than 2½ times that of the overall pharmaceutical industry.  The sector will continue to grow through 2014 to $20.6 billion,  a compound annual growth rate (CAGR) of 5.9%.
  • As a segment, glaucoma recorded $5.8 billion in 2009 revenue. Six leading glaucoma products will come off patent before 2012, resulting in a compound annual growth rate (CAGR) of 3.6% and estimated revenues of $6.6 billion in 2014. 
  • Treatment for wet AMD recorded sales of $2.4 billion in 2009. This sector is projected to grow at a 10% compound annual growth rate (CAGR) through 2014 to reach $3.9 billion.

INTRODUCTION

STUDY GOALS AND OBJECTIVES
 
The goals of this market research report are to quantify, forecast and analyze the market for ophthalmic drugs, and to provide a range of market information from detailed product analyses within disease subsegments to overall industry trends. Individual market segments are forecast on a global basis, as are company revenues.   Forecasts and trends are developed from a cross reference of data points gleaned from primary industry sources, company publications, industry benchmarking, and other divergent data sources.
 
REASONS FOR DOING THE STUDY
 
For companies with an effective strategy, market opportunity awaits. Importantly, the ability to develop an effective strategy begins with knowing where opportunity exists and how to effectively execute operations to capture profit from opportunity. 
 
Annual growth rates in the ophthalmic sector are twice that of the overall pharmaceutical industry, driven by new developments in ophthalmic therapies that have emerged over the past 5 years. These advancements have transformed this historically slow growth, generic-centric and price-competitive market segment into a high-growth sector fueled by technology and characterized by increasing opportunity. 
 
Market growth has been spurred by the introduction of differentiated therapies due to novel mechanism of action, such as ranibizumab, a vascular endothelial growth factor (VEGF) inhibitor that ameliorates the progression of age-related macular degeneration. Ranibizumab is now the single-largest revenue generator in the ophthalmic segment, despite its introduction only 31/2 years ago. 
 
In contrast to technical innovation, marketing promotion and sales continue to be a source of value for the industry, as demonstrated by the number one prescribed glaucoma medicine, Xalatan, marketed by the largest pharmaceutical company in the world, Pfizer, despite a highly similar mechanism of action to competing products.
 
This study investigates one of the most important market drivers: the introduction of combination therapies, which are expected to continue to contribute substantially to market growth through the forecast period. Combination therapies for age-related macular degeneration are anticipated, as well as a continued introduction of combination therapies for glaucoma, anti-infectives and anti-inflammatory diseases. 
 
This report analyzes emerging markets by disease segment. A tidal wave of growth in established markets is expected, driven by the aging demographic of the U.S. population and the emergence of a middle class in emerging countries such as India, China, Brazil and Russia.
 
This report seeks to address the critically important topics of analyzing a changing market dynamic, emerging players and technologies, strategies for accessing emerging markets, and specific disease segments and geographies in order to allocate resources and make effective decisions. 
 
SCOPE OF REPORT
 
Current and projected product forecasts during the forecast period (2009 to 2014) are discussed. As well, new products approved in 2009 by the FDA, and those products expected to be approved within the forecast period are projected. The number for 2009 is an estimated figure, except where actual results have been reported, due to the release timing of the report. For large markets segments such as glaucoma, specific mechanisms of action are discussed in detail. For example, the mixing trend of increased prostaglandin analogs as a first-line therapy as compared to beta-blockers, alpha agonists, and carbonic anhydrase inhibitors is analyzed. For each core segment within the overall market, leading products are analyzed for their differentiation by mechanism of action.
 
The report includes analysis of leading and emerging competitors in the current worldwide ophthalmic market. Profiles of manufacturers of leading products as well as biotechnology companies with novel products in development are analyzed to define their specific product strategies employed. This report also assesses companies poised to introduce products during the forecast period and discusses how these introductions will change the face of the competitive environment. The competitive environment is examined with a special focus on how new products and technologies are influencing the current standard of care. Acquisitions and mergers recently consummated and those that are expected are detailed with a focus on what strategic, organizational, and product-specific changes are expected. Detailed profiles of current market leaders are discussed, as well as companies with innovative products poised to advance within the forecast period.
 
Market figures are based on revenues at the manufacturers' level and are projected at 2009-dollar value. Inflation is not computed into the projection figures. Trends are assessed based on projected sales for existing products, new product introductions, expanded indications for existing products, and projected changes in the prevalence, diagnosis, and scripting rates for certain diseases.
 
Included in this report are forecasts by product, product category, and by company from 2009 through 2014. The study is arranged to offer an overview of the ophthalmic market accompanied by product, company, geography, and mechanism of action with forecasts broken down and covered by geographic region or country. Virtually the entire globe is covered to include prevalence data, for each disease sub–segment.   
 
Excluded from this report are over-the-counter (OTC) medications, and other consumables that do not require a physician’s prescription. 
 
Sales figures are reported in U.S. dollars and in each case reflect currency fluctuations within the performance of revenue change. Revenue figures do not account for variation in local currencies.
 
All market share data presented is on a global basis, unless specifically noted.
 
INTENDED AUDIENCE
 
This report is an invaluable tool for business planners, acquisitions specialists, licensing strategists, product managers, market research analysts, investors, investor consultants and anyone interested in the ophthalmic market, its products, its industry participants and its future.
 
The importance of identifying overall market trends, product opportunities, emerging geographies, M&A opportunities and insights that provide guidance for sales growth or defensive moves cannot be overstated for a variety of constituents, including:
 
Established companies in the industry will benefit from the contents, including corporate strategy, sales and marketing, business development, and research and development (R&D).
 
Emerging biotechnology players in the segment must understand specific opportunities for out-licensing, originating from the elements of differentiation of their therapeutic drug as compared to leading, competitive, and emerging therapies. As well, market forecasts can support investment, provided a thorough and detailed substantiation is provided for the market forecast, as is found in this study.
 
Investment firms evaluating candidates for venture capital or hedged investments will gain insights as to the opportunity and risks that are being encountered in the industry, in a product and company specific analysis.
 
Equity analysts are provided detailed forecasts for the next 5 years, substantiated by quantitative analysis that can support further analysis to product and company forecasts over the short and long run.
 
INFORMATION SOURCES
 
In-depth interviews were conducted with leading experts in the field who are executives in companies, industry analysts, and leading medical practitioners in the field. 
 
Information to prepare this report was obtained from participating and emerging companies in the ophthalmology area; The National Eye Institute (National Institutes of Health) and Royal College of Ophthalmologists (UK) publications; articles published in medical journals such as American Journal of Ophthalmology, American Academy of Ophthalmology; the World Health Organization and other government agencies; literature searches; annual reports; 10Ks; and others. Population estimates are based on those reported by the International data base of the U.S. Census Bureau.
 
Current and historical revenue figures for individual products have been sourced from company disclosures that exist in the public domain or from government sources.

ANALYST CREDENTIALS

Jackson Highsmith is a life sciences research consultant with more than 16 years of research experience. Jackson has been consulting with specialty pharmaceuticals and large pharmaceutical industry players since 2007.  Prior to that, he worked at a large research consultancy, where he focused on in-depth research; he also has worked at a large pharmaceutical company in a wide range of medical therapeutics in early- and mid-stage drug development. 

 
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DISCLAIMER
 
The information developed in this report is intended to be as reliable as possible at the time of publication and of a professional nature. This information does not constitute managerial, legal, or accounting advice; nor should it serve as a corporate policy guide, laboratory manual, or an endorsement of any product, as much of the information is speculative in nature. The author assumes no responsibility for any loss or damage that might result from reliance on the reported information or its use.

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Published - Sep-2006| Analyst - Melissa Elder| Code - PHM031B

Report Highlights

  • The U.S. ophthalmic market is worth $9.6 billion in 2006, up from $8.8 billion in 2005. At an average annual growth rate (AAGR) of 7.4%, the market will cross $13.8 billion in 2011.
  • Ophthalmic pharmaceuticals dominated the market throughout the forecast period. In 2006 pharmaceuticals comprised 46.6% of the market and, growing at an AAGR of 6.9%, will be worth more than $6.2 billion and maintain more than 45% of the market in 2011.
  • Contact lenses include both functional and cosmetic lenses. Contact lenses generate approximately $1.9 billion in revenues annually in the United States, accounting for a near 20% of the market.
Published - Aug-2003| Analyst - Melissa Elder| Code - PHM031A

Report Highlights

  • The 2002 U.S. market for prescription ophthalmic drugs was $2.8 billion, and, rising at an average annual growth rate (AAGR) of 8.6%, will reach $4.5 billion in 2007.
  • Glaucoma treatments accounted for $1.4 billion in 2002 and will grow at an AAGR of 8.2% to more than $2 billion in 2007.
  • Products within the ocular infection and ocular allergy treatment segments follow in market presence, with $500 million and $397.1 million, respectively.
  • Ocular allergy treatment will lead growth with an AAGR of 10% through the period, reaching nearly $640 million

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