According to a recent market study published by Growth Market Reports (GMR), titled, “Global Lens Monomer Market by Product Types, End-users, and Regions: Size, Share, Trends and Opportunity Analysis, 2017-2027”, the market was valued at USD 1,322.5 Million in 2019 and is expected to grow at a healthy growth rate of 4.2% by the year 2027. Increasing prevalence of vision problems, high prevalence of myopia, growing risk of computer vision syndrome (CVS), rising consciousness about fashion, and availability of a wide range of photochromic lens-based spectacles or sunglasses, growing geriatric population, rising number of product launches, increasing investment in marketing strategies by manufacturers are some of the key factors expected to drive the lens monomer market during the forecast period.
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The global lens monomer market is fragmented based on product types, end-users, and regions. Based on product types, the lens monomer market is segmented into clear lenses, photochromic lenses, and others. On the basis of end-users, the lens monomer market is segregated into general glasses stores, ophthalmology hospitals, and others. Based on region, the global lens monomer market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America. The Asia Pacific region is further segmented into, India, China, South Korea, Australia, Japan, and Rest of Asia Pacific. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe, and the MEA region is further divided into Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa (MEA).
In year 2020, the lens monomer market is expected to witness the decline as a negative impact of COVID 19 pandemic. COVID-19 has impacted the eye wear industry, as lockdowns have hampered the sales considerably. A few stores are operating through online and offline retail channels has provided services to people, thus sluggish market growth is expected during this pandemic. The market is growing slowly in COVID situation; however, it is expected to grow at a faster pace in the future.
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As per GMR industry analyst Akshata Ahire, “The Global Lens Monomer Market is anticipated to witness significant growth during forecast period 2021-2027. The rising usage of lenses by people suffering from eye-related problems and vision impairment to improve their eye sight. Also, rising screen time among working as well as non-working people is damaging the eye sight. These factors are boosting the demand for lenses and is expected to create lucrative opportunity during forecast period. Moreover, the advancements in lenses such as Anti-blue coating lenses, as they are used for blocking the harmful blue rays emitted from electronic gadgets such as televisions, computers, laptops, tablets, and smart phones is anticipated to propel the market growth during forecast period”
Key Takeaways from the Study:
- Japan based Mitsui Chemicals Inc. held significant market share of global lens monomer market in year 2019.
- Asia pacific accounts for a major share of the market, followed by Europe. The market in Asia Pacific is projected to expand at significant CAGR during the forecast period.
- The clear lenses segment is expected to grow at a CAGR of 4.5%, owing to the increase in the demand for prescription and non-prescription clear lenses. Photochromic lenses are majorly used in sunglasses, as they have ability to adjust the light by changing color.
- The general glasses stores segment is anticipated to expand at a CAGR of 4.4% during the forecast period, as major sales are generated by these stores. Ophthalmology hospitals are less preferred as compared to general stores for purchasing lenses and glasses.
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Report Scope:
| Report Metric | Details |
| Market Value in 2019 | USD 1,322.5 Million |
| Market Growth Rate (from 2021 to 2027) | 4.2% |
| Historical Data | 2017 & 2018 |
| Base Year | 2019 |
| Forecast Period | 2020 – 2027 |
| Units Considered | Value (USD Million) and Volume (Tons) |
| Market Segments | By Product types , By End-users |
| Regional Scope | North America, Europe, Latin America, Asia Pacific, Middle East & Africa (MEA) |
| Country Scope | U.S., Canada, Brazil, Mexico, Rest of Latin America, India, China, Japan, South Korea, Australia, Rest of Asia Pacific, U.K., France, Germany, Italy, Spain, Russia, Rest of Europe, Saudi Arabia, South Africa, UAE, and Rest of MEA. |
| Key Companies Profiled | Mitsubishi Gas Chemical MITSUI CHEMICALS AMERICA, INC. Miwon Commercial Co., Ltd. PPG Industry Inc. Polysciences, Inc. SKC Shimizu Optical (Shanghai) Co., Ltd. |
| Customization Scope | Report customization available on request |
| Pricing and Purchase Options | Avail tailor-made purchase options to meet your research requirements. |
Target Audience:
- Supply-side: Lens Monomer manufacturers (Eye care industries), raw material suppliers, primary respondents, and distributors.
- Demand Side: Hospitals, Optometry Clinics, Pharmacies, Group Purchasing Organizations, Medical payers etc.
- Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies
- Associations and Industry Bodies: Centers for Disease Control and Prevention (CDC), Food and Drug Administration (FDA), World Health Organization (WHO), Medicines and Healthcare Products Regulatory Agency (MHRA), Therapeutic Goods Administration (TGA), International Organization for Standardization(ISO), Ministry of Health, Labor and Welfare (MHLW), International Federation of Pharmaceutical Manufacturers & Association (IFPMA), World Trade Organization (WTO), Indian Medical Research Council (ICMR).
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