Market Challenges And Opportunities

Global Spectacle Lens Market Drivers:

Increasing prevalence of optical disorders or rising cases of vision impairment across the globe is expected to drive growth of the global spectacle lens market over the forecast period. For instance, vision impairment severely impacts quality of life. According to the World Health Organization (WHO), worldwide, more than 2.2 billion people have a near or distance vision impairment. The leading causes of vision impairment and blindness are uncorrected refractive errors and cataracts. This in turn is expected to increase demand for spectacle lens worldwide, driving the growth of the global spectacle lens market.

Increase in demand for spectacle lens around the world is expected to augment the growth of the global spectacle lens market over the forecast period. For instance, with the rising cases of vision impairment or increase in prevalence of optical disorders, the demand for spectacle lens worldwide is also increasing rapidly. In August 2021, Essilor announced the launch of a new lens for children that aims to enhance the visual comfort of young spectacle wearers. Eyezen Kids lens is designed specifically for wearers between the ages of six and 12, takes children’s parameters into account including morphology, object distance, and gaze direction.

Global Spectacle Lens Market Opportunities:

Growing geriatric population across the world is expected to offer lucrative growth opportunities for players in the spectacle lens market. For instance, according to the World Health Organization (WHO), vision impairment severely impacts quality of life among adult populations. The majority of people with vision impairment and blindness are over the age of 50 years. Optical disorders are also common among people older than 60. The most common causes of vision loss in elderly are glaucoma, cataract, age-related macular degeneration (AMD), and diabetic retinopathy. Therefore, there is an increase in demand for spectacle lens worldwide.

Rising eyewear production and consumption in several regional countries is expected to provide significant growth opportunities for players in the spectacle lens market. For instance, players in the market are focusing on developing and launching novel products in the market to meet growing demand. In July 2021, EssilorLuxottica announced the creation of the dedicated innovation center in France to reinforce its expertise and expand its capabilities in electrochromic and smart eyewear technologies. Leveraging ten years of research and development in this field, the Company intends to accelerate its initiatives to address consumers’ evolving needs and fully capture the potential of this fast-growing wearables segment.

Global Spectacle Lens Market Restraints:

Increasing popularity of eye corrective surgeries is expected to hamper the growth of the global spectacle lens market. For instance, cataract surgery is a quick, painless eye surgery to remove the cloudy lens that is causing vision problems. According to WHO, cataracts are the leading cause of blindness worldwide, responsible for around 51%. According to the American Society of Cataract and Refractive Surgery (ASCRS), each year, around 3 million people in the United States undergo cataract surgery. This in turn is expected to restrain growth of the market.

Poor quality of lens is expected to hinder growth of the global spectacle lens market. For instance, poor quality of lenses can result in distorted vision, especially at the edge of lens. Moreover, poor quality of spectacle lenses can lead to subjective deterioration of vision and can lead to eye burning and itching. Many people have trouble adjusting to progressive lenses. This in turn is restraining growth of the global spectacle lens market.