The global Spectacle Lens market held a market value of USD 55.01 Million in 2021 and is projected to reach USD 88.25 Million by the year 2030. The market is anticipated to grow at a CAGR of 5.5% from 2022 to 2030. Around 330 million units of Spectacle Lens were sold in 2021.
The market is expected to be driven by the increasing cases of eye disorder among elderly population coupled with the spectacle correction technology for myopia control. Furthermore, increasing demand of fashionable eyeglasses among customers are also estimated to fuel the market growth. Despite the driving factors, lack of required skills for ophthalmic laboratory technicians are anticipated to hinder the market growth.
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Growth Influencers:
Increasing cases of eye disorder among elderly population
According to the World Health Organization, as of October 2021, globally nearly 2.2 billion people suffer from a near or distance vision impairment. Leading causes of vision impairment are cataracts and uncorrected refractive errors. As per the same source, majority of these people are above the age of 50 years. Out of these 2.2 billion people, nearly 1 billion suffer from moderate or severe distance vision impairment or blindness. This is due to 84.4 million unaddressed refractive error patients, 7.7 million glaucoma patients, 94 million cataract patients, 3.9 million diabetic retinopathy patients, 4.2 million corneal opacities patients, 2 million trachoma patients, and about 826 million vision impairment caused by unaddressed presbyopia patients. Hence, increasing cases of eye disorders, especially among elderly population is expected to create awareness regarding eye testing, hence boosting the demand for spectacle lens.
Segments Overview:
The global Spectacle Lens market is segmented into type, material, coatings, application, and distribution channel.
By Type,
? Single vision lenses
? Bifocal lenses
? Trifocal Lenses
? Progressive lenses
? Toric Lenses
? Prism Lenses
The progressive lenses segment is anticipated to witness the highest growth rate of around 6.9% during the projected period, as it provides a wider zone of clear vision and is good for computer use, which increases its demand. The single vision lenses segment is estimated to hold a market opportunity of more than USD 10 million during 2022 to 2030, owing to their high demand in developing countries. The trifocal lenses segment is expected to cross a mark of USD 10 million by 2023 owing to the rising number of patients suffering from blurry vision.
By Material,
? CR-39 Plastic
? Polycarbonate
? High-index Plastic
? Glass
? Trivex
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The polycarbonate segment is expected to account for the largest market share of over 30% in 2021 owing to their better durability and light weight. The high-index plastic segment is anticipated to witness the highest growth rate of around 6.5% over the projected period owing to their increasing demand for correcting sight. Trivex lenses are also likely to register significant growth as they have less internal stress and also provide sharper central vision.
By Coatings,
? Ultraviolet (UV) Protective
? Anti-Reflective Coating (AR Coating)
? Scratch-Resistant Coating
? Blue Light Filtration Coatings
? Anti-Fog Coating
? Anti-reflective Coating
? Others
The ultraviolet (UV) protective segment is expected to register the fastest CAGR of around 6.6% over the forecast period, owing to its rising demand due to usage in making lenses, which are meant for computer use. The antireflective coating (AR Coating) segment is estimated to surpass a mark of USD 20 million by 2026, as they eliminate the harmful glare by absorbing the reflected light.
By Application,
? Reading Glasses
? Digital Protection
? Safety Glasses
? Sunglasses
? Non-Prescription (Fake) Glasses
The reading glasses segment is expected to hold the largest market share of over 35% in 2021, owing to their increasing demand, especially from students and academicians. The non-prescription (Fake) glasses segment is estimated to surpass a market value of around USD 10 million by 2027 owing to their high usage for fashion and style purposes, especially amongst the youngsters.
By Distribution Channel,
? Online
? Offline
o Pharmacies
o Ophthalmology Clinic/ Eye Care Centers
o Hospitals
The online segment is expected to register the highest CAGR of about 6.2% during the projected period owing to the rising number of e-commerce platforms, solely focused on eyewear. For instance, Lenskart in India is a well-known online eye-wear brand. Within the offline segment, the ophthalmology clinic/eye care centers generated the highest revenue owing to the rising awareness regarding the importance of getting eyes tested by a specialist.
Regional Overview
By region, the global Spectacle Lens market is divided into Asia Pacific, Europe, North America, Middle East & Africa, and South America.
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The North America region accounted for the largest market share of more than 35% owing to the growing presence of major players in the region. The Asia Pacific region holds an opportunity of more than USD 10 million during 2022 to 2030, owing to the growing adoption of technologically advanced lenses in the region.
Competitive Landscape
Major players in the global Spectacle Lens market include Carl Zeiss Meditec AG, Cooper Companies Inc., Essilor International SA, GKB Ophthalmics Ltd, Hoya Corporation, Johnson and Johnson, Nikon Corporation, Rodenstock GmbH, Seiko Optical Products Co. Ltd, Valeant Pharmaceuticals (Bausch Health), Vision Ease, and Warby Parker, among others. The cumulative market share of the four major players is close to 50%.
These market players are involved in collaborations, mergers & acquisitions, and new product launches, among other initiatives, to strengthen their market presence. For instance, in October 2021, CooperVision announced that sightglass vision diffusion optics technology demonstrates a significant reduction in myopia progression after two years in the clinical trial.
The global Spectacle Lens market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Spectacle Lens market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Global Prevalence of Myopia and High Myopia (2020-2050)
? Volume of Corrective Spectacle Lens Sales in the UK (2017-2020)
The global Spectacle Lens market report answers questions such as:
? What is the market size and forecast of the Global Spectacle Lens Market?
? What are the inhibiting factors and impact of COVID-19 on the Global Spectacle Lens Market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the Global Spectacle Lens Market?
? What is the competitive strategic window for opportunities in the Global Spectacle Lens Market?
? What are the technology trends and regulatory frameworks in the Global Spectacle Lens Market?
? What is the market share of the leading players in the Global Spectacle Lens Market?
? What modes and strategic moves are considered favorable for entering the Global Spectacle Lens Market?
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