A prescription lens refers to a customized optical lens designed to correct specific vision problems based on an individual’s eye prescription. These lenses are used to correct vision problems associated with certain medical conditions or eye injuries.
Sizing and Forecast
The prescription lens market size has grown strongly in recent years. It will grow from $43.46 billion in 2023 to $46.09 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increased awareness and diagnosis of vision problems, the rise of computers and smartphones has led to greater awareness and demand for lenses, the rise of fashion and designer eyewear, the emergence of online retailers and direct-to-consumer brands has increased, and awareness and diagnosis of vision problems.
The prescription lens market size is expected to see strong growth in the next few years. It will grow to $58.62 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to increased public awareness and education about eye health, the growth of online retail channels, economic conditions and disposable income levels, availability and extent of insurance coverage for vision care and eyewear, increased urbanization and prolonged use of digital screens. Major trends in the forecast period include integration of augmented reality (AR) and virtual reality (VR), increasing demand for lenses that filter blue light from screens, advancements in photochromic lenses, improved anti-fog technologies, use of digital eye strain diagnostics and 3D printing.
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Segmentation & Regional Insights
The prescription lens market covered in this report is segmented –
1) By Type: Single Vision, Bifocal, Trifocal, Progressive, Active, Other Types
2) By Coating: Anti-Reflective, Scratch Resistant Coating, Anti-Fog Coating, Ultraviolet Treatment
3) By Application: Myopia, Hyperopia Or Hypermetropia, Astigmatism, Presbyopia
North America was the largest region in the prescription lens market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the prescription lens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing incidence of vision impairment is expected to propel the growth of the prescription lens market going forward. Vision impairment refers to conditions affecting the eyes, ranging from common issues such as partial vision loss and blindness to more serious ailments such as macular degeneration. Vision impairment is on the rise due to increased screen time, digital device usage, and aging populations, contributing to conditions such as digital eye strain, myopia, and age-related macular degeneration. Prescription lenses aid in correcting vision impairments such as myopia, hyperopia, astigmatism, and presbyopia by refracting light to focus properly on the retina, improving vision clarity, and reducing strain. For instance, in May 2023, according to a report published by the National Center for Biotechnology Information, a US-based international resource for scientific research, approximately 200 million individuals worldwide experienced age-related macular degeneration (AMD) in 2020. By 2040, it is projected that the number of people affected by the condition will increase to about 288 million. Therefore, the increasing incidence of vision impairment is driving the growth of the prescription lens market.
Key Industry Players
Major companies operating in the prescription lens market are Johnson And Johnson Inc., EssilorLuxottica S.A., Carl Zeiss AG, Seiko Optical Products Co. Ltd., Alcon, Hoya Corporation, Nikon Corporation, Bausch And Lomb Incorporated, The Cooper Companies, Safilo Group S.p.A, Marchon Eyewear Inc., Rodenstock GmbH, Menicon Co. Ltd., Warby Parker Inc., Norville Group Ltd, De Rigo Vision S.p.A., ABB Optical Group, Walman Optical, Oakley Inc., Younger Optics, Maui Jim Inc., Charmant Group Inc., Thom Browne Eyewear LLC, Vision Ease Corporation, Zenni Optical LLC
The prescription lens market report table of contents includes:
1. Executive Summary
2. Prescription Lens Market Report Structure
3. Prescription Lens Market Trends And Strategies
4. Prescription Lens Market – Macro Economic Scenario
5. Prescription Lens Market Size And Growth
…..
27. Prescription Lens Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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