Global Prescription Lens Market Size, Share & Industry Trends Analysis Report By Coating, By Application (Myopia, Hyperopia/Hypermetropia, Astigmatism and Presbyopia), By Type, By Regional Outlook and Forecast, 2022 - 2028

Global Prescription Lens Market Size, Share & Industry Trends Analysis Report By Coating, By Application (Myopia, Hyperopia/Hypermetropia, Astigmatism and Presbyopia), By Type, By Regional Outlook and Forecast, 2022 - 2028

The Global Prescription Lens Market size is expected to reach $63.8 billion by 2028, rising at a market growth of 5.4% CAGR during the forecast period.

Whether the user is nearsighted, farsighted, or requires numerous prescriptions in a single lens, there are various types of prescription eyeglasses to meet the visual demands. Prescription lenses function to correct the vision by reorienting light rays so that they hit the retina in the right place and give a clear vision. Depending on whether the person is nearsighted or farsighted, they change the path of light in different ways.

If someone has nearsightedness, their eyes over focus, which prevents light rays from focusing straight on the retina and instead causes them to focus before it reaches the retina. Prescription lenses diverge the light beams so that the retina, where it belongs, receives them, and the eyes are less focused on it as a result. Farsightedness results in poor eye focus, which prevents light rays from forming a point before they strike the retina.

Prescription lenses aid in sharpening the eyes' ability to focus so that the retina can accurately see images because the light has already reached a certain point by the time it reaches that. Refractive error-related cases of vision impairment are on the rise. The majority of these situations go unreported at early stages and increase the amounts of refractive defects that are not being repaired (URE). Refractive error patients are not aware of their illness and are not receiving any care. Therefore, a number of organizations specializing in the diagnosis and treatment of refractive errors are being formed in an effort to control the rise in URE.

The lifestyle and needs will dictate the sort of prescription lenses, one is required to select. For instance, single vision lenses are the finest option if someone simply requires the lenses for reading or for distance vision. If the prescription includes a reading addition and the buyer wants prescription glasses lenses for both distance and reading/computer vision, choosing progressive lenses would be more beneficial.

COVID-19 Impact Analysis

Despite a slight decline in overall sales during the first half of the COVID-19, the market is predicted to rebound and thrive after the pandemic period. The government-imposed limitations and lockdowns had a negative impact on supply and demand in the market. While the number of surgeries significantly decreased as a result of the shift in healthcare priorities, the closure of production facilities resulted in a shortage of intraocular lenses. However, the market is anticipated to experience consistent expansion and generate sizable profits throughout the course of the forecast period as a result of the opening up of economies and the launch of vaccination programs across the globe.

Market Growth Factors

Rising Cases Of Vision Impairment

According to projections based on the most recent census data and studies funded by the National Eye Institute, a division of the National Institutes of Health, the number of people having visual impairment or blindness in the United States is predicted to double to more than 8 million by 2050, with the youngest of the baby boomers turning 65 by 2029. The factors that contribute to vision impairment in children differ greatly between nations. For instance, retinopathy of prematurity is more likely to be the reason in middle-income countries than it is in low-income countries where the congenital cataract is a prominent cause of vision impairment.

The Growing Use Of Laptops & Increasing Internet Penetration

Smartphones, laptops, tablets, and e-readers are just a few examples of digital devices that have become commonplace. The bulk of vocations needs significant periods of time spent using computers. Additionally, as the use of social networking sites has increased, so has the need to stay in touch. People utilizing their cell phones as soon as people wake up and continuing to use digital screens until they go to bed has become a worrying trend. A condition known as Computer Vision Syndrome (CVS), which affects the eyes and impairs vision, has also been brought on by the growing usage of computer screens.

Market Restraining Factors

Medicine Intolerance, Especially With The Pill For Birth Control

Wearing contact lenses and taking birth control pills at the same time will result in chronic dry eyes and discomfort. The tear film, which typically consists of three main layers that act in concert to shield, clean, and nourishes the eye surface, will change. Together, birth control pills and contact lenses will throw off the delicate equilibrium of the tear film, resulting in burning eyes, excessive tears, and a gritty foreign body sensation. Due to the decreased oxygen flow to the eye, the issue will get worse. Avoid wearing contacts when taking the tablet.

Type Outlook

Based on type, the prescription lens market is segmented into single vision; bifocal; trifocal; progressive; workspace progressives and others. The bifocal segment acquired a substantial revenue share in the prescription lens market in 2021. Patients with vision problems for both close as well as long distances may use bifocal prescription lenses. They are frequently prescribed to those with presbyopia who also need myopia, hyperopia, or astigmatism correction. Lined bifocals offer close vision correction on the bottom portion of the lens and distance correction on the top portion of the lens, as their name implies.

Application Outlook

On the basis application, the prescription lens market is fragmented into myopia, hyperopia/hypermetropia, astigmatism and presbyopia. In 2021, the myopia segment witnessed the largest revenue share in the prescription lens market. Myopia affects a large portion of the world's population and is predicted to increase during the projection period. East Asia has the highest illness prevalence, with China, the Republic of Japan, Korea, and Singapore accounting for over half of the region's total cases.

Coating Outlook

By coating, the prescription lens market is divided into anti-reflective, scratch resistant coating, anti-fog coating, and ultraviolet treatment. In 2021, the scratch-resistant segment procured a substantial revenue share in the prescription lens market. Since there is an increasing need for clear, scratch-free lenses, the demand for such lenses would grow gradually. Modern prescription lenses are made of plastic or materials that are scratch-prone. As a result, these lenses need coatings that can shield them from scuffs.

Regional Outlook

Region wise, the prescription lens market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2021, the North America region led the prescription lens market with the largest revenue share. It is because myopia and presbyopia are becoming more and more common in developed nations like the United States and Canada. Moreover, there are significant industry participants in the region who are introducing prescription lenses with cutting-edge characteristics. The businesses have also increased their patient pool by offering online eye tests. The region has a high rate of adoption of cutting-edge items and technology, which supports the expansion of the market as a whole.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include EssilorLuxottica SA (Essilor Instruments USA), Carl Zeiss AG, Hoya Corporation, VISION EASE, Privé Revaux, and Vision Rx Lab Pvt. Ltd.

Scope of the Study

Market Segments covered in the Report:

By Coating

• Anti-reflective
• Scratch Resistant Coating
• Anti-fog Coating
• Ultraviolet Treatment

By Application

• Myopia
• Hyperopia/Hypermetropia
• Astigmatism
• Presbyopia

By Type

• Single Vision
• Workspace Progressives
• Progressive
• Trifocal
• Bifocal
• Others

By Geography

• North America

US

Canada

Mexico

Rest of North America

• Europe

Germany

UK

France

Russia

Spain

Italy

Rest of Europe

• Asia Pacific

China

Japan

India

South Korea

Singapore

Malaysia

Rest of Asia Pacific

• LAMEA

Brazil

Argentina

UAE

Saudi Arabia

South Africa

Nigeria

Rest of LAMEA

Companies Profiled

• EssilorLuxottica SA (Essilor Instruments USA)
• Carl Zeiss AG
• Hoya Corporation
• VISION EASE
• Privé Revaux
• Vision Rx Lab Pvt. Ltd.

Unique Offerings from KBV Research

• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free