Hyderabad, Aug. 02, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Spectacle Lens Market Report (2023-2028)," the market is estimated at USD 52.46 billion in 2023. It is expected to register a CAGR of 3.53% during the forecast period.
A spectacle lens refers to a corrective lens used to fix eye problems and help improve vision. Lenses are optical devices that are transmissive and are used to focus on a ray of light by a process called refraction.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 52.46 billion |
| Market Size (2028) | USD 62.40 billion |
| CAGR (2023-2028) | 3.53% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The rise of digital technologies and work-from-home. |
| The rising awareness of vision impairment and vision correction solutions. |
Who are the Top Companies in the Spectacle Lens Market?
The spectacle lens market is highly competitive and consists of several major players. The presence of several players is increasing the overall competitive rivalry of the market studied.
Significant players in the spectacle lens market are,
- Carl Zeiss AG (Carl Zeiss Meditec AG)
- EssilorLuxottica (Essilor)
- GKB Ophthalmics Ltd
- Hoya Corporation (Seiko Optical Products Co., Ltd.)
- Rodenstock GmbH
- Nikon Corporation
- Korva SE (Fielmann AG)
- WANXIN Group (Wanxin Lens)
- Tokai Optical Co., Ltd.
- Shanghai Conant Optical Co., Ltd.
- Nakanishi Vision
- Vision Ease
Other Reports That Might Be of Your Interest:
- Europe Intraocular Lens Market Report - The European intraocular lens market value is estimated at USD 1.78 billion in 2023. It is expected to reach USD 2.46 billion by 2028, registering a CAGR of 6.75% during the forecast period (2023-2028).
- Smart Contact Lenses Market Report - The smart contact lenses market is expected to register a CAGR of 9.80% during the forecast period (2023-2028).
Key Highlights from the Spectacle Lens Market Report:
Demand for Prescription Glass to Drive the Market
- Prescription glasses are designed to improve conditions like myopia, hyperopia, and astigmatism. The demand for prescription glasses is increasing due to the increasing burden of eye diseases.
- The continuous efforts of major market players to provide prescription lenses and offer various benefits to users are expected to drive the segment’s growth.
North America is Likely to Hold Significant Market Share
- The United States and Canada house well-structured healthcare systems, engaging various global market players in product development.
- The increasing older population in the United States, in addition to the shift toward vision correction, is fueling the usage of most eyewear types in the country.
What are the Latest Developments in the Spectacle Lens Market?
- In January 2023, Essilor, a leading prescription lens company, launched its latest product to the Indian market.
- In December 2022, Vision Science and Technology Co. Ltd launched an innovative spectacle lens to slow down myopia progression.
Mordor Intelligence has Segmented the Spectacle Lens Market Based on Type, Coating Type, Usage, and Geography:
- By Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Single Vision
- Bifocal
- Trifocal
- Progressive
- By Coating Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Anti-Reflective Coating
- Scratch-Resistant Coating
- Anti-Fog Coating
- UV Protection
- Other Coating Types
- By Usage (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Prescription Glass
- OTC Reading Glass
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- United States
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Argentina
- Rest of South America
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Spectacle Lens Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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