The photochromic lenses global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Photochromic Lenses Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The photochromic lens market size has grown strongly in recent years. It will grow from $6.13 billion in 2023 to $6.56 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to increased awareness about eye protection, a rise in disposable income, a growing aging population, the prevalence of vision-related disorders, urbanization and changing lifestyles.
The photochromic lens market size is expected to see strong growth in the next few years. It will grow to $8.59 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to increasing demand for convenience, rising adoption of smart eyewear, expanding middle-class population, heightened focus on eye health, and favorable government regulations. Major trends in the forecast period include the integration of photochromic lenses with digital devices, increasing use of eco-friendly materials, advancements in anti-reflective coatings, expanding application in sports eyewear, and growth in the use of augmented reality (AR) in lenses.
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Scope Of Photochromic Lenses Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Photochromic Lenses Market Overview
Market Drivers –
The increasing prevalence of eye-related disorders is expected to propel the growth of the photochromic lenses market moving forward. Eye-related disorders refer to a range of conditions affecting the eyes that can impair vision and overall eye health, such as myopia, cataracts, glaucoma, and age-related macular degeneration. The rising occurrence of eye-related disorders is fueled by aging populations, increased screen time, environmental pollution, poor diet, and higher rates of chronic conditions such as diabetes. Photochromic lenses help alleviate eye strain and provide UV protection, offering comfort and improved visual health for individuals with eye-related disorders. For instance, in September 2021, according to the statistics published by the Royal National Institute of Blind People (RNIB), a UK-based sight-loss charity, nearly 2 million people in the UK are currently living with sight loss that significantly affects their daily lives, with expectations suggesting this number could nearly double to almost 4 million by the year 2050. Therefore, the increasing prevalence of eye-related disorders is driving the growth of the photochromic lenses market.
Market Trends –
Major companies operating in the photochromic lenses market are focusing on developing innovative photochromic lenses to enhance the user experience with improved clarity, faster transition times, and better UV protection. An innovative photochromic lens is an optical device that automatically adjusts its tint in response to varying light conditions, providing enhanced visual comfort and protection. For instance, in May 2024, LensCrafters, a US-based optical company, launched Transitions GEN S. This new product offers ultra-responsive light adaptation, a wide range of vibrant colors at different darkness levels, and improved UV and blue-violet light protection. These features address consumers’ needs for smooth visual transitions and robust eye protection.
The photochromic lenses market covered in this report is segmented –
1) By Material: Glass, Polycarbonate, Plastic, Other Materials
2) By Technology: Ultra-Violet (UV) And Visible Light, Imbibing And Trans-bonding, In Mass, Other Technologies
3) By Distribution Channel: Online, Optical Chains, Independent Eye Care Professionals (ECPs)
4) By Application: Corrective, Preventive
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Regional Insights –
North America was the largest region in the photochromic lenses market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the photochromic lenses market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the photochromic lenses market are EssilorLuxottica SA, Corning Incorporated, Mitsui Chemicals Inc., Carl Zeiss AG, HOYA Corporation, VSP Vision Care Inc., Rodenstock GmbH, Shanghai Conant Optics Co. Ltd., Younger Optics Inc., Vision Ease LP, Signet Armorlite Inc., SEIKO Optical Europe GmbH, Vision Dynamics LLC, S.T International Ltd, Optiswiss AG, GKB Optic Technologies Pvt. Ltd., Nikon Lenswear, BBGR Ltd, Norville Opticians Co, Tokai Optical Co. Ltd., Zenni Optical Inc.
Table of Contents
1. Executive Summary
2. Photochromic Lenses Market Report Structure
3. Photochromic Lenses Market Trends And Strategies
4. Photochromic Lenses Market – Macro Economic Scenario
5. Global Photochromic Lenses Market Size and Growth
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32. Global Photochromic Lenses Market Competitive Benchmarking
33. Global Photochromic Lenses Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Photochromic Lenses Market
35. Photochromic Lenses Market Future Outlook and Potential Analysis
36. Appendix
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