SPECTACLE LENS MARKET ANALYSIS

Spectacle Lens MarketSize and Trends

The global spectacle lens market was valued at US$ 49,727.4 Mn in 2021 and is forecast to reach a value of US$ 65,614.2 Mn by 2028 at a CAGR of 4.0% between 2022 and 2028. The global spectacle lens market is experiencing strong growth owing to the increasing prevalence of optical disorders or rising cases of vision impairment and increase in demand for spectacle lens across the globe. Moreover, rising eyewear production and rise in consumption in several regional countries is expected to boost the growth of the spectacle lens market. However, factors such as increasing popularity of eye corrective surgeries and poor quality of lens are expected to hamper the growth of the global spectacle lens market.

Global Spectacle Lens Market: Regional Insights

Based on geography, the global spectacle lens market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the increasing prevalence of optical disorders and increasing demand for vision correction in this region. For instance, eyeglasses or spectacle lenses are used to improve or correct the vision. According to the Centers for Disease Control and Prevention (CDC), optical disorders, like cataract, age-related macular degeneration, glaucoma, and diabetic retinopathy, are the leading causes of blindness and low vision in the United States. This in turn is expected to increase demand for spectacle lens in this region, especially in the U.S.

Europe and Asia Pacific is also expected to witness significant growth in the global spectacle lens market due to the rising cases of vision impairment and favorable government initiatives in the region. For instance, according to the European Blind Union, age-related eye conditions are the most common/leading cause of sight loss in Europe. The International Agency for the Prevention of Blindness (IAPB) and the World Health Organization (WHO) initiated a joint program, named VISION 2020: The Right to Sight, for eliminating blindness by focusing on the diseases, which mainly cause vision impairment, such as age-related macular degeneration.

Figure 1. Global Spectacle Lens Market Share (%), by Region, 2021

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 Trends:

The demand for spectacle lens is increasing or has increased across the globe due to the increasing awareness among people about vision impairment conditions and available correction solutions. This trend seems to be still increasing due to factors such as the growing geriatric population across the globe as vision impairment severely impacts quality of life among adult populations. This in turn is expected to aid in the growth of the market.

Moreover, increase in demand for prescription eyeglasses across the globe is expected to increase demand for spectacle lens across the world. Prescription glasses are used to improve or correct the vision of people with myopia, hyperopia, astigmatism, and presbyopia. Thus, with the increase in prevalence of aforementioned disorders, the demand for prescription eyeglasses is also increasing with a rapid pace. This trend is also expected to continue over the forecast period.