Optical Market to Reach $24 Billion by 2016

According to the findings of a study by Research and Markets, the global market for vision care devices should grow at a compound annual growth rate (CAGR) of 3% to reach $24 billion in 2016, up from $20 billion in 2009.

Here's a glimpse at the study: “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 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.”