Prescription Spectacles Market Growth Trajectory 2022-28

According to Precision Business Insights (PBI), the latest report, the Prescription Spectacles market is expected to be valued at USD 43,584.1 million in 2022, growing at a 3.1% CAGR from 2022 to 2028. Growing rely on electronic devices like mobile, laptops, computers for day-to-day work and entertainment and too much involvement at glaring at the screen even in the night time coming with the side effect of ocular problems. As vision is one of the most important sensory organs of humans, any problem in vision will cause an interruption in regular life. Thus, with the increase in ocular problems, the demand for its treatment is skyrocketing day by day. This acts as a main driving force for the prescription spectacles and lenses market to grow in the forecast period. With the reliability of technology in modern life, this demand for spectacles or contact lenses will never go down. Thus, it can be estimated the future of the spectacles and contact lenses market will always be bright.

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Prescription Spectacles Lens Segment to Flourish the Most in Forecast Period:
In terms of market share for glasses, the category for eyeglass lenses retained a commanding lead in 2021, and it is anticipated that it will continue to expand gradually over the coming years. The rise in myopia and hypermetropia prevalence is responsible for this expansion. However, it is anticipated that a significant growth driver in the ensuing years would be the increased usage of modern, lightweight spectacle frames. The availability of a wide range of products and intense rivalry in the market for high-quality custom frames are raising the adoption of eyeglasses in both developed and emerging nations. The total number of adults choosing prescription glasses has increased in recent years due to the population's decreased preference for contact lenses and the rise of LASIK procedures in the United States. In industrialized nations, there is also a rise in the number of people choosing eyeglass frames as a fashion accessory. During the anticipated term, it is predicted that this tendency would increase market value.

North American Region to Dominate the Prescription Spectacles Market and Asia-Pacific to follow:
Due to the growing prevalence of myopia and presbyopia in nations like the United States and Canada, North America held the greatest revenue share in 2021. Additionally, there are significant industry participants in the area who are introducing prescription lenses with cutting-edge characteristics. Recently, Privé Revaux introduced cheap prescription lenses. Through its relationship with the technology firm Opternative, the business has also increased its patient pool by offering online eye examinations. The region has a high rate of adoption of cutting-edge items and technology, which supports the expansion of the regional market. The market is expected to place the Asia Pacific as the second-leading region. Over time, there has been an increase in the adoption of spectacles due to the rising senior population in nations like China and Japan. Additionally, the increasing affordability of vision care products and the increase in disposable income are expected to boost sales in this area. In addition, refractive problems in vision are becoming more common in the nations in this region. A study in the Journal of Ophthalmology reports that 33% of people in Southeast Asia are thought to be myopic.

Strategic New Product Launches, Mergers, Acquisitions, And Agreements Are the Key Strategies Adopted by Market Players:
The global Prescription Spectacles market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In August 2022, ModMed's All-in-One software solution for all practices and new state-of-the-art ophthalmology institute is adopted by Mann Eye Institute to provide better patient care. In October 2021, Hoya established cooperation with Orbis International, a global organization that mentors and trains local eye care workers and motivates them to prevent blindness in their neighborhoods.

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The prescription spectacles market is segmented based on product type, lens type, lens coating, material, application, distribution channel, and geography
Based On the Product Type, The Market is Segmented into the Following:
• Spectacle Frames
• Spectacle Lenses

Based On Lens Type, The Market is Segmented into the Following:
• Single Vision
• Bifocal
• Trifocal
• Progressive
• Workspace Progressives
• Others

Based On Lens Coating, The Market is Segmented into the Following:
• Anti-reflective
• Scratch Resistant Coating
• Anti-fog Coating
• Ultraviolet Treatment

Based On Material, The Market is Segmented into the Following:
• Frame Material
• Lens Material

Based On Application, The Market is Segmented into The Following:
• Myopia
• Hyperopia/Hypermetropia
• Astigmatism
• Presbyopia

Based On Distribution Channel, The Market is Segmented into the Following:
• E-Commerce
• Retail Store
• Ophthalmic Clinics
• Eye Hospitals

Based On Geography, The Market Is Segmented into the Following:
• North America
• Europe
• Asia-Pacific
• Middle East and Asia
• Latin America

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Key players' profiles in the prescription spectacles Market are Johnson & Johnson Vision Care, Inc., ESSILORLUXOTTICA, Cooper Vision, Carl Zeiss AG., Bausch & Lomb Inc., Safilo Group S.p.A., Charmant Group, Chemilens (CHEMIGLAS Corp.), CIBA VISION, De Rigo Vision S.p.A, Fielmann AG, HOYA Corporation, JINS Inc., Marchon Eyewear Inc., Marcolin S.p.A, QSpex, Rodenstock GmbH, Seiko Optical Products Co., Ltd., Shamir Optical Industry Ltd., Silhouette International Schmied AG, Warby Parker, and Zenni Optical, Inc.

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This release was published on openPR.