India next multi-billion dollar market report

Over the past 70 years India’s life expectancy rate has seen exceptional growth from a life expectancy of age 27 in 1947 to age 70 in 2016. This has increased incidence of eye disorders such as glaucoma, cataracts and retinal blindness, among others.The current US$1.4 billion ophthalmic market is forecasted to increase its current compound annual rate (CAGR) of 6.5 per cent a year and the market size is expected to reach US$1.9 billion by 2021.{{quote-A:R-W:450-I:2-Q: A key observation in 2016 is that ophthalmologists are also interacting with an educated patient pool who are aware and keen on immediate diagnosistreatment for faster relief. -WHO:Dr. Ashvin Agarwal, Ophthalmologist}}India has the second largest population in the world and most of its ophthalmic care needs are largely unmet.Ophthalmologist Dr. Ashvin Agarwal said, “A key observation in 2016 is that ophthalmologists are also interacting with an educated patient pool who are aware and keen on immediate diagnosistreatment for faster relief.”“Right through 2016, we saw an increase in glaucoma and dry eye syndrome. The prevalence of the latter is due to continuous exposure to computers and mobile phones, besides stress,” Agarwal told Pharmabiz.comIn the same report, the presence of around 180 pharmaceutical and medical supply companies are competing in the country’s ophthalmic market. Twelve of these companies (Alcon, Genentech/ Roche, Allergan, Abbott Medical Optics, Bayer Healthcare AG, Santen, Topcon, Carl Zeiss Meditec, Bausch + Lomb, Nidek, Cipla Limited, and Sun Pharmaceutical Industries Ltd.) account for approximately 66 per cent of revenues.Cataract treatment products held the biggest share in the ophthalmic surgical submarket, followed by retinal disease which was the second- leading cause of blindness in the country and the second largest revenue market.This was also fuelled by the rise in antivascular endothelial growth factor (VEGF) therapy for retinal health conditions, particular for vision impairment linked to diabetes.