Global Prescription Lens Market to Exceed USD 16.28 Billion by 2032, Driven by Aging Population and Increase in Vision Diseases

The global Prescription Lens Market was valued at USD 11.44 billion in 2022, and it is anticipated to reach USD 16.28 billion by 2032, expanding at a revenue CAGR of 4.2% during the forecast period. The market is expected to grow primarily due to advances in eyewear technology, an aging population, and an increase in the prevalence of vision disorders. Vision-related disorders such as myopia, hyperopia, astigmatism, and presbyopia have become more prevalent, resulting in an increased demand for prescription lenses. The World Health Organization (WHO) estimates that 2.2 billion people worldwide are blind or visually impaired, and this number is expected to increase in the coming years. This has led to an increase in the demand for prescription lenses, driving the revenue growth of the market.

The aging population is another important factor that is contributing to the growth of the prescription lens market. As people age, their eyesight deteriorates, and they require corrective lenses to see clearly. The number of people aged 65 and older worldwide is expected to double from 703 million in 2019 to 1.5 billion in 2050, according to the United Nations. This demographic shift is expected to increase the demand for prescription lenses in the coming years.

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Some of the major companies in the Prescription Lens Market:

• EssilorLuxottica
• Carl Zeiss Meditec AG
• Hoya Corporation
• Seiko Group
• Shamir Optical Industry Ltd.
• Rodenstock GmbH
• Nikon Corporation
• HOYA Vision Care
• CooperVision
• Johnson & Johnson Vision Care, Inc.

Technological advancements in eyeglasses have also played a significant role in the growth of the prescription lens market. The development of new lens materials and coatings, such as anti-reflective and scratch-resistant coatings, has made prescription lenses more durable and comfortable for users. The advent of high-index lenses has also allowed for the creation of lighter and thinner lenses, which improves wearer comfort and appearance.

Additionally, the increased use of digital devices such as smartphones, tablets, and laptops has resulted in a rise in Computer Vision Syndrome (CVS). CVS can cause symptoms such as eye strain, headaches, and impaired vision. The demand for lenses specifically designed to reduce the effects of CVS is expected to increase, further driving the growth of the prescription lens market. The market is also benefitting from the growing popularity of online purchasing, which provides customers with a wide range of frames and lenses at a practical and economical cost.

However, the prescription lens market's growth is restrained by various factors, including the high cost of prescription lenses and the accessibility of cheaper corrective procedures such as LASIK surgery. These factors may limit the market's growth in the coming years.

Segments Covered in the Report:

The global eyewear market is expected to witness significant growth from 2019 to 2032, with various product types generating significant revenue. The product types included in the outlook are single vision, progressive, bifocal, trifocal, and others. Among these, single vision eyewear is projected to be the leading product type in terms of revenue, owing to its widespread adoption across all age groups.

The distribution channels for eyewear include online and offline stores. With the increasing penetration of the internet and growing e-commerce platforms, online distribution channels are gaining popularity. This trend is expected to continue over the forecast period, with the online segment projected to grow at a significant rate.

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The end-users of eyewear products are categorized as men, women, and children. Women are expected to be the largest end-user segment due to their higher purchasing power and greater fashion consciousness. The rising trend of fashion-consciousness and an increasing focus on personal grooming is expected to drive the growth of the eyewear market over the forecast period.

In addition to the above-mentioned trends, factors such as the growing prevalence of vision disorders, increasing disposable income, and the availability of advanced eyewear products are expected to drive the growth of the global eyewear market. Furthermore, the adoption of new technologies such as 3D printing and the use of smart materials in eyewear products are expected to create growth opportunities in the market.

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Strategic development:

• Strategic developments have been taking place in the eyewear market to expand product offerings and meet the needs of a wider range of patients. In 2018, Essilor International and Luxottica Group merged to form EssilorLuxottica, a global leader in the eyewear market. The merger aimed to create a vertically integrated company that can offer a wide range of eyewear products and services to consumers around the world.

• In 2019, Hoya Corporation acquired Performance Optics, LLC, a US-based company that specializes in ophthalmic lenses, to expand its product offerings and strengthen its position in the global prescription lens market. Similarly, in 2017, Carl Zeiss Meditec AG acquired Veracity Innovations, LLC, a US-based company that specializes in digital imaging solutions for ophthalmology, to expand its product offerings and strengthen its position in the ophthalmic equipment market.

• In 2020, CooperVision launched its Biofinity toric multifocal lenses, which are designed to correct vision for patients with astigmatism and presbyopia, to expand its product portfolio and meet the needs of a wider range of patients. In 2021, EssilorLuxottica partnered with Facebook to develop smart glasses that allow users to take photos and videos, share them on social media, and use augmented reality features. This partnership aims to expand EssilorLuxottica's product offerings and strengthen its position in the eyewear market.

• Furthermore, in 2022, Johnson & Johnson Vision Care, Inc. launched ACUVUE OASYS Transitions, the first contact lens that automatically adapts to changing light conditions. This innovative product aims to provide wearers with comfortable and clear vision in various lighting conditions. EssilorLuxottica launched its Eyezen lenses in 2021, which are designed to reduce eye strain and fatigue caused by digital devices. These lenses feature Blue Light Filters and Light Scan technologies that block harmful blue light and enhance visual contrast, respectively.

• Additionally, Hoya Corporation launched its MiYOSMART lenses in 2020, which are designed to slow the progression of myopia in children. These lenses use Defocus Incorporated Multiple Segments (DIMS) technologies to create a myopic defocus that can slow down eye growth and reduce the risk of developing high myopia. CooperVision launched its Biofinity Energys lenses in 2019, which are designed to help wearers navigate digital screens more comfortably. These lenses feature Digital Zone Optics technology that reduces visual strain caused by prolonged digital device use. Lastly, in 2018, Carl Zeiss Meditec AG launched AT LARA toric 939MP Intraocular Lens (IOL), which is designed to correct astigmatism and presbyopia, featuring aspheric and toric designs that provide excellent visual outcomes for patients with these conditions.

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