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The Future of Ophthalmic Devices, Market Forecasts and Growth Opportunities to 2016
The Future of Ophthalmic Devices, Market Forecasts and Growth Opportunities to 2016
The Global Ophthalmic Devices Market to reach $28 billion by 2016
kent,
sidcup,
United Kingdom
(prbd.net)
29/03/2010
"The Future of Ophthalmic Devices, Market Forecasts and Growth Opportunities to 2016"
The global ophthalmic devices market is forecast to exceed $28 billion by 2016 with a Compound Annual Growth Rate (CAGR) of 2.5% from 2009-2016. The market is expected to be driven by huge population suffering from vision problems, availability
of reimbursement for majority of the devices and surgeries, direct to consumer approach of the companies. Aging population is also an important growth driver for the market. The chances of developing vision problems such as age related macular degeneration, presbyopia and astigmatism are high as individual ages. Also availability and accessibility for treatment of majority of vision problems is leading to patient demand and subsequent growth in the market.
The US is the biggest market for ophthalmic devices contributing 26% towards the global market in 2009 and the contribution is expected to increase to 27% by 2016. The US ophthalmic devices market valued at $6 billion in 2009 is forecast to grow at a CAGR of 3.4% to reach $7.6 billion in 2016. The market is expected to be driven by high prevalence of vision problems, increasing contribution of employees and employers for vision care coverage and availability and easy accessibility of latest medical interventions to the affected patients.
Vision care category which consists of spectacle lenses and contact lenses accounted for 85% of the overall ophthalmic devices market in 2009 making it the largest category within the ophthalmic devices market. It is forecast to grow at a CAGR of 2.6% for the next seven years to exceed $23 billion by 2016. Historically the market grew at a rate of 5.9% in the last seven years. The vision care market is expected to be driven by technological advances in lenses materials, fashionable aspect of the latest contact and spectacle lenses and a huge population base to wear them.
In 2008, Essilor International and Johnson & Johnson Vision Care had a combined market share of 26%. These two companies are the leading players in the vision care category which accounts for about 85% of the global ophthalmic devices market. These two companies especially Essilor have undertaken multiple acquisitions in the last four years which is leading to increase in their market share. Also both the companies enjoy great brand name with both the patients and physicians which is making it easy for them to introduce new products.
GBI Research’s report, “The Future of Ophthalmic Devices, Market Forecasts and Growth Opportunities to 2016 - The Vision Care Segment Emerges as a Key Revenue Generator” provides key data, information and analysis on the global ophthalmic devices market. The report provides market landscape, competitive landscape and market trends information on four ophthalmic devices market categories - cataract surgery devices, refractive surgery devices, vision care, and ophthalmic diagnostic equipment. The report provides comprehensive information on the key trends affecting these categories, and key analytical content on the market dynamics. The report also reviews the competitive landscape, key pipeline products and technology offerings.
http://www.gbiresearch.com
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GBI Research is a global market intelligence services company providing information research and analysis products and services.
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