Ophthalmology is one of the hottest niches in pharma right now. Investment is flowing in, M&A is up, and a broad cast of actors – from Big Pharma to legacy generics players and biotechs – are looking to get in on a market set to top USD 93.7 billion by 2030.
The field can also boast two bona-fide recent blockbusters: Roche’s Vabysmo (faricimab), which generated global sales of USD 4.4 billion in 2024, and Regeneron and Bayer’s Eylea, with annual sales of USD 1.5 billion last year in the US alone. Beyond the current generation of injectables, non-invasive and gene-therapy approaches, such as those pioneered by Nanoscope and Astellas/Iveric Bio, are also poised to redefine the treatment landscape.
What is behind this meteoric rise? A growing awareness of preventive care is a crucial factor, as is age. Philippe de Saab, VP for Vision Care at contact lens behemoth Bausch + Lomb, explains that, “As people live longer, we’re seeing a growing prevalence of age-related eye conditions like cataracts, macular degeneration, retinal diseases and glaucoma.”
Lifestyle factors also play a part, with 50 percent of the world set to have myopia (nearsightedness) by 2050, largely due to more time spent in front of screens. Already, around 90 percent of all young adults in Asia have some form of myopia.
Increased inactivity is also giving rise to a diabetes epidemic, with several knock-on effects for eye health. As Laurent Renaudie, SVP and Head of Europe at Lupin notes, “The global ophthalmology market’s significant growth is also being driven by increasing diabetes-related eye complications such as diabetic retinopathy (DR), diabetic macular edema (DME), cataracts and glaucoma.”
Lupin, best known as one of the world’s leading generics and biosimilars providers, is just one example of a new entrant eager to contribute to the growing ophthalmology space. The company’s definitive agreement for the acquisition of Dutch eye health player VISUfarma, announced earlier this year, gives Lupin an established commercial network across Europe and a broad portfolio of back- and front-of-eye products.
Further upstream, some of the most promising ophthalmic innovation today is emerging from Switzerland. For Henric Bjarke, CEO of Basel-based biotech Tenpoint Therapeutics, it is the combination of commercial opportunity and unmet need, plus the speed at which innovations can be trialled and refined, that makes ophthalmology a compelling proposition.
“The ophthalmology sector presents unique advantages for both innovation and commercialisation,” says Bjarke, “Unlike many therapeutic areas, ophthalmology offers relatively rapid feedback mechanisms for therapeutic efficacy, with anatomical and functional improvements often visible through diagnostic imaging and patient assessment.”
“Vision represents something universally relatable,” concludes Bjarke, whose firm is preparing for the 2026 launch of an eye drop product for presbyopia, an age-related condition which affects approximately two billion people worldwide. “The prospect of vision loss resonates with everyone, creating both personal motivation and clear therapeutic impact”
Riad Sherif of fellow Swiss biotech player Oculis agrees, adding that, “Protecting sight is a universal priority for patients, who are willing to pursue treatment options they might decline for other conditions.” Oculis has three candidates in development based on a proprietary technology platform that enables drug delivery to the back of the eye without injection.
Together with companies like Tenpoint, Oculis exemplifies how Switzerland’s innovation ecosystem is carving out a global leadership role in ophthalmology. Once a specialist niche, the field has become a strategic growth pillar for global pharma and biotech; and one of the few therapeutic areas where success is instantly visible in restored vision and renewed independence for patients. Today, ophthalmology stands out as a space where science, strategy, and societal need align, with Switzerland poised to keep that vision sharply in focus.
Biotech Case Study: Oculis
Led by industry veteran Riad Sherif, who cut his teeth at Sanofi and Novartis, Oculis is hoping that its lead asset – currently in Phase III trials and the only topical “eye drop” therapy for DME in development globally – will come to represent a transformative breakthrough for large numbers of patients.
“DME affects approximately 35 million patients and represents the primary cause of blindness in the working-age adult population in the US,” explains Sherif. “However, the currently available treatment modalities rely exclusively on intraocular injections of VEGF inhibitors or steroids, creating significant barriers to early intervention and optimal patient outcomes.”
“Our topical delivery system addresses multiple clinical challenges simultaneously,” he continues. “First, it enables immediate treatment initiation upon diagnosis, potentially preventing irreversible vision loss. Second, it provides therapeutic options for the 40 percent of patients who demonstrate inadequate response to current injectable therapies.”
Oculis also has a dry-eye programme which is utilising biomarker-guided patient selection to improve the trial process. Even more ambitiously, it is moving into the complex field of brain health with its neuroprotection asset aimed initially at acute optic neuritis. Both assets are advancing into Phase II/III trials.
Sherif has high hopes that this longer-term bet will ultimately transform Oculis into a neuroscience platform company, addressing a potential market worth up to USD 50 billion.
