DUBLIN, May 12, 2022–(BUSINESS WIRE)–The Global Eyeglass Lens Market, By Type, Material, Coating, Application, Distribution Channel, Estimate and Forecast, 2017-2030 report has been added ResearchAndMarkets.com Offer.
The global eyeglass lenses market had a market value of US$55.01 million in 2021 and is expected to reach US$88.25 million by 2030. The market is expected to grow at a CAGR of 5.5% from 2022 to 2030. Around 330 million units of eyeglass lenses were sold in 2021.
The market is expected to be driven by the increasing cases of eye disease in the elderly coupled with eyeglass correction technology for myopia control.
In addition, it is estimated that the increasing demand for fashionable eyewear among customers is driving the market growth. Despite the driving factors, the lack of required skills for eye laboratory technicians is expected to hamper the market growth.
Increasing cases of eye diseases in the elderly
According to the World Health Organization, as of October 2021, nearly 2.2 billion people worldwide suffer from near or far vision impairment. The main causes of visual impairment are cataracts and uncorrected ametropia. According to the same source, the majority of these people are over 50 years old. Of these 2.2 billion people, almost 1 billion suffer from moderate or severe visual impairment or distance blindness.
This is down to 84.4 million untreated refractive error patients, 7.7 million glaucoma patients, 94 million cataract patients, 3.9 million diabetic retinopathy patients, 4.2 million corneal opacity patients, 2 million trachoma patients and approximately 826 million through untreated visual impairment caused by presbyopia patients. Therefore, increasing cases of eye diseases, especially among the elderly, are expected to raise awareness of eye testing and thereby boost demand for eyeglass lenses.
The global eyeglass lenses market is segmented into type, material, coatings, application, and distribution channel.
single vision lenses
The progressive lens segment is expected to register the highest growth rate of about 6.9% during the projected period as it offers a wider range of clear vision and is well suited for computer use, increasing its demand. Due to the high demand in developing countries, the single vision lens segment is estimated to have a market potential of more than USD 10 million from 2022 to 2030. The trifocal lens segment is projected to surpass $10 million by 2023 due to the increasing number of patients with blurred vision.
High refractive index plastic
Polycarbonate segment is expected to account for the largest market share above 30% in 2021 owing to its better durability and light weight. The high-index plastics segment is expected to record the highest growth rate of about 6.5% over the forecast period as demand for vision correction increases. Trivex lenses are also likely to see significant growth as they have less internal stress and also offer sharper central vision.
Ultraviolet (UV) protection
Anti-reflective coating (AR coating)
Blue light filtration coatings
The ultraviolet (UV) protection segment is expected to register the fastest CAGR of approximately 6.6% over the forecast period as demand increases due to use in the manufacture of lenses intended for computer use. The anti-reflective coating (AR Coating) segment is estimated to surpass $20 million by 2026 because it eliminates harmful glare by absorbing reflected light.
The reading glasses segment is expected to hold the largest market share above 35% in 2021 owing to the increasing demand, especially from students and academics. The non-prescription (counterfeit) eyewear segment is estimated to have a market value of around $10 million by 2027 due to their high usage for fashion and style purposes, especially among youth.
By distribution channel
Due to the increasing number of e-commerce platforms solely focused on eyewear, the online segment is expected to register the highest CAGR of around 6.2% in the projected period. For example, Lenskart is a well-known online eyewear brand in India. Within the offline segment, the eye clinics/eye centers achieved the highest sales due to the increasing awareness of the importance of an eye examination by a specialist.
By region, the global eyeglass lens market is segmented into Asia Pacific, Europe, North America, Middle East & Africa, and South America.
For more information about this report, visit https://www.researchandmarkets.com/r/p5pog3
View source version on businesswire.com: https://www.businesswire.com/news/home/20220512005859/en/
Laura Wood, Senior Press Manager
For EST office hours, call 1-917-300-0470
For US/CAN call toll free 1-800-526-8630
For GMT office hours, call +353-1-416-8900