London, United Kingdom (PressExposure) January 06, 2012 -- The global vision care devices market is expected to grow at a Compound Annual Growth Rate (CAGR) of 4.4% over the period 2010 - 2017. The global vision care devices market had revenues of $34 billion in 2010, which will rise to $46 billion by 2017. The increasing target population due to high prevalence of eye disorders such as presbyopia, myopia and hyperopia will drive market growth. Incidences of presbyopia will increase due to the population aging. According to United Nations (UN) estimates, 90 countries will have a median age above 40 years by 2050, which is the age when presbyopia begins to affect people.
The vision care devices market is driven by the increasing number of patients suffering from eye disorders. The most common conditions are myopia, hyperopia, astigmatism and presbyopia. Myopia is one of the most common eye disorders and affects about 1.6 billion people, while presbyopia is found in about one billion people globally. The prevalence of hyperopia increases in the elderly. Around 50% of people aged above 65 years in the US have hyperopic conditions.
Rising awareness about eye health in developing countries has led to an increase in the adoption of vision care devices. 'VISION 2020: The Right To Sight' is a joint program on a global level that is expected to boost awareness levels among general population, while increasing the demand for vision care devices.
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In 2010, Essilor International was the leader in the global vision care devices market with a 14% share, followed by Johnson & Johnson Vision Care with 8% and CIBA Vision Corporation at 5%. The vision care devices market is highly fragmented and competitive. The top three players occupy just over 27% of the global market. Technological innovations occur at a rapid pace in the optical industry, forcing manufacturers to continue developing and introducing novel products in the market to stay ahead of the competition. Market dynamics are changing rapidly due to the advent of online sellers for lenses and direct to consumer marketing tactics adopted by manufacturers. Consumers have more choice for vision care devices compared to other medical devices, which has resulted in patients proactively participating while choosing lenses.
In the US, the majority of contact lens sales are through independent eye care practitioners, followed by national optical chains and mass merchandisers. The launch of disposable soft contact lenses and the Fairness to Contact Lens Consumers Act (FCLCA) ruling allowing prescription portability have opened up the contact lens market in the US. This ruling provides increased ability to contact lens wearers to shop around when buying contact lenses, opening up the market and offering more choices to consumers. This will also lead to increased competition among contact lens sellers, benefiting the consumers due to lower prices and improved product quality.
GlobalData's new report, "Vision Care Devices - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017" 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's 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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