The Future of Ophthalmic Devices, Market Forecasts and Growth Opportunities to 2016 - The Vision Care Segment Emerges as a Key Revenue Generator24 May 2010 • by Natalie Aster
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.
This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research’s team of industry experts.
The Global Ophthalmic Devices Market to Reach $28 billion by 2016
The global ophthalmic devices market is forecast to reach $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 a huge population suffering from vision problems, the availability of reimbursement for a majority of the devices and surgeries and the direct to consumer approach of the companies. The aging population is also an important growth driver for the market. The availability and accessibility of treatment for a majority of vision problems is also leading to increased patient demand and a subsequent growth in the market.
The US to Continue to be the Biggest Ophthalmic Devices Market
The US is the biggest market for ophthalmic devices, contributing 26% towards the global market in 2009, and this contribution is expected to increase to 27% in 2016. The US ophthalmic devices market was valued at $6 billion in 2009 and 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 the high prevalence of vision problems, the increasing contribution of employees and employers for vision care coverage and the availability and easy accessibility of the latest medical interventions for affected patients.
The Vision Care Market Remains the Largest Category in the Global Ophthalmic Devices Market
The 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 in 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, the fashionable aspect of the latest contact and spectacle lenses and a huge population base to wear them.
Essilor International and Johnson & Johnson Vision Care Lead the Global Ophthalmic Devices Market
In 2008, Essilor International and Johnson & Johnson Vision Care had a combined market share of 26% in the ophthalmic devices market. These two companies are the leading players in the ophthalmic devices market. This can be attributed to their leading market share 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 have lead to an increase in their market share. Also, both companies enjoy good brand name and awareness with both patients and physicians, which are making it easy for them to introduce new products.