Photochromic Lenses Market Projected to Witness a Double-Digit CAGR During 2020

Ophthalmology market is growing at a stable rate from past few years. This is due to increase in aging population, large patient pool for eye diseases and increasing awareness about eye diseases. Photochromic lenses refer to the eye lenses that when exposed to ultraviolet radiations in sunlight, darken automatically. They return to lighten shade when no longer exposed to ultraviolet radiations. Photochromic lenses may be made of glass or plastic. Glass photochromic lenses have an embedding of microcrystalline silver halides molecules in glass substrate, whereas plastic photochromic lenses are made of organic photochromic molecules. Market for photochromic lenses is growing due the increasing levels of ultraviolet radiations in the atmosphere resulting in increased prevalence of eye diseases.

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North America, followed by Europe, dominates the global market for photochromic lenses, due to high level of awareness among people and technological advancement in the region. Asia is expected to experience high growth rate in the next few years in global photochromic lenses market. Countries with large population base, such as China and India, are expected to have the fastest growing photochromic lenses markets in the Asia region. Some of the key driving forces for photochromic lenses market in emerging countries are growing awareness and increase in the disposable incomes.

Increasing prevalence of eye diseases, introduction of photochromic lenses with improved quality, reduced costs and increasing awareness among people are driving the global photochromic lenses market. However, discomfort and other drawbacks associated with the use of photochromic lenses and economic slowdown are restraining the global photochromic lenses market. In addition, advanced technology in alternatives available such as dedicated sunwears restrain the photochromic lenses market.

Growing popularity and innovation of products with more advanced technology are expected to offer good opportunities for photochromic lenses market. Some of the major trends that have been observed in the photochromic lenses market include involvement of companies in R&D of new variety of lenses by use of different technologies. For instance, drivewear lenses have been developed by use of photochromic lenses and nupolar polarization technology.

Some of the major companies dealing in photochromic lenses market are Transitions Optical, Inc., Corning, Inc., Rodenstock GmbH, SEIKO Optical Europe GmbH and Carl Zeiss AG. Other companies with significant presence in photochromic market include Essilor international, Vision Ease Lens, Younger Optics, Inc, Optical Dynamics and Signet Armorlite, Inc.

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