OPHTHALMIC DEVICES: TECHNOLOGIES AND GLOBAL MARKETS
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1 OPHTHALMIC DEVICES: TECHNOLOGIES AND GLOBAL MARKETS HLC173A September 2015 Dr. Cheryl Lee Barton Project Analyst ISBN: X BCC Research 49 Walnut Park, Building 2 Wellesley, MA USA (toll-free within the USA), or (+1) information@bccresearch.com
2 TABLE OF CONTENTS CHAPTER 1 INTRODUCTION 2 STUDY GOALS AND OBJECTIVES 2 REASONS FOR DOING THE REPORT 2 SCOPE OF REPORT 3 INTENDED AUDIENCE 3 METHODOLOGY AND INFORMATION SOURCES 3 ANALYSTS' CREDENTIALS 3 RELATED BCC RESEARCH REPORTS 3 BCC RESEARCH WEBSITE 4 DISCLAIMER 4 CHAPTER 2 SUMMARY 6 SUMMARY TABLE GLOBAL OPHTHALMIC DEVICE MARKET BY REGION, THROUGH 2019 ($ SUMMARY FIGURE GLOBAL OPHTHALMIC DEVICE MARKET BY REGION, ($ 7 7 CHAPTER 3 INTRODUCTION 10 FIGURE 1 STRUCTURE OF THE EYE 10 EYE CONDITIONS AND THE ADDRESSABLE POPULATION 11 CATARACTS 11 Cataract Prevalence 11 FIGURE 2 PREVALENCE OF CATARACTS IN THE UNITED STATES, ( Cataract Treatment 12 GLAUCOMA 12 Prevalence of Glaucoma 13 FIGURE 3 PREVALENCE OF GLAUCOMA IN THE UNITED STATES, ( Treatment and Monitoring 15 New Surgical Glaucoma Treatments 15 DIABETIC RETINOPATHY 16 Prevalence of Diabetic Retinopathy 17 TABLE 1 PREVALENCE OF DIABETIC RETINOPATHY BY REGION (%) 17 Treatment and Monitoring 18 AGE-RELATED MACULAR DEGENERATION 19 Prevalence of AMD 19 FIGURE 4 PREVALENCE OF AGE-RELATED MACULAR DEGENERATION IN THE UNITED STATES, ( Diagnosis and Treatment of AMD 20 REFRACTIVE DISORDERS 21 Prevalence of Refractive Disorders 21 FIGURE 5 PREVALENCE OF MYOPIA AND HYPEROPIC IN THE UNITED STATES, ( Diagnosis and Treatment of Refractive Disorders CHAPTER 4 THE GLOBAL MARKET 25
3 TABLE 2 GLOBAL OPHTHALMOLOGY DEVICE MARKET BY PRODUCT TYPE, THROUGH 2014 ($ FIGURE 6 GLOBAL OPHTHALMOLOGY DEVICE MARKET BY PRODUCT TYPE, 2014 (%) 25 THE GLOBAL MARKET BY PRODUCT TYPE 26 CONTACT LENSES 26 TABLE 3 GLOBAL CONTACT LENS MARKET BY REGION, THROUGH 2019 ($ FIGURE 7 GLOBAL CONTACT LENS MARKET BY REGION, 2014 (%) 27 CATARACT SURGERY PRODUCTS 28 TABLE 4 GLOBAL CATARACT SURGERY DEVICE MARKET BY REGION, THROUGH 2019 ($ FIGURE 8 GLOBAL CATARACT SURGERY DEVICES MARKET BY REGION, 2014 (%) 28 OTHER SURGICAL PRODUCTS 29 FIGURE 9 GLOBAL OTHER SURGERY MARKET BY PRODUCT TYPE, 2014 (%) 30 DIAGNOSTIC PRODUCTS 31 THE GLOBAL MARKET BY GEOGRAPHIC REGION 31 TABLE 5 GLOBAL OPHTHALMOLOGY DEVICE MARKET BY REGION, THROUGH 2019 ($ FIGURE 10 GLOBAL OPHTHALMOLOGY DEVICE MARKET BY REGION, 2014 (%) 31 UNITED STATES 32 TABLE 6 U.S. OPHTHALMOLOGY DEVICE MARKET BY PRODUCT TYPE, THROUGH 2019 ($ FIGURE 11 UNITED STATES OPHTHALMOLOGY DEVICE MARKET BY PRODUCT TYPE, 2014 (%) INTERNATIONAL MARKET 34 TABLE 7 GLOBAL OPHTHALMOLOGY DEVICE MARKET BY PRODUCT TYPE. THROUGH 2019* ($ FIGURE 12 GLOBAL OPHTHALMOLOGY DEVICE MARKET BY PRODUCT TYPE, 2014* (%) EUROPEAN MARKET 35 TABLE 8 EUROPEAN OPHTHALMIC DEVICE MARKET BY COUNTRY, THROUGH 2019 ($ FIGURE 13 EUROPEAN OPHTHALMIC DEVICE MARKET BY COUNTRY, 2014 (%) 36 ASIA-PACIFIC MARKET 37 TABLE 9 ASIA-PACIFIC OPHTHALMIC DEVICE MARKET BY COUNTRY, THROUGH 2019 ($ FIGURE 14 ASIA-PACIFIC OPHTHALMIC DEVICE MARKET BY COUNTRY, 2014 (%) 37 COMPETITIVE ENVIRONMENT 38 FIGURE 15 GLOBAL OPHTHALMOLOGY DEVICE MARKET SHARE BY TOP SIX COMPANIES, 2014 (%) TABLE 10 GLOBAL OPTHALMOLOGY DEVICE MARKET BY LEADING MANUFACTURERS, ($ MILLIONS/%) FIGURE 16 GLOBAL CONTACT LENS MARKET SHARE BY COMPANY, 2014 (%) 41 FIGURE 17 GLOBAL CATARACT SURGERY MARKET SHARE BY COMPANY, 2014 (%) 42 FIGURE 18 GLOBAL OTHER SURGERY AND DIAGNOSTICS MARKET SHARE BY COMPANY, 2014 (%) CHAPTER 5 RECENT ADVANCES IN OPHTHALMIC DEVICES 45 RECENT ADVANCES IN CATARACT SURGERY DEVICES 45 INTRAOCULAR LENS 45
4 RECENT PRODUCT INTRODUCTIONS 46 Abbott Medical Optics' Technis IOLs 46 TECNIS Symfony Extended Range of Vision 46 TECNIS Toric 47 itec Preloaded Delivery System 47 AcuFocus' IC-8 IOL 47 AcrySof IQ ReSTOR +3.0 D IOL 47 AcrySof IQ Aspheric IOL and the UltraSert Pre-loaded Delivery System 48 AcrySof IQ PanOptix 48 AcrySof Toric IOLs 48 Bausch & Lomb's TRULIGN Toric IOL 49 Bausch & Lomb's INCISE Microincision IOL 50 BLIS Injector System and envista IOL 50 Carl Zeiss Meditec's IOLS 50 Oculentis' LENTIS Mplus 51 PhysIOL's FineVision Toric 51 Rayner Intraocular Lenses' IOLs 52 CATARACT SURGERY PRODUCTS 52 RECENT PRODUCT INTRODUCTIONS 53 Alcon's Cataract Refractive Suite 53 Alcon's ORA System with VerifEye Technology 54 Carl Zeiss Medite's ZEISS Cataract Suite 54 PHACOEMULSIFICATION SYSTEMS 55 Abbott's Compact Intuitiv System 55 Alcon's Centurion Vision System 55 Bausch & Lomb's Stellaris and Stellaris PC Systems 56 Carl Zeiss' VISALIS 500 with Advanced Power Modulation 56 Nidek's CV-9000R 57 OTHER CATARACT SURGERY PRODUCTS 57 Haag-Streit's LENSTAR LS900 System 57 Haag-Streit's EyeSuite IOL 58 Nidek's AL-Scan Optical Biometer 58 FEMTOSECOND LASER-ASSISTED CATARACT SURGERY 59 Abbott Medical Optics' Catalys Precision Laser System 60 Alcon's LenSx 60 Bausch & Lomb's VICTUS Femtosecond Laser Platform 60 Bausch & Lomb's ZeroPhaco I/A Hand Piece 61 LENSAR'S LENSAR Laser System 61 RECENT ADVANCES IN OTHER SURGICAL DEVICES 62 AGE-RELATED MACULAR DEGENERATION TREATMENTS 62 Ellex Medical Lasers' 2RT (Retinal Rejuvenation Therapy) 62 Clinical Study Results 63 TREATMENT OF CLINICALLY-SIGNIFICANT MACULAR EDEMA 63 Oraya Therapeutics' Oraya Therapy 64 Clinical Study Results 64 TREATMENT OF CHOROIDAL METASTASES 65 VisionCare Ophthalmic Technologies' Implantable Miniature Telescope (by Dr. Isaac Lipshitz) 66
5 Clinical Study Results 67 GLAUCOMA TREATMENT PRODUCTS 67 SELECTIVE LASER TRABECULOPLASTY FOR GLAUCOMA 68 Lumenis' Selective Laser Trabeculoplasty for Glaucoma 68 Clinical Studies 69 Laser in Glaucoma and Ocular Hypertension (LiGHT) Study 69 Ellex Medical Lazers' SLT Products 70 Quantel Medical's Optimis Fusion 70 Quantel Medical's Optimis Fusion 70 OTHER TECHNOLOGIES 71 Aquesys' XEN Gel Stent 71 EyeTechCare's EYEOP-PACK 71 Ellex Medical Laser's Cannauloplasty Products 72 Glaukos Corp.'s istent Trabecular Micro-Bypass Stent 72 Iridex's Cyclo G6 Laser System 73 NeoMedix' Trabectome 74 istar Medical's STARflo Glaucoma Drainage Device 74 Transcend Medical's CyPass Glaucoma Micro-Stent 75 LASER PHOTOCOAGULATION SYSTEMS 75 NEW PRODUCT INTRODUCTIONS 76 Ellex Medical Lasers Ultra Q Reflex System 76 Ellex Medical Lasers' Rapide Pattern Scanning Photocoagulator 77 Lumenis' Array LaserLink 77 Nidek's GYC-500 Vixi Green Scan Laser Photocoagulator 78 Topcon's PASCAL Laser Systems 78 Quantel Medical's Vitra PDT Photodynamic Therapy Laser Platform 79 Quantel Medical's Vitra Multispot Laser System 80 Quantel Medical's Optimis Fusion 80 REFRACTIVE SURGERY PRODUCTS 80 TYPES OF REFRACTIVE SURGERY 81 TABLE 11 REFRACTIVE SURGERY PRODUCTS 82 Photo-Refractive Keratectomy (PRK) 82 LASIK Surgery 83 LASIK FDA Safety Review 84 Abbott's LASIK Products 84 Alcon's Wavelight Excimer Laser System 85 Alcon and Topography-Guided LASIK 85 Bausch & Lomb's TECHNOLAS TENEO 317 Excimer Laser 85 Carl Zeiss' MEL 90 Excimer Laser 86 Carl Zeiss' SMILE Procedure 86 REFRACTIVE SURGERY IMPLANTS 87 AcuFocu's KAMRA inlay 87 AcuTarget HD 88 STAAR Surgical's Implantable Collamer Lenses 88 RECENT ADVANCES IN OPHTHALMIC DIAGNOSTIC DEVICES 89 DIAGNOSTIC DEVICES 89 NEW PRODUCT INTRODUCTIONS 90
6 Abbott's idesign Dx Systems 90 Abbott's idesign Advanced WaveScan Studio System 90 CARL ZEISS MEDITEC'S DIAGNOSTIC PRODUCTS 91 Glaucoma Diagnostic Products 91 FORUM Data Management System 91 VISUPLAN500 Non-Contact Tonometer 92 VISUSCREEN 100/500 and VISUPHOR 500 Acuity Chart and Digital Phoropter Zeiss Slit Lamps 93 I-Optic's Cassini Corneal Topography System 93 COLOR LED TOPOGRAPHY 94 Nidek's MP-3 Microperimeter 94 Nidek's PM-700 Pupillary Distance Meter 94 Rapid Pathogen Screening's InflammaDry Test 94 TOPCON's Refractometry Products 95 IMAGING SYSTEMS 96 ADVANCED TECHNOLOGIES 96 Optical Coherence Tomography 96 Scanning Laser Ophthalmoscopy 97 Heidelberg Engineering's Spectralis Imaging System 97 RECENTLY INTRODUCED OCT PRODUCTS 99 Bausch & Lomb's Swept Source OCT Imaging System 99 Carl Zeiss Meditec's' CIRRUS HD-OCT Carl Zeiss' IOLMaster 700 with SWEPT Source Biometry 100 Carl Zeiss Medic's OPMI LUMERA 700 and RESCAN Optovue's SD-OCT Technology Products 101 Nidek's Retina Scan Duo OCT 102 Nidek's RS-3000 Advance 102 Topcon's Swept Source DRI OCT Triton 103 Optovue's OCT Angiography Technology 103 RECENTLY INTRODUCED LASER OPHTHALMOSCOPY PRODUCTS 104 i-optics' EASYSCAN 104 RETINAL IMAGING CAMERAS 105 Carl Zeiss Meditec's VISUSCOUT Optovue's icam Non-Mydriatic Fundus Camera 105 TopCon's Retinal Imaging Products 106 IMAGEnet 5 Digital Imaging System 106 RECENT ADVANCES IN CONTACT LENSES 107 DEVELOPMENTS IN CONTACT LENS MATERIALS 108 RECENT PRODUCT INTRODUCTIONS 108 TABLE 12 CONTACT LENS PRODUCT LAUNCHES, APRIL, 2013-JUNE, Bausch & Lomb's PureVision 2 Multi-Focal Fit Guide 110 Antitrust Class Action Lawsuits against Contact Lens Manufacturers CHAPTER 6 PIPELINE DEVICES 113 CATARACT SURGERY PRODUCTS IN DEVELOPMENT 113 TABLE 13 CATARACT SURGERY PRODUCTS IN LATE-STAGE DEVELOPMENT 113
7 ALCON'S ACRYSOF TORIC IOLS 114 MORCHER'S XTRA FOCUS IOL 114 BAUSCH & LOMB'S CIRLE SURGICAL NAVIGATION SYSTEM 114 IOLS IN EARLY DEVELOPMENT 115 POWERVISION FLUIDVISION ACCOMMODATING IOL 115 CALHOUN VISION'S LIGHT ADJUSTABLE LENS 115 CLARVISTA MEDICAL'S HARMONI IOL 116 ELENZA'S SAPPHIRE IOL 116 REFRACTIVE SURGERY PRODUCTS IN DEVELOPMENT 117 TABLE 14 REFRACTIVE SURGERY PRODUCTS IN LATE-STAGE DEVELOPMENT 117 ALCON AND TOPOGRAPHY-GUIDED LASIK 118 BAUSCH & LOMB'S SUPRACOR PROCEDURE 118 CARL ZEISS' SMILE PROCEDURE 118 STAAR SURGICAL'S TORIC IMPLANTABLE COLLAMER LENSES 119 IMPLANTS TO TREAT PRESBYOPIA 120 TABLE 15 PRESBYOPIA IMPLANTS IN DEVELOPMENT 120 REVISION OPTICS' RAINDROP NEAR VISION INLAY 120 PRESBIA'S FLEXIVUE MICROLENS 121 DELIVERY DEVICES 122 Refocus Group's VisAbility Implant System 122 Neoptics' Icolens 123 GLAUCOMA PRODUCTS IN DEVELOPMENT 124 TABLE 16 GLAUCOMA PRODUCTS IN DEVELOPMENT 124 Glaukos' Micro-Invasive Glaucoma Surgery Products 125 istent Inject Trabecular Micro-Bypass Stent 125 istent Supra Suprachoroidal Micro-Bypass Stent 125 idose 125 Ivantis' Hydrus Microstent 126 InnFocus' Microshunt 126 Transcend Medical's CyPass Glaucoma Micro-Stent 127 Aquesys' XEN Gel Stent 128 EyeSonix' Low Power Ultrasound Device 128 CONTACT LENSES IN DEVELOPMENT 129 TABLE 17 CONTACT LENS PRODUCTS IN DEVELOPMENT-PHASE III 129 Brien Holden Vision's Extended Depth of Focus Contact Lenses 129 OTHER NEW PRODUCTS IN DEVELOPMENT 130 TREATMENTS FOR AGE-RELATED MACULAR DEGENERATION 130 SalutarisMD's Wet AMD Technology 130 Oraya Therapeutics' Oraya Therapy for Wet AMD 131 Second Sight's Argus II System for Dry AMD 131 Allergan's OD-01 for Dry Eye 132 Carl Zeiss' OCT Angiography 132 Alcon and ''Smart Lens'' Technology 133 Topcon's Diagnostic System 133 RECENT MARKET ACTIVITY 134 MERGERS AND ACQUISITION 134 TABLE 18 RECENT MERGERS AND ACQUISITIONS, NOV, JULY,
8 MAJOR RECENT TRANSACTIONS 136 Allergan to Acquire Oculeve 136 Rayner Acquires Aptissen's Ophthalmic Cataract Surgery Business 136 XIO Group to Acquire Lumenis 137 Alcon Acquires WaveTec Vision 137 Synergetics USA Acquires Sterimedix 137 The Cooper Acquires Sauflon Pharmaceuticals 138 Ellex Medical Lasers Acquires iscience Interventional s Canaloplasty Business Carl Zeiss Meditec Acquires Aaren Scientific 138 Abbott Medical Optics Acquires OptiMedica 138 Valeant Pharmaceuticals International Acquires Bausch & Lomb 139 Bausch & Lomb Acquires Technolas Perfect Vision, 139 Alcon Acquires SensoMotoric Instruments Ophthalmic Division 139 Alcon Acquires Endure Medical Systems 139 Bausch & Lomb Acquires Laboratorio Pförtner Cornealent 140 ALLIANCE AND LICENSING DEALS 140 TABLE 19 RECENT ALLIANCE AND LICENSING DEALS, JAN, 2012-JAN, NOTABLE MARKETING AND DISTRIBUTION DEALS 142 Ophtec and i-optics 142 Abbott Medical Optics and Carl Zeiss Meditec in the United States 142 Valeant Pharmaceuticals and Croma in the United States 142 HOYA and i-optics 143 Lumenis and Visionix in China 143 Bausch & Lomb and PhysIOL for IOLs 143 Bausch & Lomb and Leica Microsystems 143 TrueVision 3D Surgical and i-optics 144 Quantel Medical and Iridex for MicroPulse Technology 144 Bausch & Lomb and Topcon Medical in Japan 144 NOTABLE RESEARCH AND DEVELOPMENT COLLABORATIONS 145 Carl Zeiss Meditec and Oraya Therapeutics 145 Alcon and Google's ''Smart Lens'' Technology 145 Bausch & Lomb and Cirle 146 Hoya and InnFocus 146 Topcon and A*STAR CHAPTER 7 FUTURE OUTLOOK 149 TABLE 20 GLOBAL OPHTHALMIC DEVICE MARKET BY PRODUCT, THROUGH 2019 ($ TABLE 21 SUMMARY: MARKET CHALLENGES AND OPPORTUNITIES CHAPTER 8 COMPANY PROFILES 152 ABBOTT MEDICAL OPTICS 152 ALCON 153 BAUSCH & LOMB 154 CARL ZEISS MEDITEC AG 155 COOPERVISION 157 ELLEX MEDICAL LASERS 157
9 GLAUKOS 158 HOYA 159 JOHNSON & JOHNSON 160 LUMENIS 161 NIDEK 162 QUANTEL MEDICAL 163 STAAR SURGICAL 164 TOPCON 165 CHAPTER 9 ACRONYMS 168 CHAPTER 10 REFERENCES AND WEBLINKS 171 INTRODUCTION REFERENCES 171 RECENT DEVELOPMENTS IN OPHTHALMIC DEVICES REFERENCES 171 PRODUCT PIPELINE REFERENCES 172 INTRODUCTION WEBLINKS 172 RECENT DEVELOPMENTS IN OPHTHALMIC DEVICES WEBLINKS 173
10 LIST OF TABLES TABLE HEADING SUMMARY TABLE GLOBAL OPHTHALMIC DEVICE MARKET BY REGION, THROUGH 2019 ($ TABLE 1 PREVALENCE OF DIABETIC RETINOPATHY BY REGION (%) 17 TABLE 2 GLOBAL OPHTHALMOLOGY DEVICE MARKET BY PRODUCT TYPE, THROUGH 2014 ($ TABLE 3 GLOBAL CONTACT LENS MARKET BY REGION, THROUGH 2019 ($ 27 TABLE 4 GLOBAL CATARACT SURGERY DEVICE MARKET BY REGION, THROUGH 2019 ($ TABLE 5 GLOBAL OPHTHALMOLOGY DEVICE MARKET BY REGION, THROUGH 2019 ($ TABLE 6 U.S. OPHTHALMOLOGY DEVICE MARKET BY PRODUCT TYPE, THROUGH 2019 ($ TABLE 7 GLOBAL OPHTHALMOLOGY DEVICE MARKET BY PRODUCT TYPE. THROUGH 2019* ($ TABLE 8 EUROPEAN OPHTHALMIC DEVICE MARKET BY COUNTRY, THROUGH 2019 ($ TABLE 9 ASIA-PACIFIC OPHTHALMIC DEVICE MARKET BY COUNTRY, THROUGH 2019 ($ TABLE 10 GLOBAL OPTHALMOLOGY DEVICE MARKET BY LEADING MANUFACTURERS, ($ MILLIONS/%) TABLE 11 REFRACTIVE SURGERY PRODUCTS 82 TABLE 12 CONTACT LENS PRODUCT LAUNCHES, APRIL, 2013-JUNE, TABLE 13 CATARACT SURGERY PRODUCTS IN LATE-STAGE DEVELOPMENT 113 TABLE 14 REFRACTIVE SURGERY PRODUCTS IN LATE-STAGE DEVELOPMENT 117 TABLE 15 PRESBYOPIA IMPLANTS IN DEVELOPMENT 120 TABLE 16 GLAUCOMA PRODUCTS IN DEVELOPMENT 124 TABLE 17 CONTACT LENS PRODUCTS IN DEVELOPMENT-PHASE III 129 TABLE 18 RECENT MERGERS AND ACQUISITIONS, NOV, JULY, TABLE 19 RECENT ALLIANCE AND LICENSING DEALS, JAN, 2012-JAN, TABLE 20 GLOBAL OPHTHALMIC DEVICE MARKET BY PRODUCT, THROUGH 2019 ($ TABLE 21 SUMMARY: MARKET CHALLENGES AND OPPORTUNITIES
11 LIST OF FIGURES FIGURE TITLE SUMMARY FIGURE GLOBAL OPHTHALMIC DEVICE MARKET BY REGION, ($ FIGURE 1 STRUCTURE OF THE EYE 10 FIGURE 2 PREVALENCE OF CATARACTS IN THE UNITED STATES, ( FIGURE 3 PREVALENCE OF GLAUCOMA IN THE UNITED STATES, ( FIGURE 4 PREVALENCE OF AGE-RELATED MACULAR DEGENERATION IN THE UNITED STATES, ( FIGURE 5 PREVALENCE OF MYOPIA AND HYPEROPIC IN THE UNITED STATES, ( FIGURE 6 GLOBAL OPHTHALMOLOGY DEVICE MARKET BY PRODUCT TYPE, 2014 (%) 25 FIGURE 7 GLOBAL CONTACT LENS MARKET BY REGION, 2014 (%) 27 FIGURE 8 GLOBAL CATARACT SURGERY DEVICES MARKET BY REGION, 2014 (%) 28 FIGURE 9 GLOBAL OTHER SURGERY MARKET BY PRODUCT TYPE, 2014 (%) 30 FIGURE 10 GLOBAL OPHTHALMOLOGY DEVICE MARKET BY REGION, 2014 (%) 31 FIGURE 11 UNITED STATES OPHTHALMOLOGY DEVICE MARKET BY PRODUCT TYPE, 2014 (%) FIGURE 12 GLOBAL OPHTHALMOLOGY DEVICE MARKET BY PRODUCT TYPE, 2014* (%) FIGURE 13 EUROPEAN OPHTHALMIC DEVICE MARKET BY COUNTRY, 2014 (%) 36 FIGURE 14 ASIA-PACIFIC OPHTHALMIC DEVICE MARKET BY COUNTRY, 2014 (%) 37 FIGURE 15 GLOBAL OPHTHALMOLOGY DEVICE MARKET SHARE BY TOP SIX COMPANIES, 2014 (%) FIGURE 16 GLOBAL CONTACT LENS MARKET SHARE BY COMPANY, 2014 (%) 41 FIGURE 17 GLOBAL CATARACT SURGERY MARKET SHARE BY COMPANY, 2014 (%) 42 FIGURE 18 GLOBAL OTHER SURGERY AND DIAGNOSTICS MARKET SHARE BY COMPANY, 2014 (%)
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