Growth opportunities in the ophthalmic lens market look promising over the next six years. This is mainly due to the increasing cases of vision impairment across the globe due to the changes in lifestyle and environment and raising awareness of vision impairment conditions.
Ophthalmic Lens Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The drivers accelerating the growth of the global ophthalmic lens market are the augmenting cases of vision impairment throughout the world. As per a report published by the World Health Organization in 2019, the number of people with issues related to the eye are predicted to rise by 1.3 times between 2020 and 2030. Moreover, the aging population further contributes to the market growth. Also, the geriatric population is expected to reach a count of 1.4 billion by the end of 2030 from 962 million in 2017. The increase in this population will significantly boost the people with major eye conditions that may cause vision impairment.
The demand for ophthalmic lenses is fuelling, owing to the increasing awareness about vision impairment conditions. The low and middle economies like Eastern and Central Sub-Saharan Africa have high persistence of vision impairment, which is anticipated to boost the demand for ophthalmic lenses for vision correction, resulting in the overall market growth. However, the growing demand for permanent vision correction is likely to curb the market growth.
Type Segment Drivers
Based on the type, a single vision lens is projected to witness a higher CAGR during the forecast period. Leading companies like ZEISS International are engaged in proposing Rx single vision lenses, single vision stock lenses as it is the most cost-effective lens and is widely prescribed by doctors, thereby augmenting the market growth.
Regional Drivers
Based on the regional coverage, North America is predicted to expand at a faster CAGR over the forecast period in the market. This is because of the vigorous prevalence of the key players in the market, like VISION EASE, ZEISS International, ESSILOR OF AMERICA, INC., among others which have stimulated the market growth. Companies such as ZEISS International and others make maximum revenue from America. For example, the company generated 1321 million from the Americas alone in 2019, which resembles the region’s high purchasing power, resulting in the growth of the market.
Ophthalmic Lens Market’s Leading Manufacturers:
- Novartis AG
- Johnson & Johnson
- EssilorLuxottica
- ESSILOR OF AMERICA, INC
- VISION EASE
- ZEISS International
- Alcon Inc.
- Nikon Corp.
- Hoya Corporation
- Bausch Health Companies Inc.
Ophthalmic Lens Market Segmentation:
Segmentation by Type:
- Single Vision Lens
- Multifocal Lens
- Bifocal Lens
- Trifocal Lens
- Progressive Lenses
- Light Protection Lenses
Segmentation by Curves:
- Concave
- Convex
- Cylindrical
Segmentation by Coatings:
- Anti-Scratch
- UV Protective
- Photochromic
- Anti-Reflective
Segmentation by Distribution Channel:
- Optical Stores
- Online Stores
- Independent Brand Stores
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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