1 Table of Contents 1 Table of Contents 4 1.1 List of Tables 6 1.2 List of Figures 6 2 Introduction 9 2.1 Therapy Area Introduction 9 2.1.1 Glaucoma 9 2.1.2 Age-Related Macular Degeneration 9 2.1.3 Diabetic Macular Edema 10 2.1.4 Diabetic Retinopathy 10 2.1.5 Dry Eye Syndrome 10 2.2 Symptoms 11 2.3 Etiology and Pathophysiology 13 2.3.1 Etiology 13 2.3.2 Pathophysiology 15 2.4 Co-morbidities and Complications 18 2.5 Epidemiology Patterns; Prevalence, Patient Segmentation, and Diagnostic and Treatment Usage Rates 19 2.5.1 Glaucoma 20 2.5.2 Age-Related Macular Degeneration 21 2.5.3 Diabetic Macular Edema 22 2.5.4 Diabetic Retinopathy 22 2.5.5 Dry Eye Syndrome 24 2.6 Treatment 26 3 Key Marketed Products 29 3.1 Overview 29 3.2 Lucentis (ranibizumab) 29 3.3 Eylea (aflibercept) 30 3.4 Avastin (bevacizumab) 31 3.5 Restasis (cyclosporine) 32 3.6 Alphagan (brimonidine tartrate) 34 3.7 Lumigan (bimatoprost) 35 3.8 Xalatan (latanoprost) 36 4 Pipeline Landscape Assessment 38 4.1 Overview 38 4.2 Pipeline Development Landscape 38 4.3 Mechanisms of Action in the Pipeline 41 4.4 Clinical Trials 44 4.4.1 Failure Rate 44 4.4.2 Clinical Trial Duration 48 4.4.3 Clinical Trial Size 52 4.4.4 Aggregate Clinical Program Size 56 4.4.5 Conclusion 60 5 Multi-Scenario Market Forecast to 2022 61 5.1 Overall Market Size 61 5.2 Generic Penetration 62 5.3 Revenue Forecast by Molecular Target 63 5.3.1 Angiogenesis Inhibitors (VEGF/PlGF/PDGF Inhibitors) 63 5.3.2 Antihistamines (H1 Receptor) 64 5.3.3 Anti-inflammatories (Glucocorticoid Receptor/IL-1 Receptor/Prostaglandin Receptor) 65 5.3.4 IOP-Lowering (Prostaglandins/Beta Blockers/Rho Kinase Signaling Pathway) 66 5.3.5 Assessment of Key Pipeline Products 66 6 Company Analysis and Positioning 72 6.1 Revenue and Market Share Analysis by Company 73 6.1.1 Novartis - Will Pipeline Product Approvals Offset the Patent Expiry of Lucentis? 78 6.1.2 Bayer - Growing Revenues for Eylea Set to Increase Bayer’s Revenue 79 6.1.3 Regeneron - Growing Revenues for Eylea Will Make it the Top Selling Ophthalmology Drug 80 6.1.4 Roche - Gradual Decline in Revenues Due to Lucentis Patent Expiries and Uptake of Generics 81 6.1.5 Ophthotech - Pipeline Product Approval will Result in Blockbuster Status Within the Forecast Period 82 6.1.6 Spark Therapeutics - Pipeline Product Approval to Resulting in Large Revenues in a Short Space of Time 83 6.1.7 Santen - Patent Expiration of Eylea to Cause Gradual Decline in Revenue 83 6.2 Company Landscape 85 6.3 Marketed and Pipeline Portfolio Analysis 86 7 Strategic Consolidations 89 7.1 Licensing Deals 89 7.1.1 Deals by Region, Year and Value 89 7.1.2 Deals by Stage of Development and Value 91 7.1.3 Deals by Molecule Type, Mechanism of Action and Value 92 7.1.4 Table for Licensing Deals Valued Above $100m 94 7.2 Co-development Deals 95 7.2.1 Deals by Region, Year and Value 95 7.2.2 Deals by Stage of Development and Value 97 7.2.3 Deals by Molecule Type, Mechanism of Action and Value 98 7.2.4 Table for Co-development Deals Valued Above $100m 99 8 Appendix 100 8.1 References 100 8.2 Table of All Clinical Stage Pipeline Products 108 8.3 Abbreviations 147 8.4 Disease List 147 8.5 Methodology 148 8.5.1 Coverage 148 8.5.2 Secondary Research 148 8.5.3 Market Size and Revenue Forecasts 148 8.5.4 Pipeline Analysis 149 8.5.5 Competitive Landscape 149 8.6 Contact Us 150 8.7 Disclaimer 150

1.1 List of Tables Table 1: Ophthalmology Disease Therapeutics Market, Symptoms of Glaucoma, AMD, DME, DR and DES 12 Table 2: Ophthalmology Disease Therapeutics Market, Etiology of Glaucoma, AMD, DME, DR and DES 14 Table 3: Ophthalmology Disease Therapeutics Market, Complications associated with glaucoma, AMD, DR and DES 19 Table 4: Ophthalmology, Global, Epidemiology of Ophthalmologic Disorders, 2016 19 Table 5: Ophthalmology Disease Therapeutics Market, Treatment options available for glaucoma 27 Table 6: Ophthalmology Therapeutics Market, Global, Approved Indications for Lucentis, 2016 29 Table 7: Ophthalmology Therapeutics Market, Global, Approved Indications for Eylea, 2016 30 Table 8: Ophthalmology Therapeutics Market, Global, Approved Indications for Avastin, 2016 32 Table 9: Ophthalmology Therapeutics Market, Global, Approved Indications for Restasis, 2016 33 Table 10: Ophthalmology Therapeutics Market, Global, Approved Indications for Alphagan, 2016 35 Table 11: Ophthalmology Therapeutics Market, Global, Approved Indications for Lumigan, 2016 36 Table 12: Ophthalmology Therapeutics Market, Global, Approved Indications for Xalatan, 2016 37 Table 13: Ophthalmology, Global, Annual Revenue Forecast for key Products ($bn), 2015-2022 62 Table 14: Ophthalmology Therapeutics Market, Global, Forecast Revenues by Company, 2015-2022 74 Table 15: Ophthalmology Therapeutics Market, Global, Licensing Deals Valued Above $100m, 2006-2016 94 Table 16: Ophthalmology Therapeutics Market, Global, Co-Development Deals Valued Above $100m, 2006-2015 99 Table 17: Ophthalmology, Global, Table of all Clinical Stage Pipeline Products, 2016 108 1.2 List of Figures Figure 1: Ophthalmology, Seven Major Markets, Epidemiology Patterns for Glaucoma (millions), 2015-2022 20 Figure 2: Ophthalmology, Seven Major Markets, Epidemiology Patterns for Age-Related Macular Degeneration (millions), 2015-2022 21 Figure 3: Ophthalmology, Seven Major Markets, Epidemiology Patterns for Diabetic Macular Edema (millions), 2015-2022 22 Figure 4: Ophthalmology, Seven Major Markets, Epidemiology Patterns for Diabetic Retinopathy (millions), 2015-2022 23 Figure 5: Ophthalmology, Global, Epidemiology Patterns for Dry Eye Syndrome (millions), 2015-2022 25 Figure 6: Ophthalmology Therapeutics Market, Global, Annual Revenue for Lucentis ($bn), 2006-2022 30 Figure 7: Ophthalmology Therapeutics Market, Global, Annual Revenue for Eylea ($bn), 2006-2022 31 Figure 8: Ophthalmology Therapeutics Market, Global, Annual Revenue for Avastin ($bn), 2006-2022 32 Figure 9: Ophthalmology Therapeutics Market, Global, Annual Revenue for Restasis ($bn), 2006-2022 34 Figure 10: Ophthalmology Therapeutics Market, Global, Annual Revenue for Alphagan ($m), 2006-2022 35 Figure 11: Ophthalmology Therapeutics Market, Global, Annual Revenue for Lumigan ($bn), 2006-2022 36 Figure 12: Ophthalmology Therapeutics Market, Global, Annual Revenue for Xalatan ($m), 2006-2022 37 Figure 13: Ophthalmology Therapeutics Market, Global, Overall Pharmaceutical Industry Pipeline by Therapy Area, 2016 38 Figure 14: Ophthalmology Therapeutics Market, Global, Pipeline for Ophthalmology by Stage of Development, Molecule Type and Program Type, 2016 39 Figure 15: Breakdown of Biologics in Ophthalmology Pipeline, 2016 40 Figure 16: Ophthalmology Therapeutics Market, Global, Pipeline for Key Ophthalmology Indications by Stage of Development, 2016 41 Figure 17: Ophthalmology Therapeutics Market, Pipeline by Mechanism of Action (%), 2016 42 Figure 18: Ophthalmology Therapeutics Market, Global, Pipeline for Key Ophthalmology Indications by Mechanism of Action, 2016 43 Figure 19: Ophthalmology Therapeutics Market, Global, Clinical Trial Attrition Rates by Stage of Development (%), 2006-2016 44 Figure 20: Ophthalmology Therapeutics Market, Global, Clinical Trial Attrition Rates by Stage of Development and Indication (%), 2006-2016 45 Figure 21: Ophthalmology Therapeutics Market, Global, Clinical Trial Attrition Rates by Stage of Development and Molecule Type (%), 2006-2016 46 Figure 22: Ophthalmology Therapeutics Market, Global, Clinical Trial Attrition Rates by Stage of Development and Molecular Target (%), 2006-2016 47 Figure 23: Ophthalmology Therapeutics Market, Global, Clinical Trial Duration by Stage of Development (months), 2006-2016 48 Figure 24: Ophthalmology Therapeutics Market, Global, Clinical Trial Duration by Stage of Development and Indication (months), 2006-2016 49 Figure 25: Ophthalmology Therapeutics Market, Global, Clinical Trial Duration by Stage of Development and Molecule Type (months), 2006-2016 50 Figure 26: Ophthalmology Therapeutics Market, Global, Clinical Trial Duration by Stage of Development and Molecular Target (months), 2006-2016 51 Figure 27: Ophthalmology Therapeutics Market, Global, Clinical Trial Size by Stage of Development (patients), 2006-2016 52 Figure 28: Ophthalmology Therapeutics Market, Global, Clinical Trial Size by Stage of Development and Indication (participants), 2006-2015 53 Figure 29: Ophthalmology Therapeutics Market, Global, Clinical Trial Size by Stage of Development and Molecule Type (participants), 2006-2016 54 Figure 30: Ophthalmology Therapeutics Market, Global, Clinical Trial Size by Stage of Development and Molecular Target (participants), 2006-2016 55 Figure 31: Ophthalmology Therapeutics Market, Global, Clinical Program Size by Stage of Development (months), 2006-2016 56 Figure 32: Ophthalmology Therapeutics Market, Global, Clinical Program Size by Stage of Development and Indication (participants), 2006-2016 57 Figure 33: Ophthalmology Therapeutics Market, Global, Clinical Program Size by Stage of Development and Molecule Type (participants), 2006-2015 58 Figure 34: Ophthalmology Therapeutics Market, Global, Clinical Program Size by Stage of Development and Molecular Target (participants), 2006-2016 59 Figure 35: Ophthalmology, Global, Market Size ($bn), 2015-2022 61 Figure 36: Ophthalmology, Global, Annual Revenue Forecast for Key Products ($m), 2015-2022 63 Figure 37: Ophthalmology, Global, Annual Revenue Forecast for Angiogenesis Inhibitors ($bn), 2015-2022 64 Figure 38: Ophthalmology, Global, Annual Revenue Forecast for Antihistamines ($m), 2015-2022 65 Figure 39: Ophthalmology, Global, Annual Revenue Forecast for Anti-inflammatories ($m), 2015-2022 65 Figure 40: Ophthalmology, Global, Annual Revenue Forecast for IOP-Lowering Drugs ($bn), 2015-2022 66 Figure 41: Ophthalmology, Global, Revenue Forecast for Fovista($m), 2017-2022 67 Figure 42: Ophthalmology, Global, Revenue Forecast for SPK-RPE65 ($m), 2017-2022 68 Figure 43: Ophthalmology, Global, Revenue Forecast for Lampalizumab ($m), 2017-2022 69 Figure 44: Ophthalmology, Global, Revenue Forecast for Rhopressa ($m), 2017-2022 70 Figure 45: Ophthalmology, Global, Revenue Forecast for Roclatan ($m), 2018-2022 71 Figure 46: Ophthalmology Therapeutics Market, Global, Cluster by Growth and Market Share, 2015-2022 72 Figure 47: Ophthalmology Therapeutics Market, Global, Forecast Market Share by Company (%), 2015-2022 75 Figure 48: Ophthalmology, Global, Companies by Compound Annual Growth Rate (%), 2014-2022 76 Figure 49: Ophthalmology, Global, Revenues by Product Type, 2014-2022 77 Figure 50: Ophthalmology, Global, Novartis Annual Revenue Forecast ($m), 2015-2022 78 Figure 51: Ophthalmology, Global, Bayer Annual Revenue Forecast ($m), 2015-2022 79 Figure 52: Ophthalmology, Global, Regeneron Annual Revenue Forecast ($m), 2015-2022 80 Figure 53: Ophthalmology, Global, Roche Annual Revenue Forecast ($m), 2015-2022 81 Figure 54: Ophthalmology, Global, Ophthotech Annual Revenue Forecast ($m), 2015-2022 82 Figure 55: Ophthalmology, Global, Spark Therapeutics Annual Revenue Forecast ($m), 2015-2022 83 Figure 56: Ophthalmology, Global, Santen Therapeutics Annual Revenue Forecast ($m), 2015-2022 84 Figure 57: Ophthalmology, Global, Companies by Type, 2016 85 Figure 58: Ophthalmology, Global, High-Activity and Late-Stage Pipeline Developers by Level of Ophthalmology Specialization, 2016 86 Figure 59: Ophthalmology, Global, Proportion of Total Company Revenue Attributed to Ophthalmology, 2015-2022 87 Figure 60: Ophthalmology Therapeutics Market, Global, Proportion of Total Company Revenue Attributed to Ophthalmology, Top Four Companies ($bn), 2015-2022 88 Figure 61: Ophthalmology, Global, Licensing Deals, 2006-2016 90 Figure 62: Ophthalmology Global, Licensing Deals by Indication and Value, 2006-2016 91 Figure 63: Ophthalmology, Global, Licensing Deals, 2006-2016 92 Figure 64: Ophthalmology, Global, Licensing Deals by Molecule Type and Mechanism of Action, 2006-2016 93 Figure 65: Ophthalmology, Global, Co-development Deals, 2006-2016 96 Figure 66: Ophthalmology, Global, Co-development Deals, 2006-2016 97 Figure 67: Ophthalmology, Global, Co-development Deals by Molecule Type and Mechanism of Action, 2006-2016 98