USD 45.3 billion
Global Prescription Lens Market Size, Share, Growth Analysis, By Distribution Channel(Offline, Online), By Lens Coating(Anti-reflective, Scratch Resistant Coating), By Application(Myopia, Hyperopia/Hypermetropia), By Type(Single Vision, Bifocal) - Industry Forecast 2024-2031
Report ID:
SQSG35B2029 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
121 |
Figures:
77
Global Prescription Lens Market Insights
Prescription Lens Market size was valued at USD 45.3 billion in 2019 and is poised to grow from USD 47.7 billion in 2023 to USD 66.7 billion by 2031, growing at a CAGR of 5.3% in the forecast period (2024-2031).
Prescription sunglasses are extremely beneficial in protecting the eyes from harmful ultraviolet rays that can end up causing permanent eye damage. Because of their various shapes and coatings, these glasses aid in resolving the issue of projecting light onto the retina for improved vision. Growing acceptance and usage of eyewear products, including prescription eyewear, is a growth factor for the market.
During the forecast period, the global prescription lens market is expected to grow significantly. Patients with vision problems are often unaware of their condition and do not seek treatment. According to the World Health Organization (WHO), URE was responsible for 42.0% of all visual impairments worldwide in 2019. The rise in refractive error-related visual impairment (primarily astigmatism and myopia) and the resulting rise in uncorrected refractive error (URE) in patient populations will drive revenue growth in the next global prescription lens market. This is the most important factor to consider. Cases of vision impairment caused by vision problems are on the rise. The majority of these situations go unnoticed at first and contribute to the growing number of uncorrected refractive errors (URE). People with the disease of refractive errors are often unaware of their condition and receive no treatment. As a result, various organizations focusing on the treatment and detection of refractive errors are being formed to control the rise in URE.
Sightsavers, a non-profit organization with operations in over 30 countries, focuses primarily on the African and Asian continents. To provide advanced and affordable ophthalmic treatment, the organization allies with local, regional, national, and international partners and governments. To address the issue of URE, the organization devised a refractive error strategy. With its dual-track approach, the organization provides refractive error services. Furthermore, the organization is expanding its program partnerships and forming collaborations to improve URE services. The presence of such organizations, as well as growing awareness of refractive error treatment, are expected to drive the market.
US Prescription Lens Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Single Vision Prescription Lens
Fastest Growth
Single Vision Prescription Lens
Growth Rate
5.3% CAGR
Global Prescription Lens Market 2022-2028 ($ Bn)
Country Share for Asia-Pacific Region- 2021 (%)
Global Prescription Lens Market Size By Type 2022-2028 ($ Bn)
Global Prescription Lens Market Size By Type 2022-2028 (%)
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Global Prescription Lens Market Segmental Analysis
The Global Prescription Lens market is segmented based on Lens Coating Distribution Channel, Application, Type, and Region. Based on Distribution Channel, the Prescription Lens market is segmented into Offline and Online. Based on Lens Coating, the Prescription Lens market is segmented into Anti-reflective, Scratch Resistant Coating, Anti-Fog Coating, and Ultraviolet Treatment. Based on Application, the market is segmented into Myopia, Hyperopia/Hypermetropia, Astigmatism, and Presbyopia. Based on Type, the Prescription Lens market is segmented into Single Vision, Bifocal, Trifocal, Progressive, Workspace Progressive, and Others Based on region the global Prescription Lens market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Prescription Lens market Analysis by Type
In 2021, single-vision prescription lenses led the market, accounting for more than 26.5% of global revenue. Market participants are concentrating on the development of single-vision prescription lenses for countering refractive errors. People over 40 prefer single vision prescription lenses to bifocal, trifocal, and progressive lenses. Single vision prescription lenses are prioritized as an advantageous alternative for reading and computer work because they aid in posture maintenance, reducing the risk of developing the vision-based syndrome. Furthermore, single vision lenses help to improve peripheral vision, which can be an issue with bifocal, trifocal, and progressive lenses. However, the development of technologically advanced and effective progressive lenses with a broader field of view and improved clarity may have an impact on segment growth during the forecast period.
During the forecast period, progressive lenses are anticipated to grow at the fastest rate. Because there is no visible bifocal line, progressive lenses are also known as no-line bifocal lenses. It is one of the most popular prescription lenses due to its natural appearance and effective functionality. Progressive lenses are also used by people who have myopia, hyperopia, astigmatism, and/or presbyopia. Furthermore, progressive lenses improve image quality by eliminating the image jump seen with bifocal and trifocal lenses.
Global Prescription Lens Market By Type, 2021 (%), 2023 (%)
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Global Prescription Lens Market Regional Insights
During the forecast period, Asia-Pacific is expected to have the largest market share. China, Japan, Singapore, and the Republic of Korea are significant contributors to the region's Prescription Lens market growth. These countries account for half of the world's myopia prevalence. The region's increasing incidence of refractive errors is raising the number of patients and, as a result, the requirement for prescription lenses for their treatment. Market participants in the region are forming strategic alliances to expand their prescription lens business. Hoya announced a partnership with Orbis International, a global organization that provides mentorship and training to local eye care professionals and inspires them to save sight in their communities.
During the forecast period, Asia-Pacific is expected to have the largest market share. China, Japan, Singapore, and the Republic of Korea are significant contributors to the region's Prescription Lens market growth. These countries account for half of the world's myopia prevalence. The region's increasing incidence of refractive errors is raising the number of patients and, as a result, the requirement for prescription lenses for their treatment. During our in-depth analysis, we found that Myopia is becoming more common around the world, with a recent study estimating that 30% of the world is currently myopic, and that by 2050, nearly 50% will be myopic, amounting to a staggering 5 billion people.
Market participants in the region are forming strategic alliances to expand their prescription lens business. Hoya announced a partnership with Orbis International, a global organization that provides mentorship and training to local eye care professionals and inspires them to save sight in their communities.
The United States is estimated to be the second largest market for Prescription lenses in the North America region, Because of the increasing prevalence of myopia and presbyopia in countries such as the United States and Canada. Furthermore, significant market players are present in the region and are launching advanced prescription lenses. For instance, Privé Revaux introduced low-cost prescription lenses. Through its partnership with Opternative, a technology company, the company has also extended its reach to the patient pool by offering online vision tests. The region has a high rate of adoption of advanced technologies and materials, which contributes to overall market growth.
Global Prescription Lens Market By Geography, 2022-2028, 2024-2031
- Largest
- Fastest
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Global Prescription Lens Market Dynamics
Prescription Lens market Driver
- The prevalence of refractive error cases, primarily myopia, and astigmatism, is expected to drive the market
The rising prevalence of refractive error cases, primarily myopia and refractive error, is expected to drive prescription lens demand. Prescription lenses aid in the resolution of the eyes' incapability to project light onto the retina for improved vision. These lenses come in a variety of shapes and sizes and surface coatings and are preferred based on refractive order. Concave prescription optics are used to correct myopia, while convex prescription lenses are used to correct hyperopia. Conical prescription lenses are used to correct astigmatism.
- Omnichannel presence of industry participants
With technology as an enabler, a new generation of customers has fuelled the growth of online shopping over the past decade. These customers prefer richer experiences, better services, greater value, and more available options. Omnichannel retail solutions give prescription lens market participants greater control over larger product assortments. Merchandise and price fluctuations can be updated, standardised, and visible across all stores in real time. This makes it easier to accommodate more styles and production cycles, respond to market trends, and drive sales with targeted promotions. Customers can get an eye exam in one store, find a frame they like, and purchase it there, online, have it delivered, or pick it up at a different location. Once a customer's prescription is on file, they can purchase it online and pick it up at a nearest authorised store. Alternatively, they can return the item in-store if they purchase glasses online but discover that they aren't quite what they were looking for. With an Omni-channel infrastructure in place, stores can concentrate more on improving their cross-channel customer service, regardless of whether they sell specialised or prescription eyewear or both. The market is anticipated to be driven by these factors during the forecast year.
Prescription Lens market Restraint
- Spectacle-induced vision distortion
If the person wearing a prescription lens has astigmatism, there may be some distortion of vision. There is also difficulty seeing through the sides of the glasses, which worsens with lower eye power. These are some of the factors that may stymie the expansion of the Prescription Lens market.
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Global Prescription Lens Market Competitive Landscape
Major players are concentrating on developing multiple kinds of prescription glasses with various coating options. These market participants are also forming partnerships and alliances in order to broaden their brand reach and enhance their product offerings. For instance, Essilor launched a progressive web app version of the pre-existing Essilor Companion for all eye care professionals. This initiative aims to simplify the digital ecosystem for Essilor's industry partners, such as Eye Care Professionals (ECPs), while also providing a better in-store digital Essilor brand experience.
Prescription Lens market Top Player's Company Profiles
- EssilorLuxottica
- Carl Zeiss Meditec AG
- HOYA Corporation
- Nikon Corporation
- Rodenstock GmbH
- Seiko Optical Products Co., Ltd.
- Shamir Optical Industry Ltd.
- Vision Service Plan
- ZEISS International
- Luxexcel Group BV
- CooperVision, Inc.
- Signet Armorlite, Inc.
- VSP Global
- Transitions Optical, Inc.
- Younger Optics, Inc.
- BBGR
- Essilor of America, Inc.
- Vision Ease
- Corning Incorporated
- Marcolin Group S.p.A.
Prescription Lens market Recent Development
- In August 2022, Cooper Vision launched Beyond the Limbus Master training for scleral lens fitters. The series provides advanced training for intermediate and advanced scleral lens fitters, as well as basic training for support staff and ECPs.
- In August 2022, ZEISS launched the DTI6, a thermal imaging camera with excellent image quality for identifying details in the dark and during the day. The DTI-6 has an easy-to-use interface and smart power management, making it a dependable hunting companion.
- In August 2022, Alcon announced the acquisition of Aerie Pharmaceuticals, expanding its ophthalmic pharmaceutical portfolio.
- In May 2022, Rodenstock acquired Indo Optical, a leading Spanish lens manufacturer, accelerating its growth in key markets.
Global Prescription Lens Key Market Trends
- ZEISS is a leading manufacturer of lenses that include BlueGuard Lenses, Sunglass Lenses, Single Vision Lenses, Digital Lenses, Progressive Lenses, and Drive Safe Lenses. ZEISS is developing BlueGuard Lenses, an advanced prescription lens based on ZEISS UVProtect Technology that blocks up to 40% of potentially harmful blue light in the wavelength range of 400 nm to 455 nm. During the forecast period, the development of such a technologically advanced prescription lens is expected to boost the market growth. Furthermore, beginning in 2022, ZEISS will set a new standard of care by including full UV protection in all clear ZEISS plastic lenses.
- Demand for prescription lenses is being driven by an increase in the prevalence of refractive error, particularly myopia and astigmatism. Additionally, people who work for long periods in front of computers develop a variety of eye problems. As a result, companies are developing advanced technology-based products that block a significant portion of potentially harmful blue light while also providing full UV protection to provide comfortable vision, excellent clarity, and aesthetics. The development of such a technologically advanced prescription lens is expected to drive market growth during the forecast period.
Global Prescription Lens Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, we found that Prescription lenses help to sharpen the eyes' ability to focus, allowing the retina to see images more accurately because the light already has attained a certain point by the time it reaches the retina. To control the rise in URE, several organizations specializing in the diagnosis and treatment of refractive errors are being formed. These factors are expected to drive the market over the forecast year.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 45.3 billion |
| Market size value in 2031 | USD 66.7 billion |
| Growth Rate | 5.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Prescription Lens Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Prescription Lens Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Prescription Lens Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Prescription Lens Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Prescription Lens Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Prescription Lens Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Prescription Lens Market Report Snapshots
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