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

Prescription Lenses Market Size and Forecast – 2024 - 2031

The Global Prescription Lenses Market is estimated to be valued at USD 47.45 Bn in 2024 and is expected to reach USD 69.11 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.

Key Takeaways of the Prescription Lenses Market:

• By lens type, the single vision lenses segment is expected to contribute the highest share of the market with 35.1% in 2024.
• By coating type, the anti-reflective segment is expected to contribute the highest share of the market with 22.1% in 2024.
• By application, the myopia segment is expected to contribute the highest share of the market with 34.1% in 2024.
• North America is expected to top the global market with 50.3% share, followed by Asia Pacific with 20.1% share in 2024.

Market Overview:

The prescription lenses market is witnessing positive growth trends driven by increasing geriatric population globally and vision correction needs. Myopia and presbyopia cases have seen steady rise in last decade leading to demand for prescription lenses and eye glasses. Digital habits such as increased screen time on smart devices and laptops have aggravated vision disorders in people. Furthermore, rising health and vision awareness through social media marketing campaigns have encouraged people to regularly check eyesight and undergo vision correction procedures. Advancements in prescription lens technology including anti-reflective, blue cut filters, and progressives have increased the adoption of premium eye glasses and lenses.

Segmental Insights

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Lens Type Insights - Convenience of Daily Use Drives Demand for Single Vision Lenses

In terms of lens type, the single vision lenses segment is expected to contribute the highest share of the market with 35.1% in 2024 owing to its convenience for daily use. Single vision lenses provide a simple optical correction suitable for distance or reading needs but not both. This makes them comfortable for all-day wear without needing to switch between multiple pairs of glasses. The lack of lines or dividing areas in the lenses reduces optical distortions and allows for a clear field of vision. Many people only need a single prescription for extended periods of time to correct moderately myopic or hyperopic conditions. The minimal adjustments needed and low costs associated with single vision lenses appeal to such users. Their uniform refractive power across the entire surface also provides accurate correction without uncertainties around the lens periphery.

Coating Type Insights - Anti-reflective Coatings Minimize Eyestrain

In terms of coating type, the anti-reflective segment is expected to contribute the highest share of the market with 22.1% in 2024 owing to its ability to minimize eyestrain. Anti-reflective coatings are applied to the outer surface of lenses to reduce glare, reflections, and light scattering. They absorb up to 99% of light rays that would otherwise cause eyestrain, fatigue and headaches over long periods of use. This is achieved through microscopic layers that cancel out reflections. As a result, anti-reflective coatings provide superior light transmission with a clearer view. They enhance visual comfort especially for computer users or while driving at night. The coatings also protect eyes from harmful blue light emitted by digital screens.

Application Insights - Myopia Prevalence Spurs Lens Demand for Vision Correction

In terms of application, the myopia segment is expected to contribute the highest share of the market with 34.1% in 2024 due to the high prevalence of near-sightedness globally. Myopia or near-sightedness is a highly common refractive error where the eyeball grows longer than normal. This causes light rays to focus in front of the retina instead of directly on it. The exact causes are complex but genetics and lifestyle factors like increased digital device use are primary contributors to rising myopia. Recent studies estimate that half the global population and 90% of Asian youth could be nearsighted by 2050 without interventions. Early on-set myopia can progress rapidly and is a leading cause of other vision-threatening conditions without proper correction through lenses.

Regional Insights

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North America Prescription Lenses Market Trends

In North America, the prescription lenses market holds a dominant share of 55.3% in 2024, driven by the strong presence of key players and a well-established market ecosystem. Countries like the U.S. and Canada have seen rising number of optometry chains that have made access to prescription products more convenient. In addition, growing awareness about eye care and vision correction has propelled growth.

Asia Pacific Prescription Lenses Market Trends

Meanwhile, the Asia Pacific region exhibits the fastest growth with a share of 23.1% in 2024 on the back of large population base and growing disposable incomes. Rapid urbanization and shifting lifestyle choices in countries like China, India, and Southeast Asia are major drivers. Rising affluence in middle class has increased demand for vision care products across the region.

Prescription Lenses Market Outlook for Key Countries

United States Prescription Lenses Market Trends

The U.S. prescription lenses market captured a significant share of the North America region, fueled by the rising prevalence of refractive errors, a growing number of individuals wearing glasses, and a robust healthcare infrastructure. According to The Vision Council, as of December 2021, its members produce 90% of the prescription lenses utilized in the U.S. Furthermore, there are 197.6 million adults in the country using vision correction, representing 75.6% of the population.

China Prescription Lenses Market

Trends in the Chinese prescription lenses market highlight a substantial prevalence of myopia among senior high school students. According to a July 2023 study by Springer Nature Limited, nearly 80% of these students are affected by myopia, with approximately 10% classified as highly myopic. This underscores a rising demand for prescription lenses in China.

India Prescription Lenses Market

The India prescription lenses market is experiencing growing demand for affordable, high-quality vision correction solutions. Consumers are increasingly prioritizing stylish frames and lenses that align with their fashion preferences. The rising use of digital devices has driven the demand for lenses featuring blue light-blocking and anti-reflective coatings. Additionally, heightened awareness of eye health has led to a greater emphasis on regular eye check-ups and the adoption of prescription lenses. The market is also shifting towards online platforms, offering consumers nationwide convenience and access to a broader selection of products.

Saudi Arabia Prescription Lenses Market

The prescription lenses market in Saudi Arabia is witnessing increasing demand for advanced lens technologies to address various vision needs. For example, Almadina Optical, a subsidiary of the Almadina Group, established in 1976, leverages over 41 years of expertise in the optical industry. With a strong presence of over 11 branches, particularly in Riyadh, the company's growth underscores the expanding market demand in the region.

Market Players, Key Devlopment, and Competitive Intelligence

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Key Developments:

• In April 2024, Ray-Ban, a globally renowned eyewear brand, is enhancing its collaboration with Meta, a leading technology company, by introducing new designs for its smart glasses. These updated styles cater to a wider variety of facial structures and are specifically designed to accommodate prescription lenses, offering users greater versatility and accessibility.
• In April 2024, Apple Inc., a globally recognized technology company, announced that prescription lenses for its Vision Pro headset would be available at an additional cost of USD 149, providing a customizable option for users requiring corrective eyewear.
• In September 2023, Zenni Optical, a leading online eyewear retailer known for its affordable and customizable options, partnered with Meta to produce prescription lens inserts for the Meta Quest 3 VR headset. This collaboration aims to enhance user comfort and accessibility, aligning with Zenni's mission to make eyewear more accessible while supporting Meta's innovative VR solutions.
• In January 2023, Essilor, a global leader in prescription lenses, launched its innovative Essilor Stellest lens in the Indian prescription lenses market. This advanced lens is designed to combat myopia progression in children.

Top Strategies Followed by Global Prescription Lenses Market Players

• Established Players: Leading companies invest heavily in research and development to innovate high-performance products.
  • For instance, EssilorLuxottica has been at the forefront of integrating technology into eyewear, developing smart glasses in collaboration with tech giants. In September 2024, they announced an extension of their partnership with Meta to develop next-generation smart eyewear, aiming to revolutionize wearable technology.
• Mid-Level Players: Mid-level companies focus on delivering quality, budget-friendly products to attract price-sensitive consumers. For example, companies like Hoya Corporation offer a range of lenses catering to various price points, ensuring accessibility without compromising quality.
  • For instance, in April 2023, CooperVision launched its new line of affordable contact lenses, which aim to provide high-quality vision correction at competitive prices, appealing to a broader demographic.
• Small-Scale Players: Small players often target niche markets with unique features. For example, in February 2023, a startup named OcuLens introduced a lens specifically designed for gamers, featuring blue light filtering technology, capturing the growing gaming market.

Emerging Startups in the Global Prescription Lenses Market

• Innovative Technologies: Startups are increasingly developing advanced technologies that influence market dynamics. For instance, in March 2023, the startup, EyeTech, announced the launch of AI-driven lenses that adjust to light conditions, showcasing the potential for smart solutions to revolutionize user experience.
• Sustainable Solutions: Eco-Eyewear produces sustainable frames from recycled ocean plastics and metals. FlashPaper technology replaces traditional hard plastic with a biodegradable paper-based material. Such innovations help reduce plastic waste and lower the industry's carbon footprint. Future startups may focus on recycled or plant-based lens materials.
• Market Contribution: Emerging startups are addressing unique market needs. For example, in May 2023, the startup, VisionAid, targeted visually impaired individuals with specialized lenses designed to enhance visual clarity, catering to a niche but vital market segment. Partnerships with other companies or institutions drive technological and sustainable innovation. Collaborations in the prescription lenses sector have led to the development of more accessible treatment options, benefiting both companies and consumers.

Market Report Scope

Market Dynamics

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Prescription Lenses Market Growth Factors - Increasing prevalence of vision disorders and aging population

With each passing year, the global prevalence of various vision disorders such as myopia, hypermetropia, and presbyopia is on the rise. Myopia, commonly known as near-sightedness, is a refractive error where the eyeball grows too long causing distant objects to appear blurred. Once considered a condition predominantly affecting urban adults and children, myopia is now on the rise in both developing and developed nations. According to MJH Life Sciences, as of April 2021, presbyopia impacts 128 million Americans and is becoming increasingly prevalent. With 73 million millennials reaching their 40s and 61 million Generation X individuals aged between 41 and 56, the population of potential presbyopes is growing substantially.

Prescription Lenses Market Challenge - High cost of premium prescription lenses

One of the key challenges faced by the global prescription lenses market is the high cost of premium lenses. Manufacturing high-quality prescription lenses that precisely correct vision requires advanced technology and stringent quality control standards. This makes the production process resource-intensive. Additionally, premium materials like lightweight, scratch-resistant plastics, and specialized coatings and treatments that provide benefits like reduced glare and blue light filtering further increase costs. As a result, mid to high-tier lenses with advanced features can be prohibitively expensive for many consumers. This poses a barrier to growth as increasing affordability and accessibility are important goals for the industry.

Prescription Lenses Market Opportunities - Expansion of E-commerce Platforms for Prescription Lenses

One significant opportunity for the global prescription lenses market is the expansion of e-commerce platforms dedicated to selling prescription lenses online. As consumers worldwide spend more time online and embrace digital commerce across sectors, the prescription lenses industry is well-positioned to capitalize on this trend. E-commerce sales allow companies to reduce operational expenses associated with maintaining retail stores while offering consumers convenience through digital purchases and home deliveries. Online retailers can also leverage personalization technologies, virtual try-ons, and AR/VR to provide an engaging virtual shopping experience. The increasing availability of affordable internet-connected devices further supports e-commerce growth.

Analyst Opinion (Expert Opinion)

• The increasing prevalence of vision impairment issues among the geriatric and young populations will drive the demand for prescription lenses. Another major factor is the rising awareness about regular eye checkups and availability of advanced lens materials. While North America currently dominate the market, regions like Asia Pacific are poised to see the fastest growth.
• China, India and other developing Asian countries will be the key contributors to the market expansion in the coming years. However, the high costs associated with specialized lenses can hamper the market potential in price-sensitive underdeveloped markets. At the same time, the market players face the challenge of introducing affordable yet high-quality products to tap into the demand from the masses globally.
• On the product side, lenses with anti-reflective and anti-scratch coatings are gaining traction. Meanwhile, photochromic and polarized lenses also provide profitable opportunities for companies to boost their revenues. The increasing preference for luxury eyewear brands represents an opportunity for players to enhance their product premiumization strategies and fetch higher prices.
• Technological advancements in lens materials, manufacturing processes, and new product launches will open newer avenues of growth. Growing e-commerce sales and rising online vision services are transforming the competitive landscape as well.

Market Segmentation

• By Lens Type Insights (Revenue, USD Bn, 2019 - 2031)
• • Single Vision Lenses
  • Bifocal Lenses
  • Trifocal Lenses
  • Progressive Lenses
  • Other (Workspace progressives Lenses)
• By Coating Type Insights (Revenue, USD Bn, 2019 - 2031)
• • Anti-reflective
  • Scratch resistant coating
  • Anti-fog coating
  • Photochromic Coating
  • Others (Blue Light/UV Blocking)
• By Application Insights (Revenue, USD Bn, 2019 - 2031)
• • Myopia
  • Hyperopia
  • Astigmatism
  • Presbyopia
  • Others
• By Distribution Channel Insights (Revenue, USD Bn, 2019 - 2031)
• • Online Retail
  • Optical Stores
  • Hospitals
  • Clinics
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
• • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
• • EssilorLuxottica
  • Johnson & Johnson Vision Care
  • Hoya Corporation
  • Carl Zeiss AG
  • Nikon Corporation
  • CooperVision
  • Safilo Group
  • Bausch + Lomb
  • Ray-Ban
  • Marchon Eyewear
  • Modo Eyewear
  • Silhouette International
  • De Rigo Vision
  • Warby Parker
  • Fielmann AG