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Vision Care (Contact Lenses and Spectacle Lenses)
Vision Care (Contact Lenses and Spectacle Lenses)
Vision Care Devices Market is Forecast to Exceed $23bn in 2016
Hyderabad,
AP,
India
(prbd.net)
15/12/2010
The global market for vision care devices was valued at $20 billion in 2009, and is forecast to grow at a Compound Annual Growth Rate (CAGR) of 3% to reach $24 billion in 2016. The market is expected to be driven by the increasing patient population suffering from refractive errors, their increased awareness and the cost effectiveness of vision care devices over refractive surgery.
In 2009, the prevalence of refractive errors in US was 25%. Refractive errors affect one third of people who are 40 year or older in the US and Western Europe and one fifth of the same age group people in Australia. The prevalence of myopia is as high as 70-90% in some Asian countries. Females are at a higher risk of developing refractive errors compared to men.
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The US vision care devices market is expected to reach $6 billion in 2016, growing at a CAGR of 4% from 2009 to 2016. The spectacle lens market was valued at $2.4 billion in 2009 and the contact lens market was valued at $2.3 billion in 2009. The US remains the largest market for vision care devices. The vision care devices market in the US is expected to be driven by the increasing aged population, which comprised 18% of the total US population in 2009, and brand consciousness among patients.
The vision care devices market in India and China was valued at $320m and $1,592m respectively in 2009 and is forecast to grow at a CAGR of 4% to reach $420m and $2,034m respectively in 2016. The market is expected to be driven by patient demographics, the increasing aged population, the cost effectiveness of vision care devices, brand consciousness and the rise of the organized retail sector in India and China.
In India, with the growing partnerships between retailers and manufacturers, luxury eyewear is now available. Companies are constantly diversifying their product portfolio to meet the unmet needs in the vision care devices market.
Currently in China and India about 41% of the adult population is myopic, which forms a huge wearer base for vision care devices. The potential contact lens market in these two countries alone will include at least 800 million myopic and 500 million presbyopic people.
GlobalData’s new report, “Vision Care (Contact Lenses and Spectacle Lenses) - Global Pipeline Analysis, Opportunity Assessment and Market Forecasts to 2016” provides key data, information and analysis on the global vision care devices market. The report provides market landscape, competitive landscape and market trends information on the vision care devices market. The report provides comprehensive information on the key trends affecting the market, and key analytical content on the market dynamics. The report also reviews the competitive landscape and technology offerings. This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalData’s team of industry experts.
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