all report title image
  • Published On : Nov 2022
  • Code : CMI5337
  • Industry : Medical Devices
  • Pages : 163
  • Formats :

The global spectacle lens market was valued at US$ 49,727.4 Mn in 2021 and is forecast to reach a value of US$ 65,614.2 Mn by 2028 at a CAGR of 4.0% between 2022 and 2028. The global spectacle lens market is experiencing strong growth owing to the increasing prevalence of optical disorders or rising cases of vision impairment and increase in demand for spectacle lens across the globe. Moreover, rising eyewear production and rise in consumption in several regional countries is expected to boost the growth of the spectacle lens market. However, factors such as increasing popularity of eye corrective surgeries and poor quality of lens are expected to hamper the growth of the global spectacle lens market.

Global Spectacle Lens Market: Regional Insights

Based on geography, the global spectacle lens market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the increasing prevalence of optical disorders and increasing demand for vision correction in this region. For instance, eyeglasses or spectacle lenses are used to improve or correct the vision. According to the Centers for Disease Control and Prevention (CDC), optical disorders, like cataract, age-related macular degeneration, glaucoma, and diabetic retinopathy, are the leading causes of blindness and low vision in the United States. This in turn is expected to increase demand for spectacle lens in this region, especially in the U.S.

Europe and Asia Pacific is also expected to witness significant growth in the global spectacle lens market due to the rising cases of vision impairment and favorable government initiatives in the region. For instance, according to the European Blind Union, age-related eye conditions are the most common/leading cause of sight loss in Europe. The International Agency for the Prevention of Blindness (IAPB) and the World Health Organization (WHO) initiated a joint program, named VISION 2020: The Right to Sight, for eliminating blindness by focusing on the diseases, which mainly cause vision impairment, such as age-related macular degeneration.

Figure 1. Global Spectacle Lens Market Share (%), by Region, 2021

Spectacle Lens  | Coherent Market Insights

Global Spectacle Lens Market Drivers:

Increasing prevalence of optical disorders or rising cases of vision impairment across the globe is expected to drive growth of the global spectacle lens market over the forecast period. For instance, vision impairment severely impacts quality of life. According to the World Health Organization (WHO), worldwide, more than 2.2 billion people have a near or distance vision impairment. The leading causes of vision impairment and blindness are uncorrected refractive errors and cataracts. This in turn is expected to increase demand for spectacle lens worldwide, driving the growth of the global spectacle lens market.

Increase in demand for spectacle lens around the world is expected to augment the growth of the global spectacle lens market over the forecast period. For instance, with the rising cases of vision impairment or increase in prevalence of optical disorders, the demand for spectacle lens worldwide is also increasing rapidly. In August 2021, Essilor announced the launch of a new lens for children that aims to enhance the visual comfort of young spectacle wearers. Eyezen Kids lens is designed specifically for wearers between the ages of six and 12, takes children’s parameters into account including morphology, object distance, and gaze direction.

CMI table icon

Spectacle Lens Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 49,727.4 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2028
Forecast Period 2022 to 2028 CAGR: 4.0% 2028 Value Projection: US$ 65,614.2 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Type: Single Vision, Bifocal, Trifocal, and Progressive
  • By Coating Type: Anti-reflective Coating, Scratch-resistant Coating, Anti-fog Coating, UV Protection, and Other Coating Types
  • By Usage: Prescription Glass and OTC Reading Glass
  • By Geography: North America, Europe, Asia-Pacific, Middle East and Africa, and South America
Companies covered:

Nikon Corporation, Rodenstock GmbH, Hoya Vision Care Company, GKB Ophthalmics Ltd., Essilor International SA, Carl Zeiss Meditec AG, and Seiko Optical Products Co. Ltd., among others

Growth Drivers:
  • Increasing prevalence of optical disorders or rising cases of vision impairment
  • Increase in demand for spectacle lens across the globe
Restraints & Challenges:
  • Increasing popularity of eye corrective surgeries
  • Poor quality of lens

Global Spectacle Lens Market Opportunities:

Growing geriatric population across the world is expected to offer lucrative growth opportunities for players in the spectacle lens market. For instance, according to the World Health Organization (WHO), vision impairment severely impacts quality of life among adult populations. The majority of people with vision impairment and blindness are over the age of 50 years. Optical disorders are also common among people older than 60. The most common causes of vision loss in elderly are glaucoma, cataract, age-related macular degeneration (AMD), and diabetic retinopathy. Therefore, there is an increase in demand for spectacle lens worldwide.

Rising eyewear production and consumption in several regional countries is expected to provide significant growth opportunities for players in the spectacle lens market. For instance, players in the market are focusing on developing and launching novel products in the market to meet growing demand. In July 2021, EssilorLuxottica announced the creation of the dedicated innovation center in France to reinforce its expertise and expand its capabilities in electrochromic and smart eyewear technologies. Leveraging ten years of research and development in this field, the Company intends to accelerate its initiatives to address consumers’ evolving needs and fully capture the potential of this fast-growing wearables segment.

Global Spectacle Lens Market Trends:

The demand for spectacle lens is increasing or has increased across the globe due to the increasing awareness among people about vision impairment conditions and available correction solutions. This trend seems to be still increasing due to factors such as the growing geriatric population across the globe as vision impairment severely impacts quality of life among adult populations. This in turn is expected to aid in the growth of the market.

Moreover, increase in demand for prescription eyeglasses across the globe is expected to increase demand for spectacle lens across the world. Prescription glasses are used to improve or correct the vision of people with myopia, hyperopia, astigmatism, and presbyopia. Thus, with the increase in prevalence of aforementioned disorders, the demand for prescription eyeglasses is also increasing with a rapid pace. This trend is also expected to continue over the forecast period.

Global Spectacle Lens Market Restraints:

Increasing popularity of eye corrective surgeries is expected to hamper the growth of the global spectacle lens market. For instance, cataract surgery is a quick, painless eye surgery to remove the cloudy lens that is causing vision problems. According to WHO, cataracts are the leading cause of blindness worldwide, responsible for around 51%. According to the American Society of Cataract and Refractive Surgery (ASCRS), each year, around 3 million people in the United States undergo cataract surgery. This in turn is expected to restrain growth of the market.

Poor quality of lens is expected to hinder growth of the global spectacle lens market. For instance, poor quality of lenses can result in distorted vision, especially at the edge of lens. Moreover, poor quality of spectacle lenses can lead to subjective deterioration of vision and can lead to eye burning and itching. Many people have trouble adjusting to progressive lenses. This in turn is restraining growth of the global spectacle lens market.

Figure 2. Global Spectacle Lens Market Share (%), by Type, 2021

Spectacle Lens  | Coherent Market Insights

Global Spectacle Lens Market Segmentation:

The spectacle lens market report is segmented into Type, Coating Type, Usage, and Geography.

Based on Type, the spectacle lens market is segmented into Single Vision, Bifocal, Trifocal, and Progressive. Of which, Single Vision Segment is expected to dominate the spectacle lens market during the forecast period and this is attributed to the rise in demand for single-vision prescription lenses to correct refractive errors. Individuals aged 40 years and more mainly prefer single vision lenses over bifocal, trifocal, and progressive lenses.

Bifocal Segment is also expected to witness significant growth in the near future and this is owing to the growing prevalence of eyesight disorders and growing geriatric population across the globe. Bifocals are glasses that have a correction for distance vision on the top of the lens, and a correction to help read on the bottom.

Based on Coating Type, the market is segmented into Anti-reflective Coating, Scratch-resistant Coating, Anti-fog Coating, UV Protection, and Other Coating Types. Of which, Anti-reflective Coating Segment is expected to dominate the market over the forecast period and this is attributed to the increase in demand for anti-reflective coating. Anti-reflective coating helps improve vision, reduce eye strain, and make eyeglasses look more attractive.

UV Protection Segment is also expected to witness significant growth in the near future and this is owing to the increase in demand for UV protection worldwide. UV coating blocks harmful UV rays from reaching eyes and protects eyes from harmful ultraviolet radiation.

Based on Usage, the market is segmented into Prescription Glass and OTC Reading Glass. Out of which, Prescription Glass Segment is expected to dominate the market during the forecast period and this is attributed to the rise in demand for prescription glass. Prescription glasses are used to improve/correct the vision of people with myopia, hyperopia, astigmatism, and presbyopia.

Global Spectacle Lens Market: Key Developments

In July 2021, EssilorLuxottica announces that it has completed its acquisition of 76.72% ownership interest in GrandVision from HAL Optical Investments, a subsidiary of HAL Holding pursuant to the block trade agreement entered into with HAL on July 30, 2019.

In October 2018, Carl Zeiss Meditec entered into an agreement to acquire IanTECH, a company focused on technology solutions for micro-interventional cataract surgery, to expand its portfolio in cataract surgery.

Global Spectacle Lens Market: Key Companies Insights

The global spectacle lens market is highly competitive. This is attributed to the rise in demand for spectacle lens around the world, as a result, players in the market are focusing on developing and launching novel products in the market.

Some of the key players in the global spectacle lens market are Nikon Corporation, Rodenstock GmbH, Hoya Vision Care Company, GKB Ophthalmics Ltd., Essilor International SA, Carl Zeiss Meditec AG, and Seiko Optical Products Co. Ltd., among others.

*Definition: Spectacle lenses help to improve or correct the vision of people with farsightedness (hyperopia), nearsightedness (myopia), astigmatism, and presbyopia. Spectacles use two types of lens such as concave and convex. Some eye conditions require a combination of both of them.

Spectacle lenses help to improve or correct the vision of people with farsightedness (hyperopia), nearsightedness (myopia), astigmatism, and presbyopia. Thus, with the increase in prevalence of such optical disorders and increase in awareness among people, the demand for spectacle lens is also increase with a rapid pace, worldwide.

Market Dynamics:

Increase in demand for spectacle lens, increasing prevalence of optical disorders, growing geriatric population, increase in awareness among people and rising eyewear production and consumption in several regional countries are some major factors expected to augment the growth of the global spectacle lens market over the forecast period.

For instance, in July 2022, YourSpex launched a one-of-its-kind customizable lens range to offer its customers personalized and affordable lens packages. Customers can now get a wide range of lenses, including single vision, bifocal, progressive, or computer specs, at a very competitive price. In addition, they can also choose from multiple add-ons like Blue-Blocker, anti-glare, anti-scratch, photochromic, and much more.

Key features of the study:

  • This report provides in-depth analysis of the global spectacle lens market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022–2028), considering 2021 as the base year.
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
  • It profiles key players in the global spectacle lens market based on the following parameters such as company highlights, products portfolio, key highlights, financial performance, and strategies.
  • Key companies covered as a part of this study include Nikon Corporation, Rodenstock GmbH, Hoya Vision Care Company, GKB Ophthalmics Ltd., Essilor International, Carl Zeiss Meditec AG, and Seiko Optical Products Co. Ltd., among others.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
  • The global spectacle lens market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global spectacle lens market.

Detailed Segmentation:

  • Global Spectacle Lens Market, By Type:
    • Single Vision
    • Bifocal
    • Trifocal
    • Progressive
  • Global Spectacle Lens Market, By Coating Type:
    • Anti-reflective Coating
    • Scratch-resistant Coating
    • Anti-fog Coating
    • UV Protection
    • Other Coating Types
  • Global Spectacle Lens Market, By Usage:
    • Prescription Glass
    • OTC Reading Glass
  • Global Spectacle Lens Market, By Geography:
    • North America
    • Europe
    • Asia-Pacific
    • Middle East and Africa
    • South America
  • Company Profiles:
    • Nikon Corporation
    • Rodenstock GmbH
    • Hoya Vision Care Company
    • GKB Ophthalmics Ltd.
    • Essilor International SA
    • Carl Zeiss Meditec AG
    • Seiko Optical Products Co. Ltd.

Related Reports

EXISTING CLIENTELE

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo