TABLE OF CONTENTS

Executive Summary…………………………………………………………………………………………………………….ES-1
i. Ophthalmic diseases/disorders……………………………………………………………………………………ES-1
ii. Ophthalmic surgical products market ………………………………………………………………………….ES-4
a. Market drivers and limiters……………………………………………………………………….ES-6
b. Market segmentation ………………………………………………………………………………ES-7
c. Technology trends……………………………………………………………………………………ES-7
d. Market leaders………………………………………………………………………………………..ES-8
e. Competitive strategies……………………………………………………………………………..ES-8
iii. Methodology …………………………………………………………………………………………………………..ES-9
iv. Bibliography …………………………………………………………………………………………………………..ES-11

Exhibit ES-1: Global prevalence of cataracts, diabetic retinopathy, and glaucoma ……………………..ES-1
Exhibit ES-2: Ophthalmic surgical product sales, combined market forecast ($m), 2020–25………..ES-5

1. Clinical Overview…………………………………………………………………………………………………………….. 1-1
1.1 Prevalence of vision impairment…………………………………………………………………………. 1-1
1.2 Costs of vision impairment …………………………………………………………………………………. 1-4
1.3 Prevention………………………………………………………………………………………………………… 1-4
1.4 Types of eye diseases/disorders………………………………………………………………………….. 1-5
1.4.1 Age-related macular degeneration………………………………………………………… 1-6
1.4.2 Cataract……………………………………………………………………………………………… 1-7
1.4.3 Diabetic retinopathy ……………………………………………………………………………. 1-8
1.4.4 Glaucoma…………………………………………………………………………………………. 1-10
1.5 Bibliography ……………………………………………………………………………………………………. 1-13

Exhibit 1-1: Prevalence of eye diseases and disorders in the US and globally …………………………….. 1-3
Exhibit 1-2: Eye conditions causing vision impairment or blindness………………………………………….. 1-5
Exhibit 1-3: Selected MIGS devices and their implantation sites …………………………………………….. 1-12

2. Ophthalmic Surgical Products…………………………………………………………………………………………… 2-1
2.1 Cataract surgery………………………………………………………………………………………………… 2-2
2.1.1 Alcon ………………………………………………………………………………………………… 2-2
2.1.2 Bausch + Lomb/Bausch Health ……………………………………………………………… 2-3
2.1.3 Johnson & Johnson Vision ……………………………………………………………………. 2-6
2.2 Glaucoma surgery ……………………………………………………………………………………………… 2-8
2.2.1 Ellex Medical Lasers/Quantel Medical……………………………………………………. 2-8
2.2.2 IRIDEX………………………………………………………………………………………………… 2-9
2.2.3 Lumenis……………………………………………………………………………………………… 2-9
2.2.4 Other devices to treat glaucoma …………………………………………………………. 2-10
2.3 Refractive surgery ……………………………………………………………………………………………. 2-10
2.3.1 Alcon ………………………………………………………………………………………………. 2-10
2.3.2 Bausch + Lomb/Bausch Health ……………………………………………………………. 2-11
2.3.3 Carl Zeiss Meditec……………………………………………………………………………… 2-12
2.3.4 Johnson & Johnson Vision ………………………………………………………………….. 2-13
2.4 Vitreoretinal surgery………………………………………………………………………………………… 2-13
2.4.1 Alcon ………………………………………………………………………………………………. 2-13
2.4.2 Bausch + Lomb/Bausch Health ……………………………………………………………. 2-14
2.4.3 Carl Zeiss Meditec……………………………………………………………………………… 2-14
2.4.4 Lumenis……………………………………………………………………………………………. 2-14
2.5 Intraocular lenses…………………………………………………………………………………………….. 2-15
2.5.1 Alcon ………………………………………………………………………………………………. 2-18
2.5.2 Bausch + Lomb/Bausch Health ……………………………………………………………. 2-20
2.5.3 Johnson & Johnson Vision ………………………………………………………………….. 2-21
2.5.4 Others ……………………………………………………………………………………………… 2-22
2.6 Microinvasive glaucoma surgery devices ……………………………………………………………. 2-22
2.6.1 Allergan/AbbVie………………………………………………………………………………… 2-23
2.6.2 Glaukos ……………………………………………………………………………………………. 2-25
2.6.3 iSTAR Medical …………………………………………………………………………………… 2-26
2.6.4 Ivantis………………………………………………………………………………………………. 2-27
2.6.5 Nova Eye Medical………………………………………………………………………………. 2-28
2.7 Bibliography ……………………………………………………………………………………………………. 2-30

Exhibit 2-1: Selected laser and phacoemulsification ophthalmic surgical systems, 2021……………..2-1
Exhibit 2-2: Bausch + Lomb’s Stellaris Elite…………………………………………………………………………….. 2-5
Exhibit 2-3: Bausch + Lomb’s VICTUS femtosecond laser platform……………………………………………. 2-6
Exhibit 2-4: Johnson & Johnson Vision’s CATALYS precision laser system and Whitestar Signature Pro phacoemulsification system………………………………………. 2-7
Exhibit 2-5: Alcon’s WaveLight refractive suite …………………………………………………………………….. 2-11
Exhibit 2-6: Lumenis’s Vision One laser system…………………………………………………………………….. 2-15
Exhibit 2-7: Selected intraocular lenses, 2021………………………………………………………………………. 2-17
Exhibit 2-8: Alcon’s AcrySof IQ Vivity IOL……………………………………………………………………………… 2-19
Exhibit 2-9: Selected microinvasive glaucoma surgery implants, 2021…………………………………….. 2-23
Exhibit 2-10: AbbVie’s XEN Gel Stent for glaucoma……………………………………………………………….. 2-24
Exhibit 2-11: Glaukos’s iStent inject W MIGS implant……………………………………………………………. 2-26
Exhibit 2-12: iSTAR Medical’s MINIject………………………………………………………………………………… 2-26
Exhibit 2-13: Ivantis’s Hydrus Microstent…………………………………………………………………………….. 2-28

3. Ophthalmic Surgical Products Market……………………………………………………………………………….. 3-1
3.1 Procedure volumes: US ……………………………………………………………………………………………. 3-1
3.1.1 Age-related macular degeneration………………………………………………………… 3-1
3.1.2 Cataract surgery………………………………………………………………………………….. 3-2
3.1.3 Diabetic retinopathy ……………………………………………………………………………. 3-3
3.1.4 Glaucoma…………………………………………………………………………………………… 3-3
3.1.5 Refractive laser surgery ……………………………………………………………………….. 3-4
3.1.6 Vitrectomy …………………………………………………………………………………………. 3-6
3.2 Market analysis……………………………………………………………………………………………………….. 3-6
3.2.1 Market forecast: global………………………………………………………………………… 3-6
3.2.2 Market drivers and limiters ………………………………………………………………….. 3-9
3.2.3 Market forecast: US …………………………………………………………………………… 3-12
3.2.4 Market forecast: five major European markets……………………………………… 3-12
3.2.5 Market forecast: Japan ………………………………………………………………………. 3-13
3.2.6 Market forecast: RoW………………………………………………………………………… 3-13
3.2.7 Market forecast: ophthalmic surgical systems………………………………………. 3-14
3.2.8 Market forecast: IOLs…………………………………………………………………………. 3-14
3.2.9 Market forecast: MIGS devices……………………………………………………………. 3-15
3.2.10 Market forecast: surgical instruments/consumables……………………………. 3-16
3.3 Competitive analysis………………………………………………………………………………………………. 3-16
3.3.1 Market share: global………………………………………………………………………….. 3-16
3.3.2 Market share: by region……………………………………………………………………… 3-18
3.4 Corporate profiles and growth strategies…………………………………………………………………. 3-20
3.4.1 Alcon ………………………………………………………………………………………………. 3-20
3.4.2 Bausch Health …………………………………………………………………………………… 3-24
3.4.3 Carl Zeiss Meditec Group/ZEISS…………………………………………………………… 3-26
3.4.4 Glaukos ……………………………………………………………………………………………. 3-29
3.4.5 HOYA Surgical Optics …………………………………………………………………………. 3-33
3.4.6 Johnson & Johnson Vision ………………………………………………………………….. 3-33
3.4.7 STAAR Surgical ………………………………………………………………………………….. 3-35
3.5 Bibliography………………………………………………………………………………………………………….. 3-37

Exhibit 3-1: Cataract surgery, US procedure volumes forecast (000s), 2020–25……………………. 3-2
Exhibit 3-2: Diabetic retinopathy laser surgery, US procedure volumes forecast (000s), 2020–25…………………………………………………………………………………………………….. 3-3
Exhibit 3-3: Glaucoma surgery, US procedure volumes forecast (000s), 2020–25…………………. 3-4
Exhibit 3-4: Refractive laser surgery, US procedure volumes forecast (000s), 2020–25 …………. 3-5
Exhibit 3-5: Vitrectomy, US procedure volumes forecast (000s), 2020–25 …………………………… 3-6
Exhibit 3-6: Ophthalmic surgical product sales, combined market forecast ($m), 2020–25……. 3-8
Exhibit 3-7: Ophthalmic surgical product sales, by region and product segment ($m), 2020–25 …………………………………………………………………………………………………… 3-10
Exhibit 3-8: Ophthalmic surgical products market, estimated global share by supplier, 2020 ………………………………………………………………………………………………………… 3-18
Exhibit 3-9: Ophthalmic surgical products market, estimated share by supplier and region, 2020 ………………………………………………………………………………………………………… 3-19
Exhibit 3-10: Alcon, revenues by segment, FY2019–20 ……………………………………………………. 3-23
Exhibit 3-11: Bausch Health, revenues by segment, FY2019–20 ……………………………………….. 3-26
Exhibit 3-12: Carl Zeiss Meditec, revenues by segment, FY2019–20………………………………….. 3-29
Exhibit 3-13: Glaukos, revenues by segment, FY2019–20…………………………………………………. 3-33
Exhibit 3-14: Johnson & Johnson, revenues by segment, FY2019–20 ………………………………… 3-35
Exhibit 3-15: STAAR Surgical, revenues by segment, FY2019–20 ………………………………………. 3-36

APPENDIX: COMPANY LISTING……………………………………………………………………………………………………..A-1