Spectacle Lens Market Can Witness Stable Growth, Due to Growing Vision Care Needs and Increasing Disposable Incomes
Spectacle lens market is estimated to be valued at USD 55.02 Bn in 2024, exhibiting a CAGR of 4.4% over the forecast period (2024-2031). Rising vision care needs globally due to increased prevalence of vision related issues such as myopia, hyperopia and presbyopia can drive the market growth. Furthermore, increasing disposable incomes have enabled people to spend more on vision care and eyewear products.
Market Dynamics
Spectacle lens market growth is driven by rising vision care needs as well as increasing disposable incomes of consumers. Growing ageing population worldwide has significantly contributed to increasing cases of age-related vision issues like presbyopia. In 2022, according to WHO, over 1.6 billion people are projected to be affected by myopia globally by 2050. This has boosted demand for vision correction lenses. Rising consumer spending on healthcare and personal care items can also drive the market growth. Manufacturers are launching inexpensive yet effective spectacles frames and lenses to cater to the mid-income groups, thus, increasing affordability. However, availability of vision correction surgery can hamper the market growth over the forecast period.
Increasing Prevalence of Eye Diseases Boosts Demand for Spectacle Lenses
There has been rise in prevalence of eye diseases and disorders globally. Common vision problems like myopia, hyperopia and presbyopia are becoming more widespread. In August 2023, according to a WHO, nearly 2.2 billion people suffer from vision impairment or blindness globally. Nearly 90% of vision impairment can be prevented or cured. This increasing patient pool suffering from various vision disorders can boost demand for vision correction devices like contact lenses and spectacle lenses. As glasses continue to be a cost-effective option compared to contact lenses and laser eye surgery, their sales have increased. Manufacturers are introducing new product varieties, technologies and specialized lenses to tap into this growing demand.
Growing Geriatric Population Boosts Need for Reading Glasses
The number of people aged 65 years and older is projected to grow dramatically from 703 million in 2019 to 1.5 billion in 2050, according to a report published by United Nations, presbyopia is a common age-related vision disorder wherein the lens of the eye loses its ability to focus on nearby objects. It affects nearly everyone after the age of 45 years. Growing geriatric demographic worldwide can boost demand for reading glasses and progressive lenses. Manufacturers are launching new designs, lightweight materials and lens technologies targeted towards older consumers. These also offer variable focus lenses and digital eyewear to address the vision needs of the elderly.
Growing Adoption of Contact Lenses and Refractive Surgeries
While glasses remain the most popular vision correction solution worldwide, alternative options like contact lenses and refractive surgeries are gaining rapid traction. Younger consumers especially prefer contact lenses due to their aesthetics and convenience. More options from new material types, lens designs and affordable daily/extended wear lenses are luring more customers away from spectacles. Laser eye surgeries, though expensive, offer a permanent fix to vision disorders. The number of refractive surgeries performed globally is growing annually at a double-digit rate. This shift towards alternative solutions poses a threat to the spectacle lens market growth.
Emerging Markets Present Large Untapped Opportunities
While North America, Western Europe, Japan and China account for the majority of the global spectacle lens market currently, there has been huge untapped opportunities in emerging markets. India, Latin America, Africa, the Middle East and Southeast Asia offer enormous growth potential due to rising incomes, growing health awareness and expanding eyecare infrastructure. The number of middle-income households is surging in these regions, presenting a sizable customer segment for vision care products. Brands that make early investments to establish networks in developing markets will have first-mover advantage.
Link: https://www.coherentmarketinsights.com/market-insight/spectacle-lens-market-5337
Key Developments
- On May 2, 2024, EssilorLuxottica, an eyewear products company, announced that its Stellest spectacle lenses for myopia management will be available in sun tints in Canada from May 7, 2024. The new sun tints provide children and teenagers with the option to continue to wear Essilor Stellest lenses for outdoor activities, offering protection from sunlight.
- In November 2023, Shamir Optical Industry, a global company specializing in the development and manufacturing of optical lenses for eyeglasses, launched Shamir Optimee, a new myopia management spectacle lens
- In April 2023, Hoya Vision Care Company, a optical technology company, launched its MiYOSMART sun spectacle lenses, designed to provide effective protection against myopia in children. These photochromic lenses darken outdoors and return to clear indoors, offering 100% UV protection.
Key Players
Hoya Vision Care Company, GKB Ophthalmics Ltd., Essilor International SA, Carl Zeiss Meditec AG, Seiko Optical Products Co. Ltd., EssilorLuxottica, Fielmann Group AG, Transitions Optical, Inc., CooperVision, Safilo Group S.p.A., Plexus Optix, Inc.
