The global prescription lens market had a value of USD 11.44 billion in 2022. It is projected to reach USD 16.28 billion by 2032, exhibiting a revenue compound annual growth rate (CAGR) of 4.2% throughout the forecast period. The significant expansion in market revenue is mainly attributed to advancements in eyewear technology, an aging population, and an increase in the prevalence of vision-related disorders.
The demand for prescription lenses has risen due to the growing incidence of vision conditions such as Myopia, hyperopia, astigmatism, and presbyopia, among others. The World Health Organization (WHO) estimates that approximately 2.2 billion people worldwide are either visually impaired or blind, and this number is anticipated to rise in the future. Consequently, the prescription lens market is experiencing an upward trend in revenue growth owing to the escalating visual problems.
Furthermore, a crucial factor driving the revenue growth of the prescription lens market is the aging population. As people grow older, their eyesight tends to deteriorate, necessitating corrective lenses for clear vision. According to the United Nations (UN), the global population of individuals aged 65 and above is expected to double from 703 million in 2019 to 1.5 billion by 2050. This demographic shift is likely to further contribute to the demand for prescription lenses.
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Major Companies and Competitive Landscape:
Some major companies included in the global prescription lens market report are:
- EssilorLuxottica
- Carl Zeiss Meditec AG
- Hoya Corporation
- Seiko Group
- Shamir Optical Industry Ltd.
- Rodenstock GmbH
- Nikon Corporation
- HOYA Vision Care
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Driving Factors of the Prescription Lens Market:
- Advancements in Eyewear Technology: Continuous innovations and technological advancements in the field of eyewear have led to the development of high-quality, comfortable, and aesthetically appealing prescription lenses. These innovations attract consumers looking for improved vision correction and enhanced comfort, driving the demand for prescription lenses.
- Aging Population: The global population is aging, and as people grow older, their eyesight tends to deteriorate. The elderly population requires corrective lenses to address age-related vision problems such as presbyopia. As the number of elderly individuals increases, so does the demand for prescription lenses.
- Rising Prevalence of Vision Disorders: The prevalence of vision disorders, such as Myopia, hyperopia, astigmatism, and presbyopia, among others, is on the rise globally. Factors like changing lifestyles, increased screen time, and genetic predisposition contribute to the growing incidence of these conditions, creating a higher demand for prescription lenses.
- Increasing Awareness of Eye Health: Growing awareness about the importance of eye health and regular eye check-ups has prompted more people to seek vision correction solutions through prescription lenses. Early diagnosis and the availability of advanced lenses have encouraged consumers to proactively address their vision problems.
Restraints of the Prescription Lens Market:
- High Cost of Prescription Lenses: The cost of prescription lenses, particularly for advanced and specialized designs, can be relatively high. This cost factor may deter price-sensitive consumers from purchasing prescription lenses, leading to a potential market restraint.
- Limited Access to Eye Care Services: In some regions, especially in developing countries or rural areas, there may be limited access to eye care services and optometrists. This lack of accessibility can hinder the adoption of prescription lenses, as people may not receive timely eye examinations or find it challenging to obtain the appropriate prescriptions.
- Alternative Vision Correction Methods: While prescription lenses are a popular choice for vision correction, alternative methods such as laser eye surgery and contact lenses offer permanent or temporary solutions, respectively. Some individuals may opt for these alternatives, impacting the demand for prescription lenses.
- Counterfeit Products and Online Sales: The prevalence of counterfeit prescription lenses in the market, particularly through online channels, can compromise the quality and safety of products. Consumers may be hesitant to purchase prescription lenses from unverified sources, affecting legitimate market growth.
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