Hyderabad, Aug. 14, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Photochromic Lenses Market Report (2023-2028)," the market is estimated at USD 6.88 billion in 2023. It is expected to register a CAGR of 5.81% during the forecast period.
Photochromic lenses are transparent, closed eyeglass lenses that darken naturally when exposed to sunlight. Photochromic lenses darken using different processes depending on the type of lens.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 6.88 billion |
| Market Size (2028) | USD 9.13 billion |
| CAGR (2023-2028) | 5.81% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The growing adoption of photochromic lenses. |
| The increasing demand from the older population. |
Who are the Top Companies in the Photochromic Lenses Market?
The photochromic lenses market is consolidated in nature. It consists of a few major players operating at the regional and global levels. Some players are increasingly adopting acquisitions and launching new products to expand their market presence.
Significant players in the photochromic lenses market are,
- Corning Incorporated
- EssilorLuxottica SA
- Apax Fund (Rodenstock GmbH)
- Carl Zeiss AG
- Hoya Corporation
- Vision Dynamics LLC
- Tokai Optical Co. Ltd
- Sundex Optical Co. Ltd
- Jiangsu Aogang Optical Glasses Co. Ltd
- GKB Ophthalmic Limited
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Key Highlights from the Global Photochromic Lenses Market Report:
Demand for Corrective Lens to Drive the Market
- Corrective photochromic lenses combine the advantages of prescription eyeglasses with photochromic lenses. They correct refractive issues like myopia, hyperopia, and presbyopia while adjusting tint in response to UV light. They are growing in demand due to the high incidence of eye-related disorders.
- Agreements between companies are aiding the growth of the market as they are innovating new products.
North America to Hold Significant Market Share
- In North America, the high prevalence of blurred vision, eye pain, and vision loss is increasing the demand for corrective photochromic lenses for better vision.
- The increasing number of product approvals and new launches by key market players in the region are also boosting market growth.
What are the Latest Developments in the Photochromic Lenses Market?
- In February 2023, IOT, a Spain-based company, launched Neochromes Agile Dark Light-activated lenses.
- In February 2023, ZEISS launched next-gen photochromic lenses, ZEISS PhotoFusion X, in Germany, which dark and clear faster and provide advanced blue light UV protection.
Mordor Intelligence has Segmented the Photochromic Lenses Market Based on Material, Technology, Application, Sales Channel, and Geography:
- By Material (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Glass
- Polycarbonate
- Plastic
- By Technology
- UV and Visible Light
- Imbibing and Trans-bonding
- In Mass
- Other Technologies
- By Application (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Corrective
- Preventive
- By Sales Channel (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Specialty Clinics
- Online
- Other Sales Channel
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
- South America
- Brazil
- Argentina
- Rest of South America
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Photochromic Lenses Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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