Ophthalmic Lens Market by Product and Geography - Forecast and Analysis 2021-2025

The ophthalmic lens market share is expected to increase by USD 11.80 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 4.38%.

This ophthalmic lens market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by product (spectacle lens, contact lens, and IOLs) and geography (North America, Europe, Asia, and ROW). The ophthalmic lens market report also offers information on several market vendors, including Bausch Health Companies Inc., Carl Zeiss AG, EssilorLuxottica, HOYA Corp., Johnson and Johnson Inc., Nikon Corp., Novartis AG, Rodenstock GmBH, Seiko Holdings Corp., and The Cooper Companies Inc. among others.

What will the Ophthalmic Lens Market Size be During the Forecast Period?

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Ophthalmic Lens Market: Key Drivers and Trends

The increasing prevalence of refractive errors is notably driving the ophthalmic lens market growth, although factors such as the high cost of ophthalmic lenses may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the ophthalmic lens industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Ophthalmic Lens Market Driver

One of the key factors driving growth in the ophthalmic lens market is the increasing prevalence of refractive errors. Refractive error, also known as refraction error, is an eye disorder characterized by the inaccurate focusing of light onto the retina due to the shape of the eye. It is estimated that approximately 60% of people need vision correction globally. However, only 40%-45% get treatment. Myopia (near-sightedness), hyperopia (far-sightedness), presbyopia (loss of near vision with age), and astigmatism are the most common types of refractive errors. The global aging population is growing rapidly due to the rise in average life expectancy. The aging population has a high risk of presbyopia and cataract. In 2020, approximately 722 million people were aged 65 years and above globally. This number is expected to increase to approximately 810 million by 2025. Hence, there is an increasing demand for ophthalmic lenses for vision correction with the growing prevalence of refractive errors and cataracts.

Key Ophthalmic Lens Market Challenge

The high cost of ophthalmic lenses will be a challenge for the ophthalmic lens market vendors. The cost varies depending on the type of lens. For instance, the cost of HD spectacle glass lenses is 25%-30% more than traditional spectacle glass lenses. The cost of multi-focal glasses is approximately 30% higher than single vision glasses. The cost of progressive glass lenses is double the cost of single vision glasses. The cost increases with non-glare coatings and changeable tint lenses. The cost burden further increases with the cost of contact lens solutions. Premium IOLs have a greater success rate and provide better visual function and greater spectacle independence than standard mono-focal lenses. However, the adoption of premium IOLs is low due to the high cost of such implants. Medicare and most healthcare plans do not cover the extra cost of premium IOLs. European ophthalmic surgeons are charging their patients directly for multifocal, toric, and other premium lenses implanted during insurance-covered cataract procedures. Hence, the high cost of lenses restricts the growth of the market.

This ophthalmic lens market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Ophthalmic Lens Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• Bausch Health Companies Inc.
• Carl Zeiss AG
• EssilorLuxottica
• HOYA Corp.
• Johnson and Johnson Inc.
• Nikon Corp.
• Novartis AG
• Rodenstock GmBH
• Seiko Holdings Corp.
• The Cooper Companies Inc.

This statistical study of the ophthalmic lens market encompasses successful business strategies deployed by the key vendors. The ophthalmic lens market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The ophthalmic lens market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Ophthalmic Lens Market?

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37% of the market’s growth will originate from North America during the forecast period. The US is the key market for ophthalmic lenses in North America. Market growth in this region will be slower than the growth of the market in other regions.

The increasing prevalence of refractive errors, the growing aging population, increasing healthcare expenditure, and the strong market presence of leading vendors will facilitate the ophthalmic lens market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Product Segments in the Ophthalmic Lens Market?

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The ophthalmic lens market share growth by the spectacle lenses segment will be significant during the forecast period. The increasing adoption of spectacle lenses made of high-tech plastics, which are more resistant to scratches than traditional plastics, and high-definition (HD) spectacle lenses, which are manufactured using digital computer technology and diamond-cutting tools that allow the lenses’ surface to be customized to an individual’s eyes and the increasing investments in marketing and product promotions by vendors are driving the market growth.

This report provides an accurate prediction of the contribution of all the segments to the growth of the ophthalmic lens market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Ophthalmic Lens Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive ophthalmic lens market growth during the next five years
• Precise estimation of the ophthalmic lens market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the ophthalmic lens industry across North America, Europe, Asia, and ROW
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of ophthalmic lens market vendors

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