Coherent Market Insights

Spectacle Lens Market To Be Valued at US$ 65,614.2 Mn By 2030

Spectacle Lens Market To Be Valued at US$ 65,614.2 Mn By 2030 - Coherent Market Insights

Publish In: Nov 09, 2022

Spectacle lenses are lenses used to correct and/or improve the vision of people with farsightedness (hyperopia), nearsightedness (myopia), astigmatism, and presbyopia. Farsightedness (hyperopia) is an eye condition that causes blurry near vision. Nearsightedness (myopia) is a condition caused by a refractive error that makes faraway objects appear fuzzy or blurry. Astigmatism is a common vision problem caused by an error in the shape of the cornea. Presbyopia is a refractive error that makes it hard for middle-aged and older adults to see things up close. Spectacle lenses are made up of transparent material, and can be categorized into simple and compound lenses.

Market Statistics:

The global spectacle lens market is estimated to account for US$ 51,706.5 Mn in terms of value by the end of 2022.

Drivers:

Increase in demand for spectacle lens around the world is expected to drive growth of the global spectacle lens market. For instance, with the rising cases of vision impairment or high prevalence of optical disorders worldwide, the demand for spectacle lens is also increasing with a rapid pace. According to the World Health Organization (WHO), more than 2.2 billion people around the world have a vision impairment. In October 2021, CooperVision announced the Dutch launch of SightGlass Vision spectacle lenses with the Diffusion Optics Technology, which are specifically designed for and have been shown to slow the progression of myopia in children (as young as age six and those who may not yet be ready for contact lens wear).

Opportunities:

Increase in focus on the development of novel lenses is expected to offer significant opportunities for players in the global spectacle lens market. For instance, players in the market are focusing on developing and launching novel lenses to meet the growing demand across the globe. In February 2021, EssilorLuxottica and Cooper Companies entered an agreement to create a 50/50 joint venture for the acquisition of SightGlass Vision, a US-based life sciences company focused on developing innovative spectacle lenses to reduce progression of myopia in children. Through this partnership, both companies will further strengthen innovation opportunities and go-to-market capabilities to grow the myopia control category.

To know the latest trends and insights prevalent in the Global Spectacle Lens Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/spectacle-lens-market-5337

Restraints:

Poor quality of lens and growing popularity of eye corrective surgeries are major factors expected to hinder growth of the global spectacle lens market. For instance, poor quality of lenses can lead to subjective deterioration of vision and can lead to eye burning and itching. Moreover, these lenses can result in distorted vision, especially at the edge of lens. Moreover, According to the American Society of Cataract and Refractive Surgery (ASCRS), about 3 million people Americans undergo cataract surgery (cataracts are the leading cause of blindness worldwide) annually. This in turn is expected to restrain growth of the spectacle lens market.

Global Spectacle Lens Market - Impact of Coronavirus (Covid-19) Pandemic

The outbreak of COVID-19 has had a severe impact on the spectacle lens market as it had impacted the supply chain including raw material supply, production, demand, workforce losses, and trade and logistic. Moreover, eye clinics have seen a huge decline in patient’s visits and procedures, as well as hospitals have experienced a significant loss in revenue during the pandemic. However, as restrictions are gradually lifted, there has been a global boom in demand for spectacle lenses. This in turn is driving the growth of the global spectacle lens market.

Key Takeaways:

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.

Among type single vision segment held dominant position in the global spectacle lens market in 2021, accounting for 47.4% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Market Trends:

There is an increase in demand for spectacle lens around the world due to the increasing awareness among people about optical disorders or vision impairment conditions. Moreover, with the rising geriatric population, the demand for spectacle lens is also increasing with the rapid pace, as vision impairment severely impacts quality of life among adult populations. This trend is still increasing owing to factors such as the availability of vision correction solutions. This in turn is expected to propel the growth of the global spectacle lens market.

Competitive Landscape:

Key players operating in the global spectacle lens market include 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.

Recent Developments:

In October 2021, Hoya announced the partnership with Orbis International, a global organization that provides mentorship and training and inspires local eye care professionals to save sight in their communities.

In October 2018, Essilor and Delfin completed a combination of Essilor and Luxottica by creating EssilorLuxottica, a global leader in the eyecare and eyewear industry.

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