USD 45.3 billion
Report ID: SQSG35B2029 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 121 | Figures: 77
Prescription Lens Market size was valued at USD 45.3 billion in 2021 and is poised to grow from USD 47.7 billion in 2022 to USD 66.7 billion by 2030, growing at a CAGR of 5.3% in the forecast period (2023-2030).
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 2021. 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.
Global Market Size
USD 45.3 billion
Single Vision Prescription Lens
Single Vision Prescription Lens
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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.
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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.
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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.
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
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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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
Prescription Lens market Recent Development
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.
|Market size value in 2021||USD 45.3 billion|
|Market size value in 2030||USD 47.7 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
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