According to MarketsandMarkets, much of the predicted growth is expected to occur in the Asia Pacific region led by demand from India and China. The company says more mature markets, such as Europe and North America, will grow at a slower pace as a result of economic difficulties.
Additionally, the pharmaceuticals market is expected to grow at a slower pace compared with the devices market. That’s because of the patent cliff and a less-than-robust pipeline of future products.
Meanwhile according to the latest research, the eyewear sector is facing a different scenario. Market Watch in the United States has identified an increase in the sale of optical products (frames, lenses and contact lenses) of 3.4 per cent from 2010– 11. In Australia, the annual Eye Talk Survey highlighted reduced revenue from optometry practices of around 4 per cent.
See mivision’s lead news story on this page for more information on the optical market.