Global Single Vision Lenses Market 2024 - By Growth Opportunities, Future Insights, Regional Segments, Latest Innovations And Forecast To 2033

Global single vision lenses market size is expected to reach $8.39 billion by 2028 at a rate of 4.5%, segmented as by type, spherical, aspherical, freeform

Sep 3, 2024 - 16:57

Global Single Vision Lenses Market 2024 - By Growth Opportunities, Future Insights, Regional Segments, Latest Innovations And Forecast To 2033

Overview and Scope

Single vision lenses are corrective lenses designed to correct vision at a single distance, either for nearsightedness (myopia) or farsightedness (hyperopia). Unlike multifocal lenses, they have uniform optical power throughout, offering clear vision either for close-up tasks or distance vision, depending on the prescription. These lenses are commonly used in eyeglasses for everyday wear and can be made from various materials, including plastic and glass, to accommodate different needs for durability, weight, and optical clarity.

Sizing and Forecast

The single vision lenses market size has grown steadily in recent years. It will grow from $6.74 billion in 2023 to $7.03 in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to the development of new materials, the introduction of digital lens designs and freeform technology, improvements in surgical techniques, continuous research efforts in optics and materials, and a surge in medical tourism for vision correction surgeries.

The single vision lenses market size is expected to see steady growth in the next few years. It will grow to $8.39 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to the growth of industrial sectors necessitating protective eyewear, awareness of UV protection and blue light filtering, improvement in healthcare facilities and eyecare clinics, and globalization of manufacturing. Major trends in the forecast period include increasing demand for presbyopia-correcting lenses, growing prevalence of myopia, hyperopia, astigmatism, and presbyopia, implementation of vision care programs, adoption of telehealth services, and policies promoting vision care and insurance coverage for eyewear.

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Segmentation & Regional Insights

The single vision lenses market covered in this report is segmented –

1) By Type: Spherical, Aspherical, Freeform

2) By Material: Glass, Polycarbonate, Other Material Types

3) By Age Group: Less Than 18 Years, Greater Than Or Equal To 18 Years And Less Than 40 Years, Greater Than Or Equal To 40 Years

4) By Application: Hyperopia (Farsightedness), Myopia (Nearsightedness), Astigmatism, Presbyopia

North America was the largest region in the single vision lenses market in 2023. The regions covered in the single vision lenses market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The increasing prevalence of myopia is expected to propel the growth of the single vision lenses market going forward. Myopia, commonly known as nearsightedness, is a refractive error of the eye where distant objects appear blurry while close objects can be seen clearly. The prevalence of myopia is rising due to increased screen time, prolonged work, and aging populations. Single vision lenses correct myopia by focusing light directly on the retina, improving distance vision. For instance, in April 2021, according to the Association for Research in Vision and Ophthalmology, a US-based learned society dedicated to ophthalmology and other vision-related topics, myopia affected nearly 30% of the world population in 2020, and this number is expected to rise to 50% by 2050. Projections estimate that 50% of the global population will be affected by myopia in the year 2050, of whom 10% will have high myopia. Therefore, the increasing prevalence of myopia is driving the growth of the single vision lenses market.

Key Industry Players

Major companies operating in the single vision lenses market are Essilor Luxottica, Hoya Corporation, Nikon Corporation, Carl Zeiss AG, Johnson & Johnson Vision, Rodenstock GmbH, Shamir Optical Industry Ltd., Norville, Leica Camera AG, Vision-Ease Lens, Younger Optics Asia Pacific Ltd., iCoat Company LLC, Seiko Optical Products Co. Ltd., GKB Optic Technologies Pvt. Ltd., Optiswiss AG, KODAK Lens, Augen Optics, Opticote Inc., Tokai Optical Co. Ltd., Shanghai Conant Optics Co. Ltd., Jiangsu Aogang Optical Glasses Co. Ltd., Central Optical Co. Ltd.

The single vision lenses market report table of contents includes: