We see strong competitive advantages in the $50 billion ophthalmology market as a result of manufacturing complexity, strict government regulation, limited competition, and cash-paying customers. The eye-care market is made up of three segments: pharmaceuticals, consumer products, and surgical products. All three enjoy favorable growth prospects because of aging populations and new treatment options for previously untreated or undertreated diseases.

Eye-Care Pharmaceuticals

Anti-VEGF treatments for wet age-related macular degeneration and diabetic macular degeneration have been wildly successful, with Regeneron's (REGN) and Bayer's (BAYRY) Eylea and Novartis' (NVS) and Roche's (RHHBY) Lucentis both easily reaching blockbuster status. Other eye-care pharmaceuticals include treatments for glaucoma, dry eye, and acute conditions such as infections and allergies.