Ophthalmology companies have long recognized that many people will pay for the benefit of being able to see without wearing glasses. The success of LASIK laser surgery has borne this out, but that market is maturing. Presbyopia, the disorder that causes people to need reading glasses as they get older, isn't helped by laser surgery. It can, however, be helped by intraocular lenses. With Allergan's recent CE approval of an intraocular lens for presbyopia, ophthalmology companies see a new market to capitalize on.

For the ultimate in convenience, hundreds of thousands of nearsighted and farsighted patients are turning to refractive surgery, or surgical vision correction procedures that promise a permanent alternative to glasses. New companies that wish to grab a portion of the $12 billion US market for vision correction are avoiding the crowded and competitive excimer laser business, with technologies that treat patients that LASIK (laser in-situ keratomileusis) doesn't serve well.

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