Spectacle Lens Global Market Poised to Grow to $67.53 Billion by 2028, With a 5.9% CAGR: Exclusive Report by The Business Research Company

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Spectacle Lens Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $67.53 billion In 2028 At A CAGR Of 5.9% :

The spectacle lens market size has grown strongly in recent years. It will grow from $50.78 billion in 2023 to $53.71 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to regulatory changes, consumer preferences, disposable income levels, prevalence of eye conditions and, consumer awareness and education.

The spectacle lens market size is expected to see strong growth in the next few years. It will grow to $67.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to shift towards environmentally friendly materials, expansion of healthcare coverage, rise in myopia rates among younger demographics, fashion trends influencing the popularity of lens coatings and tint and, aging population driving demand for multifocal and progressive lenses. Major trends in the forecast period include photochromic and adaptive lenses, smart lens technology, advanced lens materials, customization and personalization and, digital eye strain solutions.

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Spectacle Lens Market Major Segments
The spectacle lens market covered in this report is segmented -
1) By Product: Single Vision Lenses, Progressive Lenses, Bifocal Lenses, Trifocal Lenses
2) By Material: Plastic Lenses, Polycarbonate Lenses, Trivex Lenses, High-Index Lenses, Glass Lenses
3) By Sales Channel: Retail Sales, Institutional Sales
4) By Application: Vision Correction, Beauty, Other Applications

Key Driver - Remote Work Revolution Drives Growth In The Augmented Industrial Reality (Air) Market

The increasing prevalence of ophthalmic disorders is expected to propel the growth of the spectacle lens market going forward. Ophthalmic disorders refer to conditions affecting the eyes, ranging from common issues such as refractive errors to more severe ailments such as glaucoma and macular degeneration. Ophthalmic disorders are on the rise due to increased screen time, digital device usage, and aging populations, contributing to conditions such as digital eye strain, myopia, and age-related macular degeneration. Spectacle lenses aid in correcting ophthalmic disorders such as myopia, hyperopia, astigmatism, and presbyopia by refracting light to focus correctly on the retina, improving vision clarity, and reducing strain. For instance, in November 2022, according to the Centers for Disease Control and Prevention, a US-based government administration for public health, over 3 million Americans were suffering from glaucoma (eye conditions that can damage the optic nerve), and it is expected to increase to 6.3 million by 2050. Furthermore, in 2021, according to the International Agency for the Prevention of Blindness, a UK-based international alliance promoting eye health, the number of people with vision loss is expected to increase by 55% from 1,106 million in 2020 to 1,758 million by 2050. Therefore, the increasing prevalence of ophthalmic disorders is driving the growth of the spectacle lens market.

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Prominent Trend - Innovative Dual-Function Lenses Revolutionize The Spectacle Market

Major companies operating in the spectacle lens market are developing dual-function lenses to enhance vision and protect against blue light, glare, and UV radiation. Dual-function lenses refer to optical devices capable of performing two distinct functions. For instance, in April 2023, Hoya Vision Care, a Japan-based manufacturer of ophthalmic products, launched MiyoSmart Sun Spectacles. These lenses have been specially designed with patented defocus incorporating multiple segments (DIMS) technology to address myopia progression in children. In addition to correcting vision, these glasses shield against harmful UV rays, making them perfect for outdoor pursuits. They're a dependable option for visual comfort and children's overall eye health.

Spectacle Lens Market Players
Major companies operating in the spectacle lens market are Johnson and Johnson, EssilorLuxottica SA, Bausch Health Companies Inc., Hoya Corporation, Cooper Companies Inc., Carl Zeiss AG, KODAK Lens, Rodenstock GmbH, Warby Parker Inc., Norville Group Ltd, Vision Rx Lab Pvt. Ltd., ABB Optical Group, Walman Optical, Younger Optics, Vision-Ease Lens Ltd, Mingyue Optical Lens Co Ltd, ClearVision Optical, X-Cel Optical Company, Jiangsu Hongchen Optical Co Ltd, Paragon Vision Sciences, Visioneering Technologies Inc., Tokai Optical Co. Ltd., Kbco Lens Ltd, Sola Optical

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Largest And Fastest Growing Region In The Market
North America was the largest region in the spectacle lens market in 2023. The regions covered in the spectacle lens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Spectacle Lens Market Report Structure
3. Spectacle Lens Market Trends And Strategies
4. Spectacle Lens Market - Macro Economic Scenario
5. Spectacle Lens Market Size And Growth
…..
27. Spectacle Lens Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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