Vision Care (Contact Lenses and Spectacle Lenses) - Global Pipeline Analysis, Opportunity Assessment and Market Forecasts to 2016 predicts that the marketplace will 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%. 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, according to a press release.
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 an aging population that's brand conscious.
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 an aging population that's brand conscious.
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