Optical Lens Market Trends

Optical Lens Market Drivers

Increase in demand for vision correction and rise in awareness among consumer for eye health

• The rise in prevalence of vision-related disorder such as hyperopia, myopia, astigmatism and presbyopia surge the demand for optical lens and propel the growth of the market. The increase in screen time among young consumer and age-related vision lens increase the demand for correctives lens. In addition, the increase in awareness about eye examination further accelerate the market growth.

• According to the World Health Organization (WHO), it was reported that around 2.2 billion population are diagnosed with vision impairment or blindness, globally. It was also reported that at least 1 billion cases could have been addressed or prevented with corrective solutions such as optical lenses. These factors increase the need for optical lens and drive the growth of the market.

Advancement in optical technology and lens materials

• The advancement in technological lens manufacturing and its coating technology further drives the market growth. The photochromic coatings, development of aspherical lens and blue-light filtering capabilities increase the functionality and appeal of modern optical lens. In addition, the incorporation of durable materials such as Trivex and polycarbonate enhance the comfort and usability for consumer.

• In addition, the increasing advancement of advanced driver-assistance systems (ADAS) and autonomous vehicles significantly boost the demand for optical lens in the automotive sectors. The optical lens are important component in cameras, LiDAR systems and sensors which is used for object detection, traffic sign recognition and lane-keeping. Thus, the need for high-precision and reliable optical system drives the growth of the market.

Surge in demand for consumer electronic

• The increasing demand for consumer electronic, mostly smartphones and camera surge the need for optical lens and drive the growth of the market. In addition, the use of smartphone as the primary devices for photography propel the growth of the market. Based on SkyQuest Analysis, in 2022, around 90% of consumer use the smartphones for photography, while only 6% to 7% use the digital camera. This trend is expected to rise further to reach nearly 96%.

• The growth in the photography through smartphones, increase the need for compact and high-quality optical lens systems. As consumer demand zoom capabilities, better low-light performance, the smartphone manufacturer incorporate the complex multi-lens camera modules. This accelerates the volume growth in the optical lens market.

Optical Lens Market Restraints

High cost of optical lens

• One of the major factors restraining the market growth is the high cost of optical lens associated with precision manufacturing technologies and raw materials. Materials such as high-index glass and low-dispersion can be up to 25 to 30 times more costly than standard glass, costing up to USD 225 per element.

• Processing adds further expense. Research & development, assembly and prototype costs can total millions, mostly for innovative lens designs. While economies of scale and use of preforms can reduce some costs, these remain viable mostly for large firms. High production and development expenses ultimately limit broader market access, especially in price-sensitive and emerging regions.