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The glass lens market size is forecast to increase by USD 7.36 billion at a CAGR of 3.03% between 2023 and 2028. Market growth in the vision care sector hinges on several key factors. The rising elderly population, particularly in developed nations, drives the demand for eyeglasses and vision care services. As people age, the prevalence of vision problems increases, leading to a greater need for corrective eyewear. Additionally, initiatives aimed at raising awareness about the importance of vision care contribute to market growth. These initiatives educate the public about eye health, encouraging regular eye check-ups and the use of appropriate eyewear. As a result, the vision care market is poised for continued expansion, driven by demographic trends and efforts to promote eye health and well-being. It also includes an in-depth analysis of market trends and analysis, market growth analysis , and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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The market is influenced by various factors, including the presence of low-cost manufacturers and advancements in digital technologies. Spectacle lenses are crucial for correcting vision disorders such as refractive errors, preventing vision loss, and improving visual clarity. Photochromic lenses offer protection against harmful UV rays, while bifocal lenses cater to individuals needing multiple focal lengths. Fashion eyewear is gaining traction, with visually appealing lenses meeting style and functionality requirements. High-quality materials like high-index plastics and polycarbonates ensure durability and comfort. Online retail platforms provide convenient access to a wide range of lenses, aligning with evolving healthcare policies and patient preferences. As screen time increases, especially among children, the market continues to address vision correction needs and optical disorders, driving innovation in lens design and refractive surgery. 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.
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.
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 companies 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.
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 companies to seek alternative materials for lens manufacturing. With most companies 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.
The market forecasting 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 market growth and forecasting strategies.
Market Customer Landscape
Companies 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 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 research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
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 25.71 billion in 2018 and continued to grow until 2022. 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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APAC is estimated to contribute 46% 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 companies 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.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is influenced by a multitude of factors, ranging from fashion eyewear trends to healthcare policies and advancements in digital technologies. Manufacturers prioritize functionality, durability, and visually appealing lenses, utilizing materials like high-index plastics and polycarbonates. Coating technologies such as anti-reflective and scratch-resistant coatings enhance lens performance. Artificial intelligence and machine learning are employed in design and manufacturing processes. Health insurance policies and public health campaigns drive demand for prescription glasses, sunglasses, and contact lenses. The market offers a variety of lens types, including single vision, progressive, bifocal, and photochromic lenses, catering to diverse vision correction needs. Eye clinics play a crucial role in patient visits and procedures, addressing optical disorders and vision-related problems. With innovations in refractive surgery and lens technologies, the market aims to combat visual impairment and promote eye health globally.
Moreover, the market is driven by the increasing demand for eyewear solutions, particularly among the geriatric population facing age-related vision impairments and individuals with conditions like diabetes and diabetic retinopathy. Online retail platforms offer accessibility to a wide range of products, including designer frames and various types of lenses such as Single Vision, Progressive, Bifocal, and Trifocal, catering to diverse needs. Manufacturers focus on producing durable and lightweight lenses with precision, often incorporating anti-reflective coatings and blue light reduction technology. With the rise of digital eye strain due to prolonged screen time on devices like laptops, there is a growing emphasis on UV protection and anti-reflective coatings. Three-dimensional printing technology enables the production of customized lenses, meeting specific refractive error requirements and addressing conditions like nearsightedness and cataracts. The market aligns with the World Health Organization's vision care initiatives, aiming to enhance vision health globally.
Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.03% |
Market growth 2024-2028 |
USD 7.37 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.91 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 46% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bluebell Industries Ltd., Carl Zeiss AG, Corning Inc., Eastman Kodak Co., EcoGlass AS, EssilorLuxottica, 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 |
Market dynamics |
Parent market analysis, market growth and trends, Market forecast, market report, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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