New Delhi, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Global Spectacle Lens Market growth is driven by factors such as increasing prevalence of vision disorders, rising awareness about the importance of eye health, and the availability of advanced lens technologies. The market can be segmented based on lens type, material, distribution channel, and region.
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Single vision lenses currently dominate the market, but the demand for progressive lenses is expected to grow at a faster rate due to the increasing aging population and the associated rise in presbyopia. Polycarbonate is the leading material used in spectacle lenses, but plastic lenses are also gaining popularity due to their affordability, lightness, and availability in various designs and coatings.
North America and Europe are currently the leading regions, with the Asia Pacific region expected to grow at the fastest rate during the forecast period. Key players in the market include Essilor International S.A., Carl Zeiss AG, Hoya Corporation, and Luxottica Group S.p.A. As the global population continues to age, and the prevalence of vision disorders increases, the demand for corrective eyewear is expected to grow, leading to further growth in the spectacle lens market.
Global Sales of Spectacle Lens to Surpass 540 Million Units by 2031
The global spectacle lens market is on the rise and is projected to reach a volume of 540 million units by the year 2031 at a CAGR of 5.8% during the forecast period of 2023-2031. This growth is largely attributed to the increasing prevalence of vision impairment, ageing populations, increasing awareness of eye-care among people, technological advancements in lens design, and the rapidly growing fashion eyewear industry. Moreover, the market growth is attributed to numerous factors such as growing demand for fashionable eyewear, increasing disposable income in developing countries, rising need for eye-care services, and high unmet needs. Additionally, the increasing use of spectacle lens as a fashion accessory has also encouraged the growth of the market.
Technological advancements have led to the introduction of a variety of lens materials and coatings, including progressive lenses, Polycarbonate lenses, Photo-chromic lenses, and Anti-reflective lenses. These advancements have made spectacle lenses more lightweight and comfortable, and have also significantly improved the optical performance of lens designs. Furthermore, advancements in the production processes and manufacturing materials have also increased the affordability of spectacle lenses.
Polycarbonate Spectacle Lens to Generate over 32% Revenue of the Global Spectacle Lens Market
Polycarbonate spectacle lenses are expected to generate over 32% revenue of the global spectacle lens market, making it the leading material used in the industry. This is due to several factors, including the impact resistance, lightweight, and suitability for sports and safety eyewear. Polycarbonate lenses are also preferred for children's glasses due to their durability and safety.
In fact, polycarbonate spectacle lenses are the most popular choice among consumers due to their durability, impact resistance, and lightweight properties. These lenses are virtually shatterproof, making them a safer option for active individuals, children, and individuals in professions that require protective eyewear. Furthermore, polycarbonate lenses are lighter in weight compared to traditional glass lenses, making them more comfortable to wear for longer periods of time. This makes them an ideal choice for those who require glasses for extended periods, such as students, office workers, and people with outdoor lifestyles.
Polycarbonate lenses also offer excellent UV protection, blocking 100% of harmful UV rays, and are available in a range of coatings, including anti-scratch, anti-reflective, and photochromic, adding to their popularity among consumers.
North America to Capture More Than 35% Revenue Share of Global Spectacle Lens Market
North America is expected to capture more than 35% revenue share of the global spectacle lens market due to several factors, including high consumption, demand, and supply of eyewear, a strong presence of key players in the market, high spending power of the population, and a relatively high prevalence of eye disorders in the region.
Consumption and demand for eyewear in North America are driven by a variety of factors, including a growing aging population, increasing awareness about the importance of eye health, and changing fashion trends. Additionally, the prevalence of eye disorders such as myopia, hyperopia, and astigmatism is relatively high in North America, which further fuels demand for spectacle lenses.
The supply of spectacle lenses in North America is also robust, with a number of key players in the market. Some of the leading companies in the market include Essilor International, Carl Zeiss AG, HOYA Corporation, and Luxottica Group, among others. These companies offer a wide range of products, from standard single vision lenses to more advanced progressive lenses and other specialized lenses designed to meet the specific needs of different patients.
The high spending power of the North American population is also a key driver of the spectacle lens market in the region. The ability of consumers to spend more on high-quality lenses and frames, coupled with a growing trend of consumers purchasing multiple pairs of eyewear for different activities or occasions, has contributed to the growth of the market.
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Top 10 Players Hold More than 59% Market Share of Global Spectacle Lens Market
the global spectacle lens market is highly competitive, with the top 10 players holding more than 59% revenue share. These players compete on factors such as product quality, innovation, technology, pricing, and distribution. The high barriers to entry in the market mean that the top players are likely to continue to dominate the market in the foreseeable future.
One of the top players in the global spectacle lens market is Essilor International, which is the leading player in the market. The company has a strong presence in all major regions of the world and offers a wide range of products, including standard single vision lenses, advanced progressive lenses, and specialized lenses for specific visual needs. As a result, the company is holding over 20% revenue share of the market. Essilor has a strong focus on innovation and technology, investing heavily in research and development to create new and advanced lens technologies. For example, the company has developed lenses that protect against harmful blue light and lenses that correct visual distortion caused by presbyopia.
In addition to its product offerings, Essilor has a strong distribution network that includes a wide range of channels, from independent optometrists to major retailers. The company's business model is highly diversified, with revenue coming from a range of sources, including lenses, frames, and equipment for optometrists. Essilor's strong presence in both developed and emerging markets has helped it to weather economic downturns and other challenges, making it a highly resilient player in the spectacle lens market.
Prominent Players in Global Spectacle Lens Market:
- Carl Zeiss Meditec AG
- Cooper Companies Inc.
- Essilor International SA
- GKB Ophthalmics Ltd
- Hoya Corporation
- Johnson and Johnson
- Nikon Corporation
- Rodenstock GmbH
- Seiko Optical Products Co. Ltd
- Valeant Pharmaceuticals
- Vision Ease
- Warby Parker
- Other Prominent Players
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