Global Prescription Lens Market to grow with a CAGR of 4.80%
Increasing
healthcare infrastructure and a supportive regulatory environment are the major
drivers for the Global Prescription Lens Market.
According
to TechSci Research report, “Global Prescription Lens Market Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Global Prescription Lens
Market has valued at USD 43.13 billion in 2022 and is anticipated to witness an
impressive growth in the forecast period with a CAGR of 4.80% through 2028. This
can be due to collaborations and partnerships among leading companies with a
diverse approach to merge the expertise of individual companies and to
strengthen their position in the market. The aging population is a significant driver
of the demand for prescription lenses. As individuals age, they commonly
experience age-related vision changes. Conditions such as presbyopia
(difficulty focusing on near objects), cataracts (clouding of the eye's natural
lens), and age-related macular degeneration (affecting central vision) become
more prevalent. These conditions often require vision correction through
prescription lenses. Presbyopia is a natural part of the aging process,
typically setting in around the age of 40. It necessitates the use of reading
glasses or multifocal prescription lenses to maintain clear near vision. Aging
individuals may develop multiple vision issues, such as presbyopia in addition
to myopia, hyperopia, or astigmatism. This combination of vision problems often
requires multifocal or progressive prescription lenses. Advances in healthcare
and improved living conditions have extended human lifespans. As people live
longer, they are more likely to encounter age-related vision changes, further
driving the demand for prescription lenses.
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In September
2023, Zenni Optical, a prominent online eyewear retailer globally, has entered
a partnership with Meta to supply VR prescription lens inserts designed for the
Meta Quest 3 headset. These Zenni VR Prescription Lenses for Meta Quest 3 are
specifically crafted to fit the Meta Quest 3, providing a seamless and
comfortable VR experience at an affordable cost. They cater to the 66% of
American adults who require corrective eyewear. These lenses are lightweight,
cost-effective, simple to install, and customized to each user's unique
prescription. Zenni's VR Prescription Lenses enhance the viewing experience,
eliminating the need for wearing glasses during VR use.
Economic
uncertainty is a significant challenge in the Global Prescription Lens Market. During
periods of economic uncertainty, consumers may reduce discretionary spending,
including purchases of prescription lenses. Vision correction may be considered
a non-essential expense when finances are uncertain. Economic uncertainty can
make consumers more price-sensitive, leading them to seek lower-cost
alternatives or delay the purchase of prescription lenses, impacting the
revenue of manufacturers and retailers. Economic downturns can lead to job
losses and changes in employment benefits, potentially reducing or eliminating
vision insurance coverage. This, in turn, affects the affordability of eye
exams and prescription lenses. Economic uncertainty can result in the closure
of optical retail stores, leading to a decrease in the accessibility of
prescription lenses for consumers. This can limit choices and create challenges
for individuals in need of vision correction. Changes in economic conditions,
such as recessions or economic crises, can lead to fluctuations in market
demand. This can impact the production volume and sales of prescription lenses.
Global Prescription Lens Market is segmented based
on Type, Application, Coating and by region.
Based on the Application, Global Prescription Lens Market
is segmented into Myopia, Astigmatism,
Hyperopia/Hypermetropia, Presbyopia. Astigmatism is a common vision condition
that occurs when the eye's cornea or lens has an irregular shape. Instead of
being perfectly round or spherical, as in a healthy eye, an astigmatic eye has
an elliptical or football-like curvature. This irregular shape causes light to
focus on multiple points in the eye, rather than a single point on the retina,
which results in distorted and blurred vision. Astigmatism can occur alone or
in conjunction with other refractive errors such as myopia (nearsightedness) or
hyperopia (farsightedness). Astigmatism
often arises from an irregular curvature of the cornea, the clear front surface
of the eye. In some cases, it can be attributed to an irregular shape of the
eye's natural lens.
Based on Region, North America held
the largest share in the Global Prescription Lens Market. An aging
population in North America has contributed to the growth of the prescription
lens market, as older individuals are more likely to require corrective lenses.
The North American market places a significant emphasis on eyewear as a fashion
accessory, which has driven demand for prescription lenses that not only
correct vision but also cater to style preferences. The widespread use of digital
devices has led to an increase in eye strain and vision problems. This has
further boosted the demand for prescription lenses in North America. There's a
strong emphasis on health and wellness in North America, and consumers are
generally well-informed about the importance of regular eye check-ups and the
need for prescription lenses when required. The eyewear industry in North
America, particularly the United States, invests heavily in marketing and
advertising. This has played a role in creating awareness and driving demand
for prescription lenses.
Some
of the major companies operating in the Global
Prescription Lens Market include:
- Essilor
Ltd.
- ZEISS
Group
- HOYA
Corp.
- VISION
EASE
- SEIKO
OPTICAL PRODUCTS CO., LTD.
- Privé
Revaux
- Vision
Rx Lab
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“Certain areas, particularly in North
America, are projected to exert significant demand for Prescription Lens. The
growth in the competitive landscape and the presence of well-established
companies in the market, committed to enhance the overall wellbeing of people each
year, are expected to contribute to a remarkable growth of the Global Prescription
Lens Market in the forecast period," said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based Global management consulting
firm.
Global Prescription Lens Market By Type (Single Vision, Bifocal, Convex,
Concave, Cylindrical, Progressive, Workspace
Progressives, Trifocal), By Application (Myopia, Astigmatism, Hyperopia/Hypermetropia,
Presbyopia), By Coating (Anti-Reflective, Scratch Resistant Coating, Anti-Fog
Coating, Ultraviolet Treatment), By Region, By Competition Forecast & Opportunities, 2018-2028F has
evaluated the future growth potential of Global Prescription Lens Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide innovative market intelligence and
help decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Prescription Lens Market.
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