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The glass lens market is estimated to grow at a CAGR of 3.43% between 2022 and 2027. The size of the market is forecast to increase by USD 8,175.42 million. The growth of the market depends on several factors, including the rising elderly population, increasing demand for eyeglasses, and initiatives to create awareness regarding vision care.
This report extensively covers market segmentation by type (single glass vision lenses, progressive glass lenses, and bifocal glass lenses), distribution channel (offline and online), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing demand for eyeglasses is notably driving the market growth, although factors such as the limitation of glass lenses and their production challenges may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Glass Lens Market Driver
The increasing demand for eyeglasses is notably driving the market growth. The eyes are organs that provide vision to human beings to process visual details. Vision is vital for performing daily activities such as reading, watching, writing, and playing. Changing lifestyles, such as prolonged exposure to digital displays such as computers, smartphones, and tablets, as well as unhealthy eating habits, have resulted in a gradual rise in the number of eye complications such as conjunctivitis, myopia, astigmatism, macular oedema, hyperopia, retinal tears, and optic neuritis. This has resulted in the development of vision care products, such as eyeglasses, which require glass lenses, thereby benefitting the growth of the market.
Furthermore, shifting consumer preference for fashionable glass lenses coupled with the improving standard of living is fueling the growth of the market. High disposable income has increased the purchasing power of consumers on lifestyle products and keeping up to date with the latest trends and fashion, such as specialized frames for children and half-frames for reading glasses. Moreover, people also prefer wearing glasses to make a style statement rather than for necessity and have different pairs of specs to match their mood and outfit. Hence, all these factors will drive the growth of the market during the forecast period.
Significant Glass Lens Market Trend
The availability of products through online distribution channels is a major trend in the market. With retailers concentrating on enhancing the online shopping experience through targeted marketing and effective online education, there will be an exponential improvement in online sales during the forecast period. This has increased the comfort level for consumers to buy products online. The success of online retail can be credited to factors such as quick delivery services, availability of a broad range of products, and highly competitive prices. In addition, lucrative offers and discounts augment the sales of vision care products such as glass lenses through online distribution channels.
The sales of products through various online channels and e-commerce platforms are beneficial for both sellers and end-users. Sellers can increase their product penetration through third-party distribution channels. The use of online sales and third-party distribution channels helps sellers to make products available to home-based end-users. With the help of online sales channels, product penetration has also increased, which is helping vendors to launch products in developing markets as well. End-users can select suitable products and compare products by product types, brands, prices, and points of sale. The availability of suitable products online is increasing the number of purchases among end-users. Hence, such factors will propel the growth of the market during the forecast period.
Major Glass Lens Market Challenge
Limitations of glass lenses and their production challenges are major issues impeding the market growth. Despite several advantages of a glass lens, a few limitations restrict its adoption. Some of the limitations of glass lenses are linked to their physical discomfort. Many frames exert constant pressure on the nose and behind the ears, leading to headaches and general discomfort. Moreover, thicker glass lenses will cause discomfort to users as well as reduce aesthetic appeal, thus making them reluctant to opt for such products.
Vision care manufacturers face inherent challenges with respect to the raw materials and chemicals used to manufacture lenses. Most of the materials and chemicals are subject to stringent regulations. Several tests and trials need to be conducted before products can be launched. These products are subjected to performance and durability tests that are similar to the tests for medical devices. Any change in these regulations will force vendors to seek alternative materials for lens manufacturing. With most vendors manufacturing millions of pairs of lenses, another challenge that could hamper production is logistics. Internal and external risk factors can halt the production process and result in delivery delays or cancellation of certain products. Hence, these factors are expected to hinder the growth of the market during the forecast period.
Key Glass Lens Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Glass Lens Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Carl Zeiss AG - The company under this segment offers devices in medical technology, microscopy, vision care, industrial metrology, semiconductor manufacturing technology, and others. The key offerings of the company include glass lenses.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Technavio categorizes the global glass lens market as a part of the global apparel, accessories, and luxury goods market, within the textiles, apparel, and luxury goods market. The parent, global apparel, accessories, and luxury goods market covers products and companies engaged in the manufacturing/marketing of apparel, accessories, and luxury goods. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The market share growth by the single glass vision lenses segment will be significant during the forecast period. Single glass vision lenses are prescribed to patients that need correction for one field of vision, either for distance, items up close (near vision), or intermediate (computer). They have the same optical focal point or correction over the entire area of the glass lens.
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The single-glass vision lenses segment was valued at USD 25,050.69 million in 2017 and continued to grow until 2021. It is examined that wearing eye protection and sitting for very long hours in front of electronic devices such as computer screens and tablets can damage the eyes severely as well as lead to eye disorders such as computer vision syndrome, myopia, and hyperopia. This is because the overexposure to blue and infrared rays that are emitted from the computer or laptop screen is harmful to the eyes. In addition, the elderly population and children born with congenital eye disorders are prescribed eyeglasses owing to the ease of use and the need to prevent the spread of infection to others. Also, increasing cases of myopia among teens due to rising digitalization in education, overuse of consumer electronics and other activities, and increased focus on personal appearance fuel the demand for single-glass vision lenses. Therefore, these factors will propel the growth of the single-glass vision lens segment during the forecast period.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in North America is expected to grow during the forecast period. The US is the largest revenue contributor in this region, followed by Canada. The market in North America has the presence of a well-established healthcare system that offers high-quality vision care services, primarily through ophthalmic clinics and hospitals. The market in North America is growing at a steady rate due to the rising investment in the healthcare sector in the US. Large investments in the vision care industry and the presence of many key vendors are major factors that make the US a significant contributor to the market in North America and the global market.
According to the US Census Bureau, over 20% of the American population is estimated to be over 65 years by 2050. Therefore, the rising aging population will augment the demand for glass lenses, as they are more prone to eye disorders. It has also been estimated that there will be a huge rise in refractive errors among the American population in the coming years. Refractive errors, including myopia, hyperopia, astigmatism, and presbyopia that occurs between the age of 40-50, can be corrected by eyeglasses. Hence, the increasing prevalence of refractive errors is expected to augment the demand for vision care products, such as glass lenses, during the forecast period.
In early 2020, the outbreak of COVID-19 negatively impacted the market in North America. However, the pandemic also brought growth opportunities for the vendors in the market in focus owing to the application of glass lenses to treat patients. Furthermore, with the lifting of lockdowns and vaccination drives several business activities resumed, which helped the market to rebound. Additionally, with the increased investments in healthcare, education, and various other sectors, the market in focus is expected to gain momentum and witness growth during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Glass Lens Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.43% |
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Market growth 2023-2027 |
USD 8,175.42 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
2.85 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 42% |
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Key countries |
US, China, India, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Bluebell Industries Ltd., Carl Zeiss AG, Corning Inc., Eastman Kodak Co, EcoGlass AS, EssilorLuxottica SA, Fielmann AG, Guild Optical Associates Inc., HOYA Corp., Jiangsu Hongchen Optical Co. Ltd., Knight Optical Ltd., Leica Camera AG, Lensel Optics Pvt Ltd., Nikon Corp., Rodenstock GmBH, Seiko Holdings Corp., Shanghai Mingyue Glasses Co. Ltd., Specsavers Group, TOKAI OPTICAL Co. Ltd., and Vision Rx Lab |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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