The market for spectacle lenses was valued at US$ 49,727.4 Mn in 2021 and is anticipated to grow at a CAGR of 4.0% from 2022 to 2028 to reach US$ 65,614.2 Mn. Due to the rising incidence of visual impairment or optical disorders and the increased demand for spectacle lenses around the world, the global market for spectacle lenses is expanding rapidly. Additionally, it is anticipated that increased consumption and manufacturing of eyewear in a number of regional nations will accelerate the expansion of the spectacle lens market. The global market for spectacle lenses is anticipated to rise, although factors including the rising popularity of eye corrective operations and poor lens quality are predicted to restrain it.
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The global market for spectacle lenses is divided into five regions based on geography: North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
Due to the rising prevalence of optical illnesses and rising demand for vision correction in this region, North America is anticipated to obtain the biggest market share among all other regions over the course of the projected period. For example, spectacle lenses or eyeglasses are used to enhance or correct vision. The major causes of blindness and impaired vision in the United States, according to the Centers for Disease Control and Prevention (CDC), include optical conditions such cataract, age-related macular degeneration, glaucoma, and diabetic retinopathy. This is likely to lead to a rise in the demand for spectacle lenses in this region, particularly in the United States.
Due to the rising number of cases of vision impairment and supportive government initiatives in these regions, Europe and Asia Pacific are also anticipated to have considerable growth in the global market for spectacle lenses. For example, the European Blind Union claims that age-related eye disorders are the most prevalent and important cause of sight loss in Europe. The World Health Organization (WHO) and the International Agency for the Prevention of Blindness (IAPB) launched a joint programme called VISION 2020: The Right to Sight with the goal of eradicating blindness by concentrating on the conditions that primarily result in vision impairment, such as age-related macular degeneration.
Over the forecast period, it is anticipated that rising optical disorders or occurrences of vision impairment will fuel the expansion of the worldwide spectacle lens market. For example, a vision impairment has a significant impact on quality of life. The World Health Organization (WHO) estimates that over 2.2 billion people worldwide suffer from a near- or distance-vision impairment. As a result, the demand for spectacle lenses is anticipated to rise globally, boosting the market for them.
Over the course of the forecast period, increased demand for spectacle lenses is anticipated to fuel the expansion of the worldwide spectacle lens market. For instance, the demand for spectacle lenses is expanding quickly across the globe along with the rise in cases of visual impairment or the incidence of optical illnesses. Essilor announced the release of a new lens for kids in August 2021 with the goal of improving young spectacle wearers’ visual comfort. The Eyezen Kids lens, which is created especially for users between the ages of six and twelve, takes into account factors peculiar to children, such as morphology, object distance, and gaze direction.
Players in the spectacle lens market should benefit from lucrative growth possibilities due to the growing geriatric population around the world. For instance, eye impairment has a significant negative impact on quality of life among adult populations, according to the World Health Organization (WHO). The bulk of those who are blind or have vision problems are older than 50. Older adults (over 60) are also more likely to have optical problems. Glaucoma, cataracts, age-related macular degeneration (AMD), and diabetic retinopathy are the most frequent causes of visual loss in the elderly. As a result, there is a rise in the demand for spectacle lenses globally.
Significant potential prospects for participants in the spectacle lens market are anticipated to result from increasing eyewear production and consumption in a number of regional nations. To fulfil the increasing demand, for instance, market participants are concentrating on creating and releasing unique items. EssilorLuxottica stated in July 2021 that it would establish a specialised innovation hub in France to boost its know-how and increase its capacity in electrochromic and smart eyewear technologies. The company plans to increase its initiatives to answer consumers’ changing needs and fully realise the promise of this quickly expanding wearables industry by drawing on 10 years of research and development in this area.
Because more individuals are becoming aware of the conditions that might cause vision impairment and the available corrective options, there is an increase in the demand for spectacle lenses globally. Due to reasons including the world’s growing senior population and the negative effects that vision impairment has on adult populations’ quality of life, this trend appears to be continuing to rise. This is then anticipated to help the market grow.
Additionally, it is anticipated that the global need for prescription glasses will raise demand for spectacle lenses globally. People with myopia, hyperopia, astigmatism, and presbyopia can use prescription glasses to enhance or correct their vision. Thus, the need for prescription eyeglasses is rising quickly along with the incidence of the aforementioned illnesses. Over the course of the forecast, this tendency is likewise anticipated to persist.
The expansion of the global market for spectacle lenses is anticipated to be hampered by the rising popularity of eye corrective operations. For instance, cataract surgery removes the clouded lens that is the source of visual issues in a brief, painless procedure. According to WHO, cataracts account for about 51% of all cases of blindness globally. Around 3 million Americans have cataract surgery each year, according to the American Society of Cataract and Refractive Surgery (ASCRS). In consequence, it is anticipated that this will limit market expansion.
The expansion of the global market for spectacle lenses is anticipated to be hampered by poor lens quality. For instance, bad lenses can cause vision distortion, especially around the border of the lens. Additionally, poor-quality spectacle lenses can cause eye burning and irritation as well as a subjective decline in vision. This in turn is limiting the expansion of the global market for spectacle lenses.
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The Type, Coating Type, Usage, and Geography categories are used to segment the market study on eyeglass lenses.
The market for eyeglass lenses is divided into four categories based on type: Single Vision, Bifocal, Trifocal, and Progressive. Due to the rising demand for single-vision prescription lenses to treat refractive defects, the single vision segment is anticipated to dominate the spectacle lens market throughout the course of the forecast period. Single vision lenses are preferred by those 40 years and older over bifocal, trifocal, and progressive lenses.
The bifocal segment is also anticipated to experience considerable expansion in the foreseeable future due to the rising prevalence of eye problems and the expanding global elderly population. Bifocals are eyeglasses with a reading correction on the bottom and a correction for distant vision on the top of the lens.
The market is divided into Anti-reflective Coating, Scratch-resistant Coating, Anti-fog Coating, UV Protection, and Other Coating Types based on the type of coating used. Due to the rise in demand for anti-reflective coating, the anti-reflective coating segment is anticipated to dominate the market throughout the course of the projected period. Anti-reflective coating helps to enhance vision, lessen eye strain, and improve the aesthetics of eyeglasses.
Due to the rise in demand for UV protection globally, the UV Protection Segment is also anticipated to have considerable growth in the near future. UV coating shields the eyes from damaging ultraviolet radiation and prevents harmful UV rays from entering the eyes.
Prescription glasses and over-the-counter reading glasses are two market segments based on usage. Due to the surge in demand for prescription glasses, the Prescription Glass Segment is anticipated to dominate the market throughout the forecast period. People with myopia, hyperopia, astigmatism, and presbyopia can use prescription glasses to enhance or correct their vision.
In order to diversify its offering in cataract surgery, Carl Zeiss Meditec signed a contract in October 2018 to buy IanTECH, a business that specialises in technology solutions for micro-interventional cataract surgery.
Key Companies Insights
The market for eyeglass lenses is quite competitive worldwide. This is explained by the increase in demand for spectacle lenses globally, which has led to market players concentrating on creating and releasing unique products.
Seiko Optical Products Co. Ltd., Nikon Corporation, Carl Zeiss Meditec AG, Rodenstock GmbH, Essilor International SA, Hoya Vision Care Company, and GKB Ophthalmics Ltd. are a few of the major companies in the world market for eyeglass lenses.
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Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Spectacle Lens Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Spectacle Lens Industry Impact
Chapter 2 Global Spectacle Lens Competition by Types, Applications, and Top Regions and Countries
2.1 Global Spectacle Lens (Volume and Value) by Type
2.3 Global Spectacle Lens (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Spectacle Lens Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Spectacle Lens Market Analysis
Chapter 6 East Asia Spectacle Lens Market Analysis
Chapter 7 Europe Spectacle Lens Market Analysis
Chapter 8 South Asia Spectacle Lens Market Analysis
Chapter 9 Southeast Asia Spectacle Lens Market Analysis
Chapter 10 Middle East Spectacle Lens Market Analysis
Chapter 11 Africa Spectacle Lens Market Analysis
Chapter 12 Oceania Spectacle Lens Market Analysis
Chapter 13 South America Spectacle Lens Market Analysis
Chapter 14 Company Profiles and Key Figures in Spectacle Lens Business
Chapter 15 Global Spectacle Lens Market Forecast (2022-2028)
Chapter 16 Conclusions
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