It’s being expected that by 2030, the Prescription Lens market cap will hit USD 65.5 billion at a CAGR growth of about 5.3 %.
.jpg
"The Global Prescription Lens Market 2020-2030 (USD Billion)")
Refractive error-related vision disorder is on the rise. The majority of these cases go unnoticed at first, contributing to the growing amount of Uncorrected Refractive Errors (URE). Refractive error patients are also unsure of their illness and receive no care. According to the World Health Organization (WHO), URE accounted for 42.0 percent of global sources of vision disability in 2012. As a result, numerous organisations focused on the identification and treatment of refractive errors are being established to monitor the rise in URE.
Sightsavers is a non-profit organisation that operates in over 30 countries, mostly in Africa and Asia. To provide specialised and inexpensive ophthalmic care, the company forms alliances with local, state, global, and foreign partners and governments. To combat the issue of URE, the company devised a refractive error technique. The group uses a twin-track approach to include refractive error services. In addition, the company is extending its programme relationships and establishing alliances in order to improve URE's programmes. The presence of such organisations, as well as increasing knowledge about the treatment of refractive errors, are expected to propel the industry forward.
The rising prevalence of refractive error cases, especially myopia and astigmatism, is expected to boost prescription lens demand. Prescription lenses aid in the resolution of the eyes' failure to project light onto the retina, resulting in improved vision. These lenses come in a variety of shapes and coatings, and are chosen based on the refractive order. Hyperopia is corrected with convex prescription lenses, myopia is corrected with concave prescription lenses, and astigmatism is corrected with cylindrical prescription lenses.
The major players operating in the global market include Essilor, ZEISS International, HOYA VISION CARE COMPANY, VISION EASE, SEIKO OPTICAL PRODUCTS CO., LTD, PRIVÉ REVAUX, Vision Rx Lab, and many more.
Prescription Lens Market Scope
| Metrics | Details |
| Base Year | 2022 |
| Historic Data | 2020-2021 |
| Forecast Period | 2022-2030 |
| Study Period | 2020-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 65.5 billion |
| Growth Rate | CAGR of 5.3% during 2020-2030 |
| Segment Covered | Type, Application, Coating, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Essilor, ZEISS International, HOYA VISION CARE COMPANY, VISION EASE, SEIKO OPTICAL PRODUCTS CO., LTD, PRIVÉ REVAUX, Vision Rx Lab, and many more. |
Key Segments of the Global Prescription lens Market
Type Overview, (USD Billion)
- Single vision
- Bifocal
- Trifocal
- Progressive
- Workspace progressives
- Others
Application Overview, (USD Billion)
- Myopia
- Hyperopia/Hypermetropia
- Astigmatism
- Presbyopia
Coating Overview, (USD Billion)
- Anti-reflective
- Scratch resistant coating
- Anti-fog coating
- Ultraviolet treatment
Regional Overview, (USD Billion)
- North America
- U.S.
- Canada
- Europe
- Germany
- United Kingdom
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
Reasons for the study
- Growing geriatric population, and their vulnerability to incontinence and chronic diseases, demanding continues use of incontinence products
- Proliferation of online sales channel, cannibalizing the position of hospital and retail pharmacies
- Consistent threat of deadly infections in hospital and healthcare settings urging the use of disposable medical supplies especially in emerging countries and remote locations
What does the report include?
- The study on the global Prescription lens market includes qualitative insights such as drivers, restraints, challenges and opportunities
- Additionally, the market has been evaluated using the Porter’s five forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of type, and end user. Moreover, the study on Prescription lens market provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players operating in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global Prescription lens market is suitable for all the players across the value chain including component and raw material providers, disinfectant manufacturers, distributors, and other intermediaries
- Venture capitalists and investors looking for more information on the future outlook of the global Prescription lens market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global Prescription lens market
Frequently Asked Questions (FAQ) :
The market value of prescription lens market in 2030 was USD 65.5 billion
The major contenders in the global market are Essilor, ZEISS International, HOYA VISION CARE COMPANY, VISION EASE, SEIKO OPTICAL PRODUCTS CO., LTD, PRIVÉ REVAUX, Vision Rx Lab, and many more
The base year for the report is 2022 in prescription lens market
The presence of online services for vision research, along with the integration of advanced technology and the advancement of improved prescription lenses, is expected to fuel market growth. Visibly is developing digital eye care technology that can be used by anybody, at any time and in any place. One of the successful actions taken by the organisation to make eye treatment affordable and easy is online vision testing. These online assessments are intended to aid in the rapid detection of refractive errors, thus encouraging the use of prescription lenses to treat them. Additionally, people who spend long periods of time in front of screens develop a variety of eye disorders. As a result, businesses are developing new technologies to improve prescription lenses that can shield people from toxic electronic radiation. A prescription lens made especially for electronic use is available from GUNNAR Optiks. Blue light blocking technology, as well as other lens developments, is used in the creation of these lenses. The introduction of such a technologically advanced prescription lens would help the industry expand overall.
In 2019, single vision prescription lenses dominated the industry, accounting for more than 27% of global sales. Single vision prescription lenses are preferred by people over the age of 40 over bifocal, trifocal, and incremental lenses. For reading and electronic function, single vision prescription lenses are favoured because they help to preserve posture when working, reducing the risk of experiencing computer vision syndrome.
Because of the rising market for anti-reflective prescription lenses, anti-reflective (AR) coating held the highest sales share of approximately 30% in 2019. Anti-reflective coating lenses are chosen for a variety of reasons, including shielding from damaging rays emitted from electronic display screens. AR coating tends to eliminate shadows, lowering contrast and increasing visibility.
During the forecast era, the ultraviolet (UV) treatment lens segment is expected to rise at the fastest rate in the prescription lens industry. UV radiation has been linked to a variety of eye diseases, including cataracts and macular degeneration. As a result, people use UV-coated lenses to prevent vision problems. These UV treatment lenses are made of polycarbonate and high-index plastics, which absorb and shield the retina from harmful radiation.
Because of the growing incidence of myopia & presbyopia in nations such as the United U.s. and Canada, North America led the industry and contributed for over 25% of global sales in 2019. Furthermore, major industry players are present in the field, and they are introducing innovative prescription lenses. Privé Revaux released prescription lenses at an inexpensive price in October 2018. Via a collaboration with Opternative, a technology firm, the organisation has also broadened its customer base by offering online vision assessments. The area has a high rate of acceptance of new technologies and goods, which contributes to overall business growth.
Asia Pacific is projected to rise at the fastest pace. Myopia prevalence is highest in China, Japan, Singapore, and the Republic of Korea, accounting for 50.0 percent of the global total. The rising incidence of refractive errors in the area is expanding the patient pool and, as a result, the need for prescription lenses to treat them. Strategic alliances are being formed by market players in the area in order to grow their prescription lens industry. HOYA Vision Care revealed in December 2016 that it had acquired 3M's protection prescription eyewear company in order to broaden its prescription lens product range.
