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Ophthalmology devices market shows growth in aging population, Asia

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The Ophthalmology Devices Market – Competitive Landscape & Global Forecasts to 2018 report, recently released by MarketsandMarkets, projects the industry to grow at a CAGR of 6.8%, to reach $9466.7 million by 2018.

The vision care market is anticipated to reach nearly $34 billion by 2018 at a CAGR of 2.9%, according to the press release.

The report explains that while the recession affected the market in 2008 and 2009, it is projected to grow at a stable rate primarily due to the aging population, increase in the occurrence of eye diseases, varying lifestyles and rising income levels worldwide.

U.S. and Europe markets are repressed due to saturation in developed markets and economic recession, the release said. Asian countries offer growth and investment opportunities.

Also, technological developments are driving the ophthalmology devices market. The report stated that North America will continue to dominate the market, followed by Europe, Asia and the rest of the world. The Asian market is expected to grow at a higher rate during 2013-2018.