Dublin, May 30, 2024 (GLOBE NEWSWIRE) -- The "Global Prescription Lens Market Analysis & Forecast to 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The global prescription lens market size was estimated to be USD 45.5 billion in 2023 and is expected to reach at USD 79.30 billion by 2034 with a CAGR of 5.18% during the forecast period 2024-2034.
Rising prevalence of vision impairment & uncorrected refractive errors (URE), increasing focus towards detecting & treating such errors, surge in awareness regarding their treatment, growing collaborations among market players, rising advancements in technology, increasing development of improved prescription lenses, surge in the presence of online platforms for vision testing, and growing launch of technologically advanced prescription lenses are the key factors propelling the market growth.
For instance, in July 2023, Vision Rx Lab has introduced Nova AI Artificial Intelligence Lenses, providing a comfortable optical solution with personalized progressive lenses designed to suit each person's unique visual preferences. These lenses incorporate advanced optical technology and AI to cater to individual visual requirements, ensuring a personalized and effortless optical experience for discerning customers.
By type, single vision was the highest revenue-grossing segment in the global prescription lens market in 2023 owing to the advancement of progressive lenses with improved clarity & expanded field of vision, increasing incidence of vision impairment and rising population aged over 40. Additionally, workspace progressive is predicted to grow at the fastest CAGR during the forecast period owing to the expanding workforce, prolonged exposure to a range of electronic devices including computers, tablets, & laptops, heightened emphasis on preventing optical conditions, increasing awareness about the benefits of office progressive lenses in reducing refractive errors, and surge in the introduction of cutting-edge products. For instance, in November 2023, Huawei unveiled the Eyewear 2 during an event in Barcelona, where it also showcased the Watch GT4 series, Freebuds Pro 3 earbuds, and the MatePad 11.5 PaperMatte edition tablet.
By coating, anti-reflective (AR) coating was the highest revenue-grossing segment in the global prescription lens market in 2023 as these lenses offer multiple benefits, including shielding against harmful rays emitted by electronic display screens. Additionally, ultraviolet (UV) treatment is predicted to grow at the fastest CAGR during the forecast period owing to the increase in the prevalence of eye disorders such as cataracts & macular degeneration attributed to UV radiation exposure, heightened emphasis on the creation of prescription lenses with UV protection to improve vision, and rise in the introduction of innovative products. For instance, in September 2022, Johnson & Johnson Vision Care, Inc., a prominent figure in eye health worldwide and a segment of Johnson & Johnson MedTech, unveiled its latest advancement: ACUVUE OASYS MAX 1-DAY contact lenses and ACUVUE OASYS MAX 1-Day MULTIFOCAL contact lenses designed for individuals with presbyopia.
By application, myopia was the highest revenue-grossing segment in the global prescription lens market in 2023 owing to the growing prevalence of myopia, increasing awareness regarding its preventive measures, and rising focus on the development of innovative products. For instance, in December 2022, The Hong Kong Polytechnic University (PolyU) announced that Vision Science and Technology Co. Ltd. (VST), a start-up backed by PolyU, has achieved the successful creation of the Nano Multi-rings Defocus Incorporated Lens. This innovation aims to manage the advancement of myopia (or nearsightedness). Additionally, presbyopia is predicted to grow at the fastest CAGR during the forecast period owing to the increasing prevalence of presbyopia, surge in number of patients suffering from blur vision, and growing aging population.
North America is anticipated for the highest revenue share during the forecast period owing to the growing prevalence of myopia & refractive errors, increasing the number of patients, and hence is creating demand for prescription lenses for its treatment, increasing adoption of advanced technology, and rising launch of new products. For instance, in January 2023, Essilor introduced the Essilor Stellest lens in India to decelerate the advancement of myopia in children. The company asserted that findings from clinical trials indicated that, on average, the lens reduced myopia progression by 67 percent compared to single vision lenses when worn for 12 hours daily.
Additionally, Asia Pacific is predicted to grow at fastest CAGR during the forecast period owing to the increasing prevalence of myopia & presbyopia, growing launch of prescription lenses with advanced features, growing awareness regarding the treatment options such as prescription lenses for refractive errors, and surge in partnerships among market players. For instance, in September 2023, Zenni Optical, the top global online eyewear retailer, revealed its collaboration with Meta to supply VR prescription lens inserts for the Meta Quest 3 headset. These Zenni VR Prescription Lenses for Meta Quest 3, a component of the "Made for Meta" accessory initiative, are specifically tailored for the Meta Quest 3, ensuring a comfortable and seamless VR experience. They provide an affordable solution for the 66% of American adults who need corrective eyewear to fully enjoy the benefits of VR.
Report Scope
- Base Year: 2023
- Forecast Period: 2024-2034
- Market Forecast by Type, Coating, and Application
- Market Forecast for 5 Regions and 17+ Countries
- Exhaustive Company Profiles of Top 10+ Major Market Players
Key Topics Covered
1. Research Methodology
1.1. Study Objectives
1.2. Study Scope
1.3. Research Assumptions
1.4. Research Framework
2. Introduction
2.1. Market Definition
2.2. Global Prescription Lens Market Overview
3. Executive Summary
4. Market Environment Analysis
4.1. Porter's 5 Forces Analysis
4.2. PESTEL Analysis
4.3. SWOT Analysis
5. Market Dynamics
5.1. Drivers Analysis
5.2. Restraints Analysis
5.3. Opportunities Analysis
5.4. Threats Analysis
5.5. Trend Analysis
6. COVID-19 Impact Analysis
7. Prescription Lens Market: Type Estimates & Trend Analysis
7.1. Type Segment Opportunity Analysis
7.2. Single Vision
7.3. Progressive
7.4. Trifocal
7.5. Bifocal
7.6. Workspace Progressives
7.7. Others
8. Prescription Lens Market: Coating Estimates & Trend Analysis
8.1. Coating Segment Opportunity Analysis
8.2. Anti-Fog Coating
8.3. Scratch Resistant Coating
8.4. Ultraviolet Treatment
8.5. Anti-Reflective
9. Prescription Lens Market: Application Estimates & Trend Analysis
9.1. Application Segment Opportunity Analysis
9.2. Hyperopia/Hypermetropia
9.3. Presbyopia
9.4. Myopia
9.5. Astigmatism
10. Regional Market Analysis
10.1. Regional Market Opportunity Analysis
11. North America Prescription Lens Market
12. Europe Global Prescription Lens Market
13. Asia Pacific Global Prescription Lens Market
14. Latin America Global Prescription Lens Market
15. MEA Global Prescription Lens Market
16. Competitor Analysis
16.1. Company Market Share Analysis, 2023
16.2. Major Recent Developments
17. Company Profiles
17.1. Seiko Optical Products Co. Ltd.
17.2. VISION EASE
17.3. ZEISS Group
17.4. Vision Rx Lab
17.5. Essilor
17.6. HOYA
17.7. Prive Revaux
17.8. Other Prominent Players
18. Conclusion
19. Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/q6ys3o
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