Cell therapy is emerging as a cutting-edge precision treatment in ophthalmology and is gaining immense popularity worldwide among people affected by degenerative eye diseases. Traditional therapies have limited the ability to halt or reverse the damage, particularly caused by diseases such as age-related macular degeneration (AMD), glaucoma and retinitis pigmentosa. However, emerging cell and gene therapies hold the potential to change this landscape dramatically.

The global cell-based ophthalmic therapies market was valued at $1.2 billion in 2023 and is projected to reach approximately $7.1 billion by 2032, exhibiting a CAGR of 21.3% during the forecast period. This growth is likely to be driven by advancements in biotechnology, an increasing prevalence of eye diseases and a growing demand for innovative treatments.

This hugely promising market, while witnessing rapid advancements, is still in the early stages of development and the prospects are majorly untapped. Companies with a strong presence in the ophthalmic market, such as Alcon Inc. ALC, Glaukos Corporation GKOS and Regeneron Pharmaceuticals, Inc. REGN, are well-positioned to leverage this prospect, making them promising investment opportunities.

Growth Drivers

Cell and Gene therapy, particularly using adeno-associated virus vectors, is showing promise in addressing inherited retinal diseases such as retinitis pigmentosa and Leber congenital amaurosis by delivering therapeutic genes directly to retinal cells. Meanwhile, regenerative medicine techniques, including stem cell therapy and tissue engineering, are opening new possibilities for restoring lost vision and repairing damaged ocular tissues.

Technological innovations are also enhancing the space. AI-driven diagnostics and treatment planning are improving accuracy and efficiency, while advanced drug delivery systems, such as sustained-release implants and nanoparticle carriers, are enabling targeted therapy with fewer side effects. Additionally, the rise of telemedicine and remote monitoring through wearable devices is facilitating early detection and management of degenerative eye diseases, ensuring timely intervention and better patient outcomes.

3 Cell-Based Ophthalmic Stocks to Watch

Alcon: Within its Surgical business, Alcon has been gaining market share, driven by strong consumables, implantable and equipment sales. Its flagship lenses, Vivity, PanOptix and several new launches, including Unity VCS, continue to lead the category globally. The Vision Care segment banks on the strength of contact lenses and ocular health products. The company has been witnessing strong uptake from its expanding product portfolios. To progress with cell therapy, the company recently acquired a majority interest in Aurion Biotech, a clinical-stage company developing advanced cell therapies to treat eye diseases.

Glaukos: This ophthalmic medical technology and pharmaceutical company is witnessing strong demand across international glaucoma and corneal health franchises. Moreover, the launch of iStent infinite has boosted the U.S. glaucoma franchise. The recent approval for iDose TR, a revolutionary micro-invasive, injectable therapy for glaucoma, will likely become another key product during 2025. The company commenced a phase 2b/3 clinical trial for its next-generation iDose therapy, iDose TREX, during the fourth quarter of 2024.

Regeneron: This biotechnology company’s portfolio includes Eylea (for several eye diseases), its key growth driver. Eylea is approved in the United States, the EU, Japan and other countries for the treatment of neovascular age-related macular degeneration (wet AMD), diabetic macular edema (DME) and macular edema following retinal vein occlusion. Regeneron received FDA approval for aflibercept 8 mg for the treatment of patients with wet AMD, DME and diabetic retinopathy under the brand name Eylea HD.

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