Eyeglass Lenses Market Size Worth USD 71.55 Billion in 2032 | Emergen Research

increasing screen time among individuals leading to rising prevalence of various ocular diseases is a key factor driving Eyeglass Lenses market revenue growth

Vancouver, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The global eyeglass lenses market size was USD 43.15 Billion in 2022 and is expected to register a steady revenue CAGR of 5.2% during the forecast period, according to latest analysis by Emergen Research. Rising prevalence of ocular diseases, including conditions, such as refractive errors, age-related macular degeneration, cataracts, diabetic retinopathy, glaucoma, amblyopia, strabismus, and others, is a key factor driving market revenue growth.

According to the World Health Organization (WHO), about 2.2 billion people across the world are affected by either near- or distance vision impairments. Among these cases, approximately 1 billion involve vision issues that might have been preventable or remain unaddressed. Recent data on eye health, as compiled by the International Agency for Prevention of Blindness, indicates that there are 295 million individuals with moderate-to-severe visual impairments, and 43 million people are classified as blind on a global scale.

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In addition, companies are actively integrating advanced technologies, such as photochromic and polarized lenses, to enhance the functionality of sports eyewear. For example, on 7 June, 2022, SunGod introduced its latest sunglasses model, the Tempests. These sunglasses showcase a durable and versatile design combined with state-of-the-art lenses, creating an ideal fusion of performance-oriented and lifestyle eyewear. These glasses are meticulously designed to enable users to seamlessly transition between leisure and active activities.

However, lack of awareness among individuals regarding initial signs of visual impairment and imbalance between visually impaired individuals and number of ophthalmologists available are key factors, which could restrain market revenue growth.

Scope of Research

Report DetailsOutcome
Market Size in 2022USD   43.15 Billion
CAGR (2023–2032)5.2 %
Revenue Forecast To 2032USD  71.55 Billion
Base Year For Estimation2022
Historical Data2019-2021
Forecast Period2023–2032
Quantitative UnitsRevenue in USD Billion and CAGR in % from 2023 to 2032
Report CoverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
 Segments CoveredType, prescription type, lens material, lens coating, price range, distribution channel, and region
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country ScopeU.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies ProfiledEssilor, Hoya, Rodenstock Gmbh, Seiko Optical Products Co., Ltd., Vision Ease, Nikon Optical USA., Privé Revaux, Vision Rx Lab, ZEISS Group, and Rudy Project
Customization Scope10 hours of free customization and expert consultation

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MAJOR COMPANIES and Market Share Analysis

The global eyeglass lenses market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective eyeglass lenses. Some major players included in the global eyeglass lenses market report are:

  • Essilor
  • Hoya
  • Rodenstock GmbH
  • Seiko Optical Products Co., Ltd.
  • Vision Ease
  • Nikon Optical USA
  • Privé Revaux
  • Vision Rx Lab
  • ZEISS Group
  • Rudy Project

Strategic Development

  • On 17 March 2022, EssilorLuxottica and CooperCompanies have confirmed the completion of their joint venture agreement concerning SightGlass Vision. This partnership aims to expedite the introduction of innovative spectacle lens technologies to enhance the myopia management sector. SightGlass Vision's Diffusion Optics Technology involves the integration of numerous micro-dots into the lens, gently diffusing light to diminish contrast on the retina. This innovative approach is intended to mitigate the advancement of myopia in children.

Some Key Highlights from the Report

  • The myopia segment is expected to account for largest revenue share in the global eyeglass lenses market over the forecast period. This is due to increasing screen time, reduced exposure to natural outdoor light, genetic or hereditary factors, and extended engagement in close-up activities such as reading, studying, or using electronic devices.  According to the recent Sydney Myopia Study, 31% of 17-year-olds have been identified with myopia, which is twice the prevalence documented in the Blue Mountain Eye Study over a decade ago.
  • The online retail segment is expected to register steadily fast revenue growth rate in the global eyeglass lenses market over the forecast period. This is attributed to increasing use of online shopping platforms due to convenience, ease of price comparisons, transparent transactions, versatile payment methods, and flexible return and exchange policies. Various payment options, such as credit cards, digital wallets, and alternative payment options, including Buy-Now-Pay-Later (BNPL) offer consumers versatility, accommodating their diverse preferences and financial circumstances.
  • The Asia Pacific market accounted for largest revenue share in the global eyeglass lenses market in 2022.

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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global eyeglass lenses market on the basis of type, prescription type, lens material, lens coating, price range, distribution channel, and region:

  • Type Outlook (Revenue, USD Billion; 2019–2032)
    • Single-Vision
    • Bifocal
    • Trifocal
    • Progressive
    • Others
  • Prescription Type Outlook (Revenue, USD Billion; 2019–2032)
    • Myopia
    • Hyperopia
    • Astigmatism
    • Presbyopia
    • Others
  • Lens Material Outlook (Revenue, USD Billion; 2019–2032)
    • Glass
    • Plastic CR 39
    • Polycarbonate
    • Trivex
    • Others
  • Lens Coating Outlook (Revenue, USD Billion; 2019–2032)
    • Anti-Reflective Coating
    • Ultraviolet (UV) Protection Coating
    • Blue light blocking Coating
    • Hydrophobic Coating
    • Oleophobic Coating
    • Scratch-Resistant Coating
    • Others
  • Price Range Outlook (Revenue, USD Billion; 2019–2032)
    • Premium or High End Lenses
    • Mid-Range Lenses
    • Budget-Friendly Lenses
  • Distribution Channel Outlook (Revenue, USD Billion; 2019–2032)
    • Eyecare Professionals (Optometrists and Ophthalmologists)
    • Wholesalers and Distributors
    • Online Retail
    • Retail Stores
      • Optical Stores
      • Department Stores
      • Specialty Stores
      • Others
    • Others
  • Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • UK
      • Italy
      • Spain
      • Benelux
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Rest of APAC
    • Latin America
      • Brazil
      • Rest of LATAM
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • South Africa
      • Turkey
      • Rest of Middle East & Africa

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