ASPHERIC LENSES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Aspheric Lenses Market Size and Trends

The aspheric lenses market is estimated to be valued at USD 2.73 Bn in 2024 and is expected to reach USD 4.19 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.

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The increasing demand for aspheric lenses from various end-use industries such as telescopes, microscopes, cameras, and ophthalmic is driving the market size. Rapid technological advancements in lens designing and production is also supporting the growth of this market.

The aspheric lenses market trend shows growing prominence of aspherical optical lens technology. Aspheric lenses are able to correct glass spherical aberration with their non-spherical surfaces and asymmetrical profiles. This allows them to have wider viewing angles and reduce distortions. Manufacturers are extensively deploying aspheric lenses in cameras, projection displays, optics equipment, and other consumer electronics. In the healthcare industry, aspheric contact lenses are gaining traction due to their enhanced comfort and clear vision. The surging use of aspheric lenses across industrial, medical, and consumer electronics is expected to drive the market growth over the forecast period

Rising technological advancements

The aspheric lenses market has been witnessing significant growth over the past few years owing to the rising demand from various industries such as electronics, telecommunication, and healthcare. There has been a continual advancement in the field of optics which has increased the application of aspheric lenses in different devices such as smartphones, DSLR cameras, medical equipment, and more. The miniaturization of technological devices has imposed a need for compact optics with high precision. Aspheric lenses help meet this need due to their capability to reduce the spherical aberration in an optical system. Their unconventional shape allows optimizing different optical path lengths to produce sharper images.

Aspheric lenses find wide application in medical equipment such as surgical microscopes, endoscopes, and ophthalmic lenses among others. Their precise optical properties allow conducting intricate surgeries and treatments with higher accuracy. With technological advancements paving way for minimally invasive procedures, the demand for aspheric lenses in medical devices is expected to rise further over the forecast period.

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Increasing Prevalence of Various Eye Disorders

The increasing prevalence of various eye disorders across the globe is one of the primary factors fueling the growth of the aspheric lenses market. As per the data published by the World Health Organization in 2021, it is estimated that at least 2.2 billion people worldwide have a vision impairment or blindness, of which at least 1 billion cases are easily preventable or treatable. Conditions like myopia, hyperopia, and astigmatism are becoming highly common particularly among the younger generation due to excessive usage of digital devices and lack of outdoor activities.

Myopia has nearly doubled between 2000 and 2019, according to a study published in the British Journal of Ophthalmology in 2020. The study analyzed data from over 134 studies conducted across academic populations in China, the U.S., Singapore, and Australia. It reported that the prevalence of myopia among adolescents had risen from 22.9% to 43.2% in East Asia and from 14.9% to 30.4% in North America and Europe during this time period. Similarly, the prevalence of hyperopia among children is also increasing worldwide due to sedentary lifestyle and improper nutrition which exerts extra strain on developing eyes.