Ophthalmic Lens Market Size to grow by USD 13.3 billion between 2024-2028
According to a research report “ Ophthalmic Lens Market” by End-user (Consumers, Hospitals and clinics, Ambulatory surgery centers) Product (Spectacle lens, Contact lens, IOLs) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 13.3 billion, at a CAGR of 4.36% during the forecast period. In the ophthalmic industry, refractive errors, also referred to as refraction errors, represent a significant market opportunity due to their prevalence and unmet treatment needs. Approximately 60% of the global population experiences refractive errors, with myopia (near-sightedness), hyperopia (far-sightedness), presbyopia (age-related loss of near vision), and astigmatism being the most common types. Myopia, in particular, affects a substantial number of school-going children and progresses until around age 20. Despite the high prevalence, only 40-45% of those in need receive treatment, indicating a considerable untapped market for ophthalmic lenses and other corrective solutions.
Browse market data tables, figures, and in-depth TOC on “Ophthalmic Lens Market” by End-user (Consumers, Hospitals and clinics, Ambulatory surgery centers) Product (Spectacle lens, Contact lens, IOLs) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample
By End-user, the Consumers segment is projected to dominate the market size in 2024
In the ophthalmic lens market, spectacle lenses are the preferred choice for vision correction and enhancement. These lenses function by augmenting or reducing focusing power for the eye's cornea and lens. Two primary categories of spectacle lenses exist: glass and plastic. However, the global production predominantly consists of plastic lenses, including high-index, tribrid, polycarbonate, Trivex, and Columbia resin-39 (CR-39) plastic lenses. The advantages of plastic lenses are substantial: they are lighter, more resilient to breakage, and provide superior protection against flying debris.
By Product, Spectacle lens segment is expected to hold the largest market size for the year 2024
The global ophthalmic lens market is experiencing significant growth due to the increasing prevalence of vision disorders, particularly among aging populations and younger demographics. Age-related conditions such as presbyopia and cataracts are driving demand for corrective lenses, while the widespread use of digital devices is leading to an uptick in cases of digital eye strain and myopia. Major market players, including EssilorLuxottica and Zeiss, are meeting consumer needs with innovative product offerings. EssilorLuxottica's Varilux progressive lenses provide clear vision at all distances for presbyopic individuals, while Zeiss' DuraVision BlueProtect lenses shield consumers from harmful blue light emitted by digital screens, addressing concerns related to digital eye strain.
North America is forecasted to hold the largest market size by region in 2024
The ophthalmic lens market represents a significant business opportunity, driven by the rising prevalence of eye diseases and increasing demand for corrective lenses. Key players in this sector prioritize research and development to introduce advanced lens technologies, catering to diverse consumer needs. Market expansion is further fueled by demographic shifts, particularly in aging populations, and growing awareness of eye health. Overall, the ophthalmic lens industry is poised for robust growth, offering lucrative prospects for investors and stakeholders.
The Ophthalmic Lens Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Ophthalmic Lens Market is subject to various internal market forces and macroeconomic analysis. Internal market forces include consumer behavior, product pricing, and competitiveness among key players. Consumers are increasingly prioritizing vision health, leading to an increase in demand for prescription glasses, contact lenses, and other ophthalmic lenses. Product pricing is a significant factor, with companies implementing strategies to offer competitive pricing while maintaining profitability. Macroeconomic analysis reveals that the economic landscape, political landscape, and social landscape all impact the market. Economic downturns can lead to decreased demand for non-essential items like luxury eyewear. The political landscape, including regulations and policies, can impact the market's growth. The social landscape, particularly the aging population and increasing prevalence of eye disorders like cataracts, refractive error, presbyopia, and digital eye strain, are significant drivers for the market. Qualitative and quantitative analysis of the market reveals EssilorLuxottica as a key player, with a significant market share. Digital technologies and nonschoolrelated screen time are also impacting the market, with an increase in demand for vision correction solutions. Eye clinics and the ophthalmology sector are also significant players in the market, offering surgical and non-surgical solutions for various eye disorders. Overall, the market is competitive, with companies implementing various strategies to stay ahead.
Market Research Overview
The Ophthalmic Lens Market is witnessing significant product innovation, driven by advancements in optics technology and increasing consumer awareness of eye health. Business development in this sector is shaped by various social and political scenarios. At the country level, an aging population and rising prevalence of eye disorders, such as cataracts, myopia progression, astigmatism, hyperopia, and presbyopia, are creating investment opportunities. External factors, including healthcare systems and economic landscape, as well as internal market forces, such as consumer behavior and competitiveness, also impact the market. Key players in the market include SightGlass Vision, CooperCompanies, Essilor International, and EssilorLuxottica. The competitive backdrop is influenced by the introduction of new products, pricing strategies, and business initiatives. External factors, such as digital eye strain caused by increased screen time and the prevalence of nonschool-related screen use, are also shaping the market. Macroeconomic analysis reveals that the market is affected by political scenarios, such as regulations and policies related to healthcare and vision correction. Impediments to growth include the high cost of corrective lenses and the availability of alternative solutions, such as prescription glasses and intraocular cataract lenses. In conclusion, the Ophthalmic Lens Market is poised for growth, driven by product innovation, consumer demand, and demographic trends. Companies in this sector must navigate a complex competitive landscape and respond to external and internal market forces to succeed.
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