Global Spectacle Lens Market is projected to generate a revenue of US$ 94.1 Billion, with a volume of 540 million units by 2031, marking a significant increase from the market's value of US$ 57.4 Billion in 2022. The market is expected to grow at a CAGR of 5.8% in terms of value and 5.4% in terms of volume during the forecast period of 2023-2031.
The rising demand for fashionable and trendy eyeglasses among consumers is a crucial factor driving the growth of the global spectacle lens market. With increasing disposable income, consumers are purchasing eyeglasses with UV or blue light protection, which not only serve the purpose of vision correction but also look stylish. Additionally, the growing prevalence of eye disorders among the elderly population is propelling the use of lens edgers, which optometrists can use to design and produce glasses within hours. Lens edgers can customize lenses to cater to the specific preferences of customers.
The World Health Organization (WHO) reports that approximately 2.2 billion people worldwide experience near or far vision impairment, with at least 1 billion of these cases being avoidable or correctable, and a significant proportion of the affected individuals are above the age of 50. As estimated by the U.S. Census Department, the population of elderly people with vision loss and other eye-related disorders such as glaucoma, cataract, and diabetic retinopathy is expected to reach 83.7 million by 2050. This underscores the need for improved vision correction technologies and the growing demand for spectacle lenses in the global market.
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The global spectacle lens market is poised for significant growth, with factors such as the rising demand for fashionable eyeglasses and the increasing prevalence of eye disorders driving market expansion. In this report, we provide an in-depth analysis of the market, covering various factors that influence market growth and opportunity.
One of the most significant recent developments in myopia management technology is the use of spectacle lenses with highly aspherical lenslets (HAL), which 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 Lenslet Target or H.A.L.T. technology spectacle lenses are next-generation myopic control technologies with promising results. These technologies, along with the correction technology for myopia control, have boosted recent developments in the global spectacle lens market.
Governments and non-governmental organizations (NGOs) in several nations are working to enhance people's access to eye care. For example, in India, 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. These efforts are expected to increase the demand for spectacle lenses in the Indian market.
The market can be segmented into single vision lenses, bifocal lenses, trifocal lenses, and progressive lenses. Wherein, the single vision lenses have traditionally dominated the global spectacle lens market and are expected to continue to do so in the near future. This is due to their widespread use in correcting refractive errors such as myopia and hyperopia, which are common vision problems affecting millions of people worldwide. Additionally, single vision lenses are often more affordable and simpler to manufacture compared to other types of lenses, making them more accessible to a wider population.
However, it is worth noting that there has been a growing demand for progressive lenses, especially among the aging population. This is due to the fact that progressive lenses offer a seamless transition from near to far vision, making them an ideal solution for presbyopia, a condition that affects many people over the age of 40. As the world's population continues to age, the demand for progressive lenses is expected to grow, and they may eventually challenge the dominance of single vision lenses in the market.
The market can also be segmented based on the material used to make the lenses. The most common materials used are plastic, polycarbonate, and glass. Polycarbonate is one of the most commonly used materials in the production of spectacle lenses and is widely recognized for its impact resistance, making it ideal for sports and safety eyewear. It is also a lightweight material, which enhances the comfort of the wearer.
However, it is worth noting that there are several other materials used in spectacle lenses, and the choice of material often depends on the specific needs and preferences of the wearer. For example, plastic lenses are also a popular choice due to their affordability, lightness, and availability in various designs and coatings. Glass lenses, on the other hand, are less common nowadays but still used in some specialized applications due to their optical clarity and scratch resistance.
The market can also be segmented based on the distribution channel, with eyewear retailers, online retailers, and healthcare providers being the major channels. Eyewear retailers offer a wide range of frames and lenses, online retailers offer a convenient shopping experience, and healthcare providers offer expert advice and personalized fitting services.
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North America currently holds the largest market share in the global spectacle lens market, as most of the major players of spectacle lenses are based in the region. However, the Asia Pacific region is projected to expand at the highest CAGR over the forecast period, growing at 6.1%. This is due to the high prevalence of myopia in the region, with the majority of young people in Japan, China, Singapore, and South Korea affected by the condition.
According to the National Health Commission, around 52.7% of children and adolescents in China have short vision, and the total short-sightedness rate of children and adolescents in China has increased by 2.5% since 2019. These factors contribute to the high demand for spectacle lenses in the Asia Pacific region.
In Europe, the spectacle lens market is also growing steadily. The region has a significant population of people who wear eyeglasses, particularly among the elderly population. In addition, the increase in the number of individuals working in front of computer screens has led to a rise in the demand for blue light filtering lenses.
Furthermore, the European Union has introduced regulations that require spectacle lenses to have a CE mark, ensuring that they meet the necessary safety and quality standards. These regulations have had a positive impact on the market, as consumers are increasingly looking for products that meet safety and quality standards.
Germany is the largest market for spectacle lenses in Europe, followed by the United Kingdom and France. The German market is expected to witness significant growth over the forecast period, owing to the increasing prevalence of myopia and the rise in the aging population. The UK market, on the other hand, is expected to experience slower growth due to the uncertainty caused by Brexit.
Global Spectacle Lens Market: Market Structure and Competitive Landscape
The global spectacle lens market is characterized as an oligopoly, with a few large players dominating the market. These top companies account for a significant portion of the market share, holding 47.74% of it.
To maintain and increase their market share, the leading companies in the spectacle lens market are investing heavily in research and development to create new, more effective products that meet the ever-changing needs and preferences of their customers. These companies are also using innovative and creative technologies to create new value and remain at the cutting edge of information technology, fashion, and culture.
The report includes a list of key companies operating in the global spectacle lens market. These companies are:
These companies are expected to continue to dominate the market due to their extensive research and development capabilities, product innovation, and strong brand recognition. However, smaller players may also gain market share by focusing on specific niche segments, such as specialty lenses or regional markets.
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:
| Report Attribute | Details |
|---|---|
| Market Size Value in 2022 | US$ 57.4 Billion |
| Expected Revenue in 2031 | US$ 94.1 Billion |
| Historic Data | 2018-2021 |
| Base Year | 2022 |
| Forecast Period | 2023-2031 |
| Unit | Value (USD Bn) |
| CAGR | 5.8% (2023-2031) |
| Segments covered | By Type, By Material, By Coatings, By Application, By Distribution Channel, By Region |
| Key Companies | 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, Other Prominent Players |
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Global market size of spectacle lens in terms of revenue is US$ 57.4 Billion and in terms of volume is 330.9 Mn Units in 2022.
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 2022.
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.
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