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Vision Care Devices Market is Forecast to Exceed $23bn in 2016

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Vision Care (Contact Lenses and Spectacle Lenses) - Global Pipeline Analysis, Opportunity Assessment and Market Forecasts to 2016

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Vision Care Devices Market is Forecast to Exceed $23bn in 2016

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.

The US Remains the Largest Vision Care Devices Market Driven by Increasing Aging Population and Brand Consciousness Among the Patients

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 visioncare 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.

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Emerging Economies such as India and China to Drive Growth in the Vision Care Devices Market

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.

For further details, please click or add the below link to your browser:

http://www.globaldata.com/reportstore/Report.aspx?ID=Vision-Care-Contact-Lenses-and-Spectacle-Lenses-Global-Pipeline-Analysis-Opportunity-Assessment-and-Market-Forecasts-to-2016&ReportType=Industry_Report&Title=Medical_Devices

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

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market in these two countries alone will include at least 800 million myopic and 500 million presbyopic people.

Vision Care Devices Market is Highly Fragmented in Nature with the Top Three Players Accounting for 39% of the Market

The market for vision care devices is highly fragmented with numerous players. In 2009, Essilor International, Johnson & Johnson Vision Care, Inc. and CIBA Vision Corporation were the leading players in the global vision care devices market with a combined share of only 39%. Essilor International was the market leader with 20% market share. The leadership of these three companies can be attributed to their strong direct-to-consumer marketing approaches and innovative products in the contact lens segment.

Contact Lenses to be the Fastest Growing Segment in Vision Care Devices Market

The global market for contact lenses was valued at $7.6 billion in 2009, and is forecast to grow at a CAGR of 4% to reach $10 billion in 2016. Contact lenses are forecast to be the fastest growing category in the vision care devices market. In countries such as France and India, the contact lens market is forecast to grow at a CAGR of 9% and 8% respectively.

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Estimates show that about three million new contact lens wearers enter the US market every year. Teenagers represent the largest age group of new entrants in the contact lenses market followed by the presbyopic population. In the near future, silicone hydrogel lenses and daily disposables are going to be the key trends in the vision care devices market. The market share of silicone hydrogel lenses is close to 80% in Russia. Switzerland and the Netherlands have market shares of silicone hydrogel lenses of above 70% and in Germany it is close to 60%.

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.

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For further details, please click or add the below link to your browser:

http://www.globaldata.com/reportstore/Report.aspx?ID=Vision-Care-Contact-Lenses-and-Spectacle-Lenses-Global-Pipeline-Analysis-Opportunity-Assessment-and-Market-Forecasts-to-2016&ReportType=Industry_Report&Title=Medical_Devices

Visit our report store: http://www.globaldata.com

For more details contact:

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