24/7 Customer Support
According to the study by Astute Analytica, the global spectacle lens market is anticipated to register a revenue of US$ 88.25 Million and 520 million units in terms of volume by the year 2030; the market was valued at US$ 57.36 Million in the year 2021. The market is growing at a CAGR of 5.5% in terms of value and 5.3% in terms of volume over the forecast period (2022-2030).
The global spectacle lens market growth is supported by the increase in the demand for fashionable eyeglasses among customers. In the past few years, there has been an increase in consumer disposable income has resulted in the increased purchase of eyeglasses. Nowadays, customers mostly prefer UV or blue light protection glasses that look both fashionable and trendy. Furthermore, the increasing cases of eye disorders among the elderly population are driving the need and use of lens edgers optometrists can design and produce glasses within hours. The lens edger can customize lenses to make them appealing to customers. Near or far vision impairment affects at least 2.2 billion people worldwide, according to the World Health Organization (WHO). Vision impairment might have been avoided or corrected in at least 1 billion – or nearly half – of these cases, with the majority of those affected being above the age of 50. In addition, as estimated by the U.S. Census Department, the population group of elderly people with vision loss and other eye-related disorders like glaucoma, cataract, and diabetic retinopathy is significantly growing among the elderly population is expected to reach 83.7 million by 2050.
The report provides a detailed and comprehensive study of the global spectacle lens market covering the covid-19 impact on the market and its recovery. The report provides inclusive research of the global spectacle lens market within 16 chapters, totaling 239 pages, 89 extensive data tables, and 130 figures.
The report provides an in-depth analysis of the market covering factors influencing the market growth and opportunity such as correction technology for myopia control, and the use of spectacle lenses with highly aspherical lens lets has boosted recent developments in myopia management technology (HAL). The aspherical lens lets (1.1mm in diameter) generate a volume of myopic defocus in front of the retina ranging from 1.2mm to 1.9mm. The Defocus Incorporated Multiple Segments (DIMS) and Highly Aspherical Lens let Target or H.A.L.T. technology spectacle lenses are next-generation myopic control technologies with promising results. The report gives a 360-degree view of the market by covering PESTLE and porter’s five forces analysis.
Governments and non-governmental organizations (NGOs) in several nations are working to enhance people's access to eye care. In India, for example, VISION 2020: The Right to Sight India is organizing a national consultation in collaboration with the Ministry of Health and Family Welfare (MoHFW), the Government of India (GoI), the World Health Organization-India office, the International Agency for the Prevention of Blindness (IAPB), and other key stakeholders.
According to the regional study of the market, North America holds the largest market share in the year 2021, as most of the major players of spectacle lenses are based in North America region. However, the Asia Pacific region is projected to expand at the highest CAGR over the forecast period by 6.1%. Myopia affects the majority of young people in Japan, China, Singapore, and South Korea. According to the National Health Commission, around 52.7% of children and adolescents in China have a short vision, and the total short-sightedness rate of children and adolescents in China has increased by 2.5 percent since 2019. These reasons contribute to Asia Pacific's high demand for spectacle lenses.
Covid-19 Impact on Global Spectacle Lens Market
According to the covid-19 graphical representation in the report, the market sees an -8.71% Year-over-Year (YoY) drip from 2019 to 2020. People who liked to buy glasses from stores were unable to do so due to limitations and lockdowns throughout the past year. Furthermore, more people than ever before purchased things online, including eyeglasses and contact lenses. Nevertheless, the YoY grows from 2020 to 2021 by 8.99% as some parents prefer that their children be schooled in a safer environment until childhood vaccines are widely adopted. This approach, combined with increasing indoor time due to self-quarantine and social distance issues, as well as an increase in children's use of digital devices, has raised worries about myopia progression speeding up (MP).
Global Spectacle Lens Market - Competitive Landscape
As per the research, the global spectacle lens market is observed to be having an oligopolistic nature in the market. The top players in the market are holding 47.74% of the market share with various competitive strategies such as investing much in research & development to develop new and more effective goods that meet their customers' needs and with innovation and creative technologies, creating new value and are committed to cutting-edge information technology, fashion, and culture.
The report provides the company profiling of several companies covering their business overview, key officials, strategic outlook, product listing & description, financial table, business segmentation revenue, and geographical revenue. The report includes companies such as 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, Vision Ease, Warby Parker.
Segmentation Overview of the Global Spectacle Lens Market
Following are the different segments of the Global Spectacle Lens Market: -
By Type Segment of the Global Spectacle Lens Market is sub-segmented into:
By Material Segment of the Global Spectacle Lens Market is sub-segmented into:
By Coatings Segment of the Global Spectacle Lens Market is sub-segmented into:
By Application Segment of the Global Spectacle Lens Market is sub-segmented into:
By Distribution Channel Segment of the Global Spectacle Lens Market is sub-segmented into:
By region Segment of the Global Spectacle Lens Market is sub-segmented into:
Global market size of spectacle lens in terms of revenue is US$ 55.01 Mn and in terms of volume is 330 Mn Units in 2021.
Reading Glasses, Digital Protection, Safety Glasses, Sunglasses, and Non-Prescription (Fake) Glasses.
Single vision lenses, Bifocal lenses, Trifocal Lenses, Progressive lenses, Toric Lenses, and Prism Lenses.
Factors such as increasing cases of eye disorders among the elderly population and increasing demand for fashionable eyeglasses among customers are supporting the growth of the spectacle lens market growth.
Customers prefer high-definition lenses, as it improves vision more than regular eyeglasses. HD Lenses offer superior clarity, and sharper, brighter eyesight and helps its users to enjoy 20% wider vision channel for both intermediate and near distances.
Essilor International SA, Hoya Corporation, Carl Zeiss Meditec AG, and GKB Ophthalmics Ltd. are some major players in the global marketspace.
Polycarbonate lens material is the most common material to be used in safety glasses, sports glasses, outdoor eyewear, as well as fashion eyewear. Its popularity is due to its lightweight, impact-resistant, and virtually shatter-resistant qualities.
Buying glasses in-store allows customers to interact with actual people and experts which enables better prescription advice. Shopping at optical stores offers customers to try a wide range of spectacles available to them which, helps them to buy the right product for their eyes.
North America holds the highest market share of 36.7% in 2021.
China occupied the maximum revenue stake in the region. As per the National Health Commission, around 52.7% of children and adolescents in China were found to be suffering from short-sightedness and the overall short-sightedness rate of children and adolescents in China increased by 2.5% in 2020 compared with 2019.
Reading glasses are majorly used worldwide, as it improves the ability to read something up close, such as a book or a computer screen. They are highly in demand among old people and young children who don’t require advanced feature lenses on daily bases and are more into reading and writing.
Lack of required skills, as lens edge technicians require certain important skills and knowledge in various processes involved in cutting, grinding, and polishing eyeglasses, contact lenses, or other precision optical elements.