The global Prescription Lens Market was valued at USD 11.44 billion in 2022 and is expected to reach USD 16.28 billion by 2032, growing at a CAGR of 4.2% during the forecast period. The growth of the prescription lens market is driven by several factors, including advancements in eyewear technology, the aging population, and an increase in the prevalence of vision-related diseases.
The demand for prescription lenses has increased due to the growing number of vision-related diseases, such as myopia, hyperopia, astigmatism, and presbyopia. According to the World Health Organization (WHO), 2.2 billion people worldwide are blind or visually impaired, and this number is expected to rise in the coming years. This increase in the prevalence of visual problems is one of the primary drivers of the prescription lens market.
Another factor contributing to the growth of the prescription lens market is the aging population. As people age, their eyesight deteriorates, and they require corrective lenses to see clearly. The number of people aged 65 and above is expected to double from 703 million in 2019 to 1.5 billion in 2050, according to the United Nations. With this demographic shift, the demand for prescription lenses is also expected to rise in the coming years.
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Advancements in eyewear technology have also contributed to the growth of the prescription lens market. The development of new lens materials and coatings, such as anti-reflective and scratch-resistant coatings, has made prescription lenses more durable and comfortable for users. High-index lenses have also made it possible to create lenses that are lighter and thinner, improving the wearer's comfort and appearance.
The increasing use of digital devices, such as smartphones, tablets, and laptops, has led to the prevalence of Computer Vision Syndrome (CVS). CVS is characterized by symptoms such as eye strain, headaches, and impaired vision. As a result, there is a rising demand for lenses that are specifically designed to lessen the effects of CVS, which is expected to contribute to the growth of the prescription lens market.
The popularity of online purchasing has also contributed to the growth of the prescription lens market. Customers can now purchase prescription lenses online, which is a convenient and cost-effective alternative to buying eyewear. The availability of a wide selection of frames and lenses online is also expected to drive the growth of the prescription lens market.
Despite the factors driving growth in the prescription lens market, there are also several challenges that must be addressed. The high price of prescription lenses remains a significant barrier for many consumers, and cheaper corrective procedures, such as LASIK surgery, may be more appealing. Accessibility to these procedures can also be a challenge, particularly in rural areas where access to eye care services may be limited.
The global prescription lens market is segmented by product and end-user. The product segment includes single vision, progressive, bifocal, and trifocal lenses. The single vision lenses segment is expected to account for the largest revenue share during the forecast period. Progressive lenses are expected to register the most rapid revenue growth rate, while bifocal lenses are expected to account for a significantly large revenue share during the forecast period. Trifocal lenses are expected to register a steady revenue growth rate during the forecast period.
The end-user segment includes men, women, and kids. The men's segment is expected to account for the largest revenue share during the forecast period, driven by a higher incidence of eye-related illnesses, higher exposure to electronics and displays, and increased public awareness of eye health. The women's segment is expected to register a rapid revenue growth rate during the forecast period, driven by the growing number of working women and their rising spending power.
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Key Players Operating in Prescription Lens Market
- EssilorLuxottica
- Carl Zeiss Meditec AG
- Hoya Corporation
- Seiko Group
- Shamir Optical Industry Ltd.
- Rodenstock GmbH
- Nikon Corporation
- HOYA Vision Care
- CooperVision
- Johnson & Johnson Vision Care, Inc.
The global Prescription Lens Market has been segmented as follows:
Product Type Outlook (Revenue, USD Billion; 2019-2032)
- Single Vision
- Progressive
- Bifocal
- Trifocal
- Others
Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)
- Online
- Offline
End-User Outlook (Revenue, USD Billion; 2019-2032)
- Men
- Women
- Children
Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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