Market Scope expects growing demand for retinal pharmaceuticals to help manufacturers’ ophthalmic revenues top $10 billion in 2023 in the five largest economies of the European Union.
The ophthalmic markets in France, Germany, Italy, Spain, and the UK––the five countries that made up the EU-5––are being shaped by growing elderly populations, government health care budgets and policies, technological innovation, competition, and the changing roles of ophthalmology and optometry.
The governments in EU-5 countries face increasing pressure to reverse health care cuts and austerities instituted over the past 10 years. Many of them will look for ways to shift services to increase care without increasing spending, such as shifting jobs from higher-cost personnel to lower-cost employees or shifting drug use from brand name products to generics and biosimilars. Market Scope anticipates that such efforts will fail to stop governments and patients from spending more on eye care.
Market Scope looks for a continuation of explosive growth in spending on intravitreal injections to treat retinal disease, with a cumulative annual growth rate of 7.4 percent over 5 years. This growth has made the retinal disease treatment market the largest in ophthalmology in the EU-5.
Retinal pharmaceuticals snare the lion’s share of revenues in the retinal disease market, but revenues from other types of products in smaller disease markets are expected to grow even more rapidly. Market Scope forecasts a 28 percent compound annual growth rate for surgical products for glaucoma, including devices for minimally invasive glaucoma surgery (MIGS), a 22 percent growth rate for dry eye procedures, and a nearly 9 percent growth rate for femtosecond lasers used in refractive laser surgery.
Market Scope’s newly published 2018 “EU-5 Ophthalmic Market Report” looks at those differences in depth. National regulatory differences help account for why an off-label biologic is used more to treat retinal disease in one country than another, for example, or surgical procedures for dry eye disease might be more popular in one nation than in a neighboring one.
Market Scope’s “2018 EU-5 Ophthalmic Market Report” was published in December.