Spectacle Lens Market Overview 2024: Key Insights and Analysis

Global spectacle lens market size is expected to reach $67.53 Bn by 2028 at a rate of 5.9%, segmented as by product, single vision lenses, progressive lenses, bifocal lenses, trifocal lenses

Jul 1, 2024 - 11:18

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Spectacle Lens Market Overview 2024: Key Insights and Analysis

Overview and Scope
Spectacle lenses refer to optical devices primarily used to correct vision problems such as nearsightedness, farsightedness, and astigmatism. They are typically made from materials such as glass or plastic and can be customized to suit individual prescriptions. These lenses bend light to properly focus it onto the retina, helping to improve clarity and sharpness of vision for the wearer.

Sizing and Forecast
The spectacle lens market size has grown strongly in recent years. It will grow from $50.78 billion in 2023 to $53.71 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to regulatory changes, consumer preferences, disposable income levels, prevalence of eye conditions and, consumer awareness and education.

The spectacle lens market size is expected to see strong growth in the next few years. It will grow to $67.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to shift towards environmentally friendly materials, expansion of healthcare coverage, rise in myopia rates among younger demographics, fashion trends influencing the popularity of lens coatings and tint and, aging population driving demand for multifocal and progressive lenses. Major trends in the forecast period include photochromic and adaptive lenses, smart lens technology, advanced lens materials, customization and personalization and, digital eye strain solutions.

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Segmentation & Regional Insights
The spectacle lens market covered in this report is segmented –

1) By Product: Single Vision Lenses, Progressive Lenses, Bifocal Lenses, Trifocal Lenses
2) By Material: Plastic Lenses, Polycarbonate Lenses, Trivex Lenses, High-Index Lenses, Glass Lenses
3) By Sales Channel: Retail Sales, Institutional Sales
4) By Application: Vision Correction, Beauty, Other Applications

North America was the largest region in the spectacle lens market in 2023. The regions covered in the spectacle lens 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 ophthalmic disorders is expected to propel the growth of the spectacle lens market going forward. Ophthalmic disorders refer to conditions affecting the eyes, ranging from common issues such as refractive errors to more severe ailments such as glaucoma and macular degeneration. Ophthalmic disorders are on the rise due to increased screen time, digital device usage, and aging populations, contributing to conditions such as digital eye strain, myopia, and age-related macular degeneration. Spectacle lenses aid in correcting ophthalmic disorders such as myopia, hyperopia, astigmatism, and presbyopia by refracting light to focus correctly on the retina, improving vision clarity, and reducing strain. For instance, in November 2022, according to the Centers for Disease Control and Prevention, a US-based government administration for public health, over 3 million Americans were suffering from glaucoma (eye conditions that can damage the optic nerve), and it is expected to increase to 6.3 million by 2050. Furthermore, in 2021, according to the International Agency for the Prevention of Blindness, a UK-based international alliance promoting eye health, the number of people with vision loss is expected to increase by 55% from 1,106 million in 2020 to 1,758 million by 2050. Therefore, the increasing prevalence of ophthalmic disorders is driving the growth of the spectacle lens market.

Key Industry Players
Major companies operating in the spectacle lens market are Johnson and Johnson, EssilorLuxottica SA, Bausch Health Companies Inc., Hoya Corporation, Cooper Companies Inc., Carl Zeiss AG, KODAK Lens, Rodenstock GmbH, Warby Parker Inc., Norville Group Ltd, Vision Rx Lab Pvt. Ltd., ABB Optical Group, Walman Optical, Younger Optics, Vision-Ease Lens Ltd, Mingyue Optical Lens Co Ltd, ClearVision Optical, X-Cel Optical Company, Jiangsu Hongchen Optical Co Ltd, Paragon Vision Sciences, Visioneering Technologies Inc., Tokai Optical Co. Ltd., Kbco Lens Ltd, Sola Optical

The spectacle lens market report table of contents includes:

1. Executive Summary
2. Spectacle Lens Market Characteristics
3. Spectacle Lens Market Trends And Strategies
4. Spectacle Lens Market - Macro Economic Scenario
5. Global Spectacle Lens Market Size and Growth
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31. Global Spectacle Lens Market Competitive Benchmarking
32. Global Spectacle Lens Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Spectacle Lens Market
34. Spectacle Lens Market Future Outlook and Potential Analysis
35. Appendix