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The ophthalmic lens market size is estimated to grow by USD 13.3 billion at a CAGR of 4.36% between 2023 and 2028. The market experiences continuous expansion, driven by several influential factors. The prevalence of refractive errors, a significant health concern worldwide, fuels market growth. Technological innovations in lens manufacturing, such as photochromic, polarized, and progressive lenses, cater to diverse consumer needs and preferences. Moreover, initiatives to raise awareness regarding the benefits and advancements contribute to market expansion. These factors collectively create a favorable environment for the growth and development of the industry.
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The market is a significant segment within the eye clinics industry, driven by the increasing prevalence of eye disorders related to extended screen time, particularly from nonschool-related sources. Key eye disorders include presbyopia, refractive errors, and cataracts. Vision correction through digital technologies, such as prescription glasses, has become increasingly essential due to digital eye strain. The market's competitiveness is influenced by various factors, including the economic, political, and social landscapes. Macroeconomic analysis reveals a growing demand for vision correction solutions due to an aging population and rising disposable income. Internal market forces, such as product pricing and consumer behavior, also play a crucial role in shaping the market's competitive backdrop. Strategies to address impediments, such as regulatory requirements and technological advancements, are essential for market players to maintain their competitiveness. Quantitative and qualitative analysis of market trends and consumer preferences are vital for companies to develop effective pricing strategies and cater to evolving consumer needs. In conclusion, the Ophthalmic Lens Market is a dynamic and complex industry, shaped by various factors, including eye disorders, digital technologies, and market forces. Understanding these trends and factors is crucial for companies to remain competitive and capitalize on emerging opportunities. Our researchers analyzed the data with 2023 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 prevalence of refractive errors is notably driving market growth. Myopia is the most common refractive error, which first manifests in children of school-going age and typically progresses until about age 20 as the eyes continue to grow during childhood. Hyperopia, also known as hypermetropia, can affect both children and adults, it is one of the leading causes of visual impairment. Astigmatism is caused by an irregular curvature of the eye's cornea or lens. Presbyopia is an age-related refractive error. A cataract is an ophthalmic disorder that causes clouding of the eye lens. The aging population has a high risk of presbyopia and cataracts. Hence, there is an increasing demand for ophthalmic lenses for vision correction with the growing prevalence of refractive errors and cataracts.
Moreover, 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 cataracts. A cataract is very common in the elderly; as a person ages, some of the protein may clump together and start to cloud a small area of the lens. As the clouding increases, visualization becomes distorted and ultimately leads to loss of vision. 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.
An increase in acquisitions and partnerships is the key trend in the market. The competition among existing vendors in the global contact lens market is intense. Hence, they are opting for strategic partnerships and acquisitions with market participants such as product providers, technology providers, and platform providers. Through acquisitions and strategic partnerships, vendors have strengthened their technological competence, product portfolio, and geographic reach. Such collaborations also enable vendors to explore new opportunities for their products and services and generate revenue through the sales of their products and services to a wide customer base.
For instance, in April 2021, CooperVision acquired No7 Contact Lenses, a designer and manufacturer of Specialty EyeCare, to expand its business in specialty eye care. Similarly, in February 2020, two major manufacturers in the optical industry, namely EssilorLuxottica, and GrandVision, decided to merge their operations. The growing number of strategic partnerships and acquisitions between vendors and market participants will drive the growth of the market during the market forecast period.
One of the key challenges affecting the market growth is the high cost of ophthalmic lenses. The cost of ophthalmic lenses has significantly increased with advances in technology. 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 annual cost of daily disposable soft contact lenses, toric contact lenses, and bifocal contact lenses is 2-3 times higher than the annual cost of normal disposable soft contact lenses that are to be replaced every two weeks.
However, 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. Hence, the high cost of lenses will restrict the growth of the market.
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 analysis strategies.
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.
Johnson and Johnson - The company offers ophthalmic lenses through its brands such as JNJVISIONPRO. They also provide a broad range of products used in the orthopedic, surgery, interventional solutions, diabetes care, and eye health fields. Additionally, the company caters to pharmaceutical, women's health, and wound care markets under the consumer segment.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key 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.
Based on end-user, the market is segmented into consumers, hospitals and clinics, and ambulatory surgery centres. The market share growth by the consumers segment will be significant during the forecast period. As the awareness of vision-impairing conditions and the available corrective solutions will increase, the demand for ophthalmic lenses will also increase, stimulating market growth.
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The consumers segment showed a gradual increase in the market share of USD 23.2 billion in 2018. In this segment, the adoption of digital technologies such as smartphones, laptops, and computers is constantly expanding as they have become part of the world. Due to the increased use of digital devices, many people suffer from digital eye strain, which includes redness, eye strain, and dryness that cause vision problems. Such factors will increase segment growth during the forecast period.
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North America is estimated to contribute 38% 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.
North America accounts for the largest revenue share of the global ophthalmic lens market. The US is the largest revenue contributor in this region, followed by Canada. The market growth in North America can be attributed to the increasing prevalence of refractive errors, the growing aging population, increasing healthcare expenditure, the high demand for advanced ophthalmic lenses, advanced healthcare infrastructure, and the strong market presence of leading vendors.
The market 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.
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The market encompasses the production and distribution of lenses used in the correction of vision impairments and protection against eye damage. These lenses cater to various eye conditions such as myopia, hyperopia, astigmatism, and presbyopia. The market is driven by the increasing prevalence of eye diseases and the growing awareness of eye health. Technological advancements in lens materials and designs, including photochromic and progressive lenses, further fuel market growth. Additionally, the aging population and rising disposable income contribute to the market's expansion. Companies focus on innovation and collaboration to cater to diverse consumer needs and preferences. The market is segmented by product type, application, and region. Key players in the market include manufacturers and distributors of ophthalmic lenses.
In the ophthalmology sector, addressing vision impairment caused by uncorrected refractive errors is paramount, particularly among the elderly population. Companies like Essilor International and CooperCompanies lead with innovative optics technology, combating myopia progression and providing corrective solutions. SightGlass Vision, a pioneer in myopia management, offers promising products to counteract the effects of myopia. With a focus on product or service penetration, businesses navigate through the economic, political, and social landscapes, considering external factors to strategize business initiatives. Investment opportunities abound, especially in corrective lens development, sunglasses lens innovation, and intraocular cataract lens advancements. Commercial development and services penetration at the country level hinge on consumer buying behavior and adaptability to various political and social scenarios. Continuous business development and product innovation are essential to maintaining a competitive position in the dynamic ophthalmology market.
Moreover, the impact of nonschool-related screen time on individuals' healthcare systems has become a significant concern across various economic, political, and social landscapes. Excessive screen use, particularly on digital devices affecting the retina, has prompted debates and policy considerations in response to evolving political scenarios and public health challenges. In the economic landscape, industries related to digital entertainment and technology face scrutiny over their influence on societal health. Politically, regulations and guidelines are being shaped to manage screen time impacts on youth and adults alike. Socially, discussions on the role of screens in daily life highlight concerns about mental health and social interaction. As stakeholders navigate these complexities, the interplay between nonschool-related screens, healthcare systems, and broader economic, political, and social landscapes underscores the need for balanced approaches to mitigate risks while harnessing the benefits of digital technologies in modern society.
Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market growth 2024-2028 |
USD 13.3 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.11 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 38% |
Key countries |
US, China, Germany, France, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aksh Optifibre, Alcon Inc., Alpine Research Optics, Bausch Health Companies Inc., Bod Lenses, CAMAX OPTICAL CORP., Carl Zeiss AG, Corning Inc., EssilorLuxottica, Halma Plc, HOYA CORP., Jiangsu Hongchen Optical Co. Ltd., Johnson and Johnson Services Inc., Mitsui Chemicals Inc., Nikon Corp., Privo, Rodenstock GmBH, Shamir Ltd., SynergEyes Inc., The Cooper Companies Inc., The Walman Optical Co., and VISION EASE |
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, 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. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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