2024 Global Insights on Prescription Lens Market Growth and Trends

"The Business Research Company recently released a comprehensive report on the Global Prescription Lens Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The prescription lens market size has grown strongly in recent years. It will grow from $43.46 billion in 2023 to $46.09 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increased awareness and diagnosis of vision problems, the rise of computers and smartphones has led to greater awareness and demand for lenses, the rise of fashion and designer eyewear, the emergence of online retailers and direct-to-consumer brands has increased, and awareness and diagnosis of vision problems.

The prescription lens market size is expected to see strong growth in the next few years. It will grow to $58.62 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to increased public awareness and education about eye health, the growth of online retail channels, economic conditions and disposable income levels, availability and extent of insurance coverage for vision care and eyewear, increased urbanization and prolonged use of digital screens. Major trends in the forecast period include integration of augmented reality (AR) and virtual reality (VR), increasing demand for lenses that filter blue light from screens, advancements in photochromic lenses, improved anti-fog technologies, use of digital eye strain diagnostics and 3D printing.

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Market Drivers and Trends:

The rising obese population is expected to propel the growth of the non-invasive fat reduction market going forward. The obese population refers to individuals with a body mass index of 30 or higher, indicating a level of body fat that significantly increases the risk of health problems. The obese population is rising due to a combination of factors, including increased consumption of high-calorie, processed foods, sedentary lifestyles, genetic predispositions, and socioeconomic factors that limit access to healthy food and physical activity. Non-invasive fat reduction techniques, such as cryolipolysis and laser lipolysis, are used to help the obese population reduce localized fat deposits without surgery, offering a less risky alternative to invasive procedures. For instance, in March 2024, according to a report published by the World Obesity Federation, a UK-based organization focused on combating obesity through research, advocacy, and policy support, the number of adults living with obesity is projected to increase from 0.81 billion in 2020 to 1.53 billion in 2035. Therefore, the rising obese population is driving the growth of the non-invasive fat reduction market.

Major companies operating in the prescription lens market are developing myopia management spectacle lenses to address the growing need for effective myopia control in children. Myopia management spectacle lenses are specialized glasses designed to slow the progression of myopia (nearsightedness) in children and young adults. For instance, in November 2023, Shamir Optical Industry, an Israel-based manufacturer of optical lenses for eyeglasses launched Shamir Optimee, a new myopia management spectacle lens designed to address the growing need for effective myopia management, especially in children. This innovative lens integrates Shamir Focusflow's next-generation defocus technology, providing a clear central vertical zone with the child's prescription, allowing for flexible eye movement during near-vision activities.

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Major Key Players of the Market:

Johnson And Johnson Inc., EssilorLuxottica S.A., Carl Zeiss AG, Seiko Optical Products Co. Ltd., Alcon, Hoya Corporation, Nikon Corporation, Bausch And Lomb Incorporated, The Cooper Companies, Safilo Group S.p.A, Marchon Eyewear Inc., Rodenstock GmbH, Menicon Co. Ltd., Warby Parker Inc., Norville Group Ltd, De Rigo Vision S.p.A., ABB Optical Group, Walman Optical, Oakley Inc., Younger Optics, Maui Jim Inc., Charmant Group Inc., Thom Browne Eyewear LLC, Vision Ease Corporation, Zenni Optical LLC

Prescription Lens Market 2024 Key Insights:

• The prescription lens market size is expected to see strong growth in the next few years. It will grow to $58.62 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Rising Ophthalmic Disorders Propel The Prescription Lens Market Growth
• Innovative Solutions Revolutionize The Prescription Lens Market
• North America was the largest region in the prescription lens market in 2023

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This release was published on openPR.