Global Prescription Lens Market Size, Share & Industry Trends Analysis Report By Coating, By Application (Myopia, Hyperopia/Hypermetropia, Astigmatism and Presbyopia), By Type, By Regional Outlook and Forecast, 2022 - 2028
Special Offering: Industry Insights | Market Trends | Highest number of Tables | 24/7 Analyst Support
Get in-depth analysis of the COVID-19 impact on the Prescription Lens Market
Market Report Description
The Global Prescription Lens Market size is expected to reach $63.8 billion by 2028, rising at a market growth of 5.4% CAGR during the forecast period.
Whether the user is nearsighted, farsighted, or requires numerous prescriptions in a single lens, there are various types of prescription eyeglasses to meet the visual demands. Prescription lenses function to correct the vision by reorienting light rays so that they hit the retina in the right place and give a clear vision. Depending on whether the person is nearsighted or farsighted, they change the path of light in different ways.
If someone has nearsightedness, their eyes over focus, which prevents light rays from focusing straight on the retina and instead causes them to focus before it reaches the retina. Prescription lenses diverge the light beams so that the retina, where it belongs, receives them, and the eyes are less focused on it as a result. Farsightedness results in poor eye focus, which prevents light rays from forming a point before they strike the retina.
Prescription lenses aid in sharpening the eyes' ability to focus so that the retina can accurately see images because the light has already reached a certain point by the time it reaches that. Refractive error-related cases of vision impairment are on the rise. The majority of these situations go unreported at early stages and increase the amounts of refractive defects that are not being repaired (URE). Refractive error patients are not aware of their illness and are not receiving any care. Therefore, a number of organizations specializing in the diagnosis and treatment of refractive errors are being formed in an effort to control the rise in URE.
The lifestyle and needs will dictate the sort of prescription lenses, one is required to select. For instance, single vision lenses are the finest option if someone simply requires the lenses for reading or for distance vision. If the prescription includes a reading addition and the buyer wants prescription glasses lenses for both distance and reading/computer vision, choosing progressive lenses would be more beneficial.
COVID-19 Impact Analysis
Despite a slight decline in overall sales during the first half of the COVID-19, the market is predicted to rebound and thrive after the pandemic period. The government-imposed limitations and lockdowns had a negative impact on supply and demand in the market. While the number of surgeries significantly decreased as a result of the shift in healthcare priorities, the closure of production facilities resulted in a shortage of intraocular lenses. However, the market is anticipated to experience consistent expansion and generate sizable profits throughout the course of the forecast period as a result of the opening up of economies and the launch of vaccination programs across the globe.
Market Growth Factors
Rising Cases Of Vision Impairment
According to projections based on the most recent census data and studies funded by the National Eye Institute, a division of the National Institutes of Health, the number of people having visual impairment or blindness in the United States is predicted to double to more than 8 million by 2050, with the youngest of the baby boomers turning 65 by 2029. The factors that contribute to vision impairment in children differ greatly between nations. For instance, retinopathy of prematurity is more likely to be the reason in middle-income countries than it is in low-income countries where the congenital cataract is a prominent cause of vision impairment.
The Growing Use Of Laptops & Increasing Internet Penetration
Smartphones, laptops, tablets, and e-readers are just a few examples of digital devices that have become commonplace. The bulk of vocations needs significant periods of time spent using computers. Additionally, as the use of social networking sites has increased, so has the need to stay in touch. People utilizing their cell phones as soon as people wake up and continuing to use digital screens until they go to bed has become a worrying trend. A condition known as Computer Vision Syndrome (CVS), which affects the eyes and impairs vision, has also been brought on by the growing usage of computer screens.
Market Restraining Factors
Medicine Intolerance, Especially With The Pill For Birth Control
Wearing contact lenses and taking birth control pills at the same time will result in chronic dry eyes and discomfort. The tear film, which typically consists of three main layers that act in concert to shield, clean, and nourishes the eye surface, will change. Together, birth control pills and contact lenses will throw off the delicate equilibrium of the tear film, resulting in burning eyes, excessive tears, and a gritty foreign body sensation. Due to the decreased oxygen flow to the eye, the issue will get worse. Avoid wearing contacts when taking the tablet.
Based on type, the prescription lens market is segmented into single vision; bifocal; trifocal; progressive; workspace progressives and others. The bifocal segment acquired a substantial revenue share in the prescription lens market in 2021. Patients with vision problems for both close as well as long distances may use bifocal prescription lenses. They are frequently prescribed to those with presbyopia who also need myopia, hyperopia, or astigmatism correction. Lined bifocals offer close vision correction on the bottom portion of the lens and distance correction on the top portion of the lens, as their name implies.
On the basis application, the prescription lens market is fragmented into myopia, hyperopia/hypermetropia, astigmatism and presbyopia. In 2021, the myopia segment witnessed the largest revenue share in the prescription lens market. Myopia affects a large portion of the world's population and is predicted to increase during the projection period. East Asia has the highest illness prevalence, with China, the Republic of Japan, Korea, and Singapore accounting for over half of the region's total cases.
By coating, the prescription lens market is divided into anti-reflective, scratch resistant coating, anti-fog coating, and ultraviolet treatment. In 2021, the scratch-resistant segment procured a substantial revenue share in the prescription lens market. Since there is an increasing need for clear, scratch-free lenses, the demand for such lenses would grow gradually. Modern prescription lenses are made of plastic or materials that are scratch-prone. As a result, these lenses need coatings that can shield them from scuffs.
|Market size value in 2021||USD 44.4 Billion|
|Market size forecast in 2028||USD 63.8 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 5.4% from 2022 to 2028|
|Number of Pages||221|
|Number of Tables||396|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Coating, Type, Application, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region wise, the prescription lens market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2021, the North America region led the prescription lens market with the largest revenue share. It is because myopia and presbyopia are becoming more and more common in developed nations like the United States and Canada. Moreover, there are significant industry participants in the region who are introducing prescription lenses with cutting-edge characteristics. The businesses have also increased their patient pool by offering online eye tests. The region has a high rate of adoption of cutting-edge items and technology, which supports the expansion of the market as a whole.
Free Valuable Insights: Global Prescription Lens Market size to reach USD 63.8 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include EssilorLuxottica SA (Essilor Instruments USA), Carl Zeiss AG, Hoya Corporation, VISION EASE, Privé Revaux, and Vision Rx Lab Pvt. Ltd.
Scope of the Study
Market Segments Covered in the Report:
- Scratch Resistant Coating
- Anti-fog Coating
- Ultraviolet Treatment
- Single Vision
- Workspace Progressives
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- EssilorLuxottica SA (Essilor Instruments USA)
- Carl Zeiss AG
- Hoya Corporation
- VISION EASE
- Privé Revaux
- Vision Rx Lab Pvt. Ltd.
Unique Offerings from KBV Research
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free