Dublin, May 17, 2022 (GLOBE NEWSWIRE) -- The "Global Spectacle Lens Market, By Type, By Material, By Coatings, By Application, By Distribution Channel, Estimation & Forecast, 2017 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global Spectacle Lens market held a market value of USD 55.01 Million in 2021 and is projected to reach USD 88.25 Million by the year 2030. The market is anticipated to grow at a CAGR of 5.5% from 2022 to 2030. Around 330 million units of Spectacle Lens were sold in 2021.
The market is expected to be driven by the increasing cases of eye disorder among elderly population coupled with the spectacle correction technology for myopia control. Furthermore, increasing demand of fashionable eyeglasses among customers are also estimated to fuel the market growth. Despite the driving factors, lack of required skills for ophthalmic laboratory technicians are anticipated to hinder the market growth.
Growth Influencers:
Increasing cases of eye disorder among elderly population
According to the World Health Organization, as of October 2021, globally nearly 2.2 billion people suffer from a near or distance vision impairment. Leading causes of vision impairment are cataracts and uncorrected refractive errors. As per the same source, majority of these people are above the age of 50 years. Out of these 2.2 billion people, nearly 1 billion suffer from moderate or severe distance vision impairment or blindness. This is due to 84.4 million unaddressed refractive error patients, 7.7 million glaucoma patients, 94 million cataract patients, 3.9 million diabetic retinopathy patients, 4.2 million corneal opacities patients, 2 million trachoma patients, and about 826 million vision impairment caused by unaddressed presbyopia patients. Hence, increasing cases of eye disorders, especially among elderly population is expected to create awareness regarding eye testing, hence boosting the demand for spectacle lens.
Segments Overview:
The global Spectacle Lens market is segmented into type, material, coatings, application, and distribution channel.
By Type
- Single vision lenses
- Bifocal lenses
- Trifocal Lenses
- Progressive lenses
- Toric Lenses
- Prism Lenses
The progressive lenses segment is anticipated to witness the highest growth rate of around 6.9% during the projected period, as it provides a wider zone of clear vision and is good for computer use, which increases its demand. The single vision lenses segment is estimated to hold a market opportunity of more than USD 10 million during 2022 to 2030, owing to their high demand in developing countries. The trifocal lenses segment is expected to cross a mark of USD 10 million by 2023 owing to the rising number of patients suffering from blurry vision.
By Material
- CR-39 Plastic
- Polycarbonate
- High-index Plastic
- Glass
- Trivex
The polycarbonate segment is expected to account for the largest market share of over 30% in 2021 owing to their better durability and light weight. The high-index plastic segment is anticipated to witness the highest growth rate of around 6.5% over the projected period owing to their increasing demand for correcting sight. Trivex lenses are also likely to register significant growth as they have less internal stress and also provide sharper central vision.
By Coatings
- Ultraviolet (UV) Protective
- Anti-Reflective Coating (AR Coating)
- Scratch-Resistant Coating
- Blue Light Filtration Coatings
- Anti-Fog Coating
- Anti-reflective Coating
- Others
The ultraviolet (UV) protective segment is expected to register the fastest CAGR of around 6.6% over the forecast period, owing to its rising demand due to usage in making lenses, which are meant for computer use. The antireflective coating (AR Coating) segment is estimated to surpass a mark of USD 20 million by 2026, as they eliminate the harmful glare by absorbing the reflected light.
By Application
- Reading Glasses
- Digital Protection
- Safety Glasses
- Sunglasses
- Non-Prescription (Fake) Glasses
The reading glasses segment is expected to hold the largest market share of over 35% in 2021, owing to their increasing demand, especially from students and academicians. The non-prescription (Fake) glasses segment is estimated to surpass a market value of around USD 10 million by 2027 owing to their high usage for fashion and style purposes, especially amongst the youngsters.
By Distribution Channel
- Online
- Offline
- Pharmacies
- Ophthalmology Clinic/ Eye Care Centers
- Hospitals
The online segment is expected to register the highest CAGR of about 6.2% during the projected period owing to the rising number of e-commerce platforms, solely focused on eyewear. For instance, Lenskart in India is a well-known online eye-wear brand. Within the offline segment, the ophthalmology clinic/eye care centers generated the highest revenue owing to the rising awareness regarding the importance of getting eyes tested by a specialist.
Regional Overview
By region, the global Spectacle Lens market is divided into Asia Pacific, Europe, North America, Middle East & Africa, and South America.
The North America region accounted for the largest market share of more than 35% owing to the growing presence of major players in the region. The Asia Pacific region holds an opportunity of more than USD 10 million during 2022 to 2030, owing to the growing adoption of technologically advanced lenses in the region.
Competitive Landscape
Major players in the global Spectacle Lens market include 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 (Bausch Health), Vision Ease, and Warby Parker, among others. The cumulative market share of the four major players is close to 50%.
These market players are involved in collaborations, mergers & acquisitions, and new product launches, among other initiatives, to strengthen their market presence. For instance, in October 2021, CooperVision announced that sightglass vision diffusion optics technology demonstrates a significant reduction in myopia progression after two years in the clinical trial.
The global Spectacle Lens market report provides insights on the below pointers:
- Market Penetration: Provides comprehensive information on the market offered by the prominent players
- Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
- Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Spectacle Lens market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
- Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
- Global Prevalence of Myopia and High Myopia (2020-2050)
- Volume of Corrective Spectacle Lens Sales in the UK (2017-2020)
The global Spectacle Lens market report answers questions such as:
- What is the market size and forecast of the Global Spectacle Lens Market?
- What are the inhibiting factors and impact of COVID-19 on the Global Spectacle Lens Market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the Global Spectacle Lens Market?
- What is the competitive strategic window for opportunities in the Global Spectacle Lens Market?
- What are the technology trends and regulatory frameworks in the Global Spectacle Lens Market?
- What is the market share of the leading players in the Global Spectacle Lens Market?
- What modes and strategic moves are considered favorable for entering the Global Spectacle Lens Market?
Key Topics Covered:
Chapter 1. Research Framework
Chapter 2. Research Methodology
Chapter 3. Executive Summary: Spectacle Lens Market
Chapter 4. Global Spectacle Lens Market Overview
4.1. Industry Value Chain Analysis
4.1.1. Material Provider
4.1.2. Manufacturer
4.1.3. Distributor
4.1.4. End User
4.2. Industry Outlook
4.2.1. Vision Impairment
4.2.1.1. Global Prevalence of Myopia
4.2.1.2. Global Prevalence of High Myopia
4.3. PESTLE Analysis
4.4. Porter's Five Forces Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of Substitutes
4.4.4. Threat of New Entrants
4.4.5. Degree of Competition
4.5. Market Dynamics and Trends
4.5.1. Growth Drivers
4.5.2. Restraints
4.5.3. Challenges
4.5.4. Key Trends
4.6. Covid-19 Impact Assessment on Market Growth Trend
4.7. Market Growth and Outlook
4.7.1. Market Revenue Estimates and Forecast (US$ Mn), 2017 - 2030
4.7.2. Market Volume Estimates and Forecast (Mn Units), 2017 - 2030
4.7.3. Pricing Analysis
4.8. Competition Dashboard
4.8.1. Market Concentration Rate
4.8.2. Company Market Share Analysis (Value %), 2020
4.8.3. Competitor Mapping
Chapter 5. Global Spectacle Lens Market, By Type
5.1. Key Insights
5.2. Market Size and Forecast, 2017- 2030 (US$ Mn and Mn Units)
5.2.1. Single vision lenses
5.2.2. Bifocal lenses
5.2.3. Trifocal Lenses
5.2.4. Progressive lenses
5.2.5. Toric Lenses
5.2.6. Prism Lenses
Chapter 6. Global Spectacle Lens Market Analysis, By Material
6.1. Key Insights
6.2. Market Size and Forecast, 2017- 2030 (US$ Mn and Mn Units)
6.2.1. CR-39 Plastic
6.2.2. Polycarbonate
6.2.3. High-index Plastic
6.2.4. Glass
6.2.5. Trivex
Chapter 7. Global Spectacle Lens Market Analysis, By Coatings
7.1. Key Insights
7.2. Market Size and Forecast, 2017- 2030 (US$ Mn and Mn Units)
7.2.1. Ultraviolet (UV) Protective
7.2.2. Anti-Reflective Coating (AR Coating)
7.2.3. Scratch-Resistant Coating
7.2.4. Blue Light Filtration Coatings
7.2.5. Anti-Fog Coating
7.2.6. Anti-reflective Coating
7.2.7. Others
Chapter 8. Global Spectacle Lens Market Analysis, By Application
8.1. Key Insights
8.2. Market Size and Forecast, 2017- 2030 (US$ Mn and Mn Units)
8.2.1. Reading Glasses
8.2.2. Digital Protection
8.2.3. Safety Glasses
8.2.4. Sunglasses
8.2.5. Non-Prescription (Fake) Glasses
Chapter 9. Global Spectacle Lens Market Analysis, By Distribution Channel
9.1. Key Insights
9.2. Market Size and Forecast, 2017- 2030 (US$ Mn and Mn Units)
9.2.1. Online
9.2.2. Offline
9.2.2.1. Pharmacies
9.2.2.2. Ophthalmology Clinic/ Eye Care Centers
9.2.2.3. Hospitals
Chapter 10. Global Spectacle Lens Market Analysis, By Region/ Country
10.1. Key Insights
10.2. Market Size and Forecast, 2017- 2030 (US$ Mn and Mn Units)
10.2.1. North America
10.2.1.1. The U.S.
10.2.1.2. Canada
10.2.1.3. Mexico
10.2.2. Europe
10.2.2.1. Western Europe
10.2.2.1.1. The UK
10.2.2.1.2. Germany
10.2.2.1.3. France
10.2.2.1.4. Italy
10.2.2.1.5. Spain
10.2.2.1.6. Rest of Western Europe
10.2.2.2. Eastern Europe
10.2.2.2.1. Poland
10.2.2.2.2. Russia
10.2.2.2.3. Rest of Eastern Europe
10.2.3. Asia Pacific
10.2.3.1.China
10.2.3.2. India
10.2.3.3. Japan
10.2.3.4. Australia & New Zealand
10.2.3.5. South Korea
10.2.3.6. ASEAN
10.2.3.7. Rest of Asia Pacific
10.2.4. Middle East & Africa (MEA)
10.2.4.1. UAE
10.2.4.2. Saudi Arabia
10.2.4.3. Rest of MEA
10.2.5. South America
10.2.5.1. Brazil
10.2.5.2. Argentina
10.2.5.3. Rest of South America
Chapter 11. North America Spectacle Lens Market Analysis
11.1. Key Insights
11.2. Market Size and Forecast, 2017-2030 (US$ Mn and Mn Units)
11.2.1. By Type
11.2.2. By Material
11.2.3. By Coatings
11.2.4. By Application
11.2.5. By Distribution Channel
11.2.6. By Country
Chapter 12. Europe Spectacle Lens Market Analysis
12.1. Key Insights
12.2. Market Size and Forecast, 2017-2030 (US$ Mn and Mn Units)
12.2.1. By Type
12.2.2. By Material
12.2.3.By Coatings
12.2.4. By Application
12.2.5. By Distribution Channel
12.2.6. By Country
Chapter 13. Asia Pacific Spectacle Lens Market Analysis
13.1. Key Insights
13.2. Market Size and Forecast, 2017 - 2030 (US$ Mn and Mn Units)
13.2.1. By Type
13.2.2. By Material
13.2.3. By Coatings
13.2.4. By Application
13.2.5. By Distribution Channel
13.2.6. By Country
Chapter 14. Middle East & South Africa (MEA) Spectacle Lens Market Analysis
14.1. Key Insights
14.2. Market Size and Forecast, 2017 - 2030 (US$ Mn and Mn Units)
14.2.1. By Type
14.2.2. By Material
14.2.3. By Coatings
14.2.4. By Application
14.2.5. By Distribution Channel
14.2.6. By Country
Chapter 15. South America Spectacle Lens Market Analysis
15.1. Key Insights
15.2. Market Size and Forecast, 2017 - 2030 (US$ Mn and Mn Units)
15.2.1. By Type
15.2.2. By Material
15.2.3. By Coatings
15.2.4. By Application
15.2.5. By Distribution Channel
15.2.6. By Country
Chapter 16. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
16.1. Carl Zeiss Meditec AG
16.2. Cooper Companies Inc.
16.3. Essilor International SA
16.4. GKB Ophthalmics Ltd
16.5. Hoya Corporation
16.6. Johnson and Johnson
16.7. Nikon Corporation
16.8. Rodenstock GmbH
16.9. Seiko Optical Products Co. Ltd
16.10. Valeant Pharmaceuticals
16.11.Vision Ease
16.12. Warby Parker
16.13. Other Prominent Players
For more information about this report visit https://www.researchandmarkets.com/r/qr22ca
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