Global Eyeglass Lenses Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Eyeglass Lenses Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Eyeglass Lenses are made of optical materials such as glass or resin, and are transparent materials with one or more curved surfaces. After polishing, it is often assembled with the spectacle frame to correct the user's vision and obtain a clear vision.

Market Overview:

The latest research study on the global Eyeglass Lenses market finds that the global Eyeglass Lenses market reached a value of USD 42370.89 million in 2022. It’s expected that the market will achieve USD 50225.18 million by 2028, exhibiting a CAGR of 2.87% during the forecast period.

COVID-19 Impact: Global GDP Growth, 2019, 2020 and 2021 Projections

COVID-19 not only affected the eyeglass lenses industry, but also had a significant impact on the global economy. It has had a significant impact on the economy of various financial and industrial sectors such as tourism, manufacturing, and aviation. It is estimated that the world economy will fall into recession, with losses of trillions of dollars. As more and more countries implement and extend the blockade, economic activity is expected to further decline, which in turn will affect the global economy.
The International Monetary Fund (IMF) released the 2020 and 2021 World Economic Outlook on April 14. In the Covid-19 pandemic, the world currently looks like a dystopian movie. Streets are empty, hundreds of millions of people are blocked, production facilities are closed, shops are closed, planes are grounded in abandoned airports, and the outlook for the global economy is bleak just like the International Monetary Fund. As outlined by the organization’s forecasts, they become darker. The International Monetary Fund predicts that the conditions of the global economy will be worse than those during the Great Depression (1929-33), and the loss of output will be “dwarfed” by the loss suffered during the 2007-08 Global Financial Crisis (GFC).
The new forecast assumes that the pandemic in most countries in the world will peak in the second quarter of this year, and then will partially recover from the 2020 “Great Blockade” next year. But economists at the International Monetary Fund didn't sound like they were convinced. Gita Gopinath, the chief economist of the International Monetary Fund, said that worse growth results are possible, even possible.

In the worst case scenario, the global economy will shrink by about 11% instead of 3.0%. In addition, for the first time since the Great Depression, developed and emerging markets and developing economies have fallen into recession.

The new forecast believes that the global economy will shrink at an annual rate of 3.0% this year, down 6.3% from the forecast released in January this year. However, the global economy will rebound by 5.8% in 2021. But even if this happens, the recovery will only “partially” reach the level of activity expected in 2021 before the virus outbreak.
It further stated that in terms of output (GDP), the cumulative loss of the global economy in 2020 and 2021 may reach US$9.0 trillion. This amount is equivalent to the combined economies of Japan and Germany, the world's third and fourth largest economies. There are even more pessimistic situations. If the pandemic is longer and lasts until 2021, it may reduce the global GDP (gross domestic product) level by 8.0% compared to the baseline scenario.

Qualitative Analysis of Market Trends

As people’s awareness of visual impairment conditions and available vision correction solutions continues to increase, so does the demand for these devices. Even in developed areas of the world, due to factors such as the increasing number of elderly people, the trend of vision correction is increasing. For example, according to Australia's 2017-18 National Health Survey (NHS), the percentage of the visually impaired population in Australia has been increasing over the years, which will help the market grow.
In addition, people who work for several hours in front of a computer experience various eye problems. Therefore, the company is thinking of advanced technology to enhance eyeglass lenses to protect people from harmful radiation from computers. GUNNAR Optiks provides spectacle lenses specially designed for computer use. These lenses are developed using blue light blocking technology and other lens technologies. The development of this technologically advanced prescription lens will contribute to the growth of the overall market.
With the combination of advanced technologies and the development of enhanced prescription lenses, the emergence of online vision testing platforms is also expected to drive market growth. It can be seen that digital eye care technology is being created to provide eye care to anyone anytime, anywhere. Online vision testing is one of the effective measures taken by the company to make vision care accessible and convenient. These online tests are expected to help quickly diagnose refractive errors, thereby driving the adoption of prescription lenses.
In short, the global eyeglass lens market is showing a growth trend.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview:

Essilor is one of the major players operating in the Eyeglass Lenses market, holding a share of 17.86% in 2021.

Essilor is a French optical equipment company headquartered in Charenton Le Pont, France. Wanli Road was invented by the company. Now it is one of the largest lens manufacturers in the world. As the world's leading ophthalmic optics company, Essilor designs, manufactures and sells various lenses to improve and protect eyesight. Its mission is to improve lives by improving vision. It also develops and sells equipment, instruments and services for ophthalmology professionals.

Headquartered in Tokyo, Japan, Hoya is a global medical technology company and a leading supplier of innovative high-tech and medical products. TAG Heuer is active in the fields of healthcare and information technology, providing eyeglasses, medical endoscopes, intraocular lenses, optical lenses, as well as key components of semiconductor equipment, liquid crystal panels and hard drives.

Segmentation Overview:

Among different product types, 1.71 segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Retail Store segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Eyeglass Lenses market covered in Chapter 3:

Rodenstock
Conant
HOYA
HongChen
MingYue
Chemilens
ZEISS
Essilor
WanXin
Nikon

In Chapter 4 and Chapter 14.2, on the basis of types, the Eyeglass Lenses market from 2018 to 2029 is primarily split into:

1.56
1.60
1.67
1.71
1.74
1.76
1.80

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Eyeglass Lenses market from 2018 to 2029 covers:

Retail Store
Online store
Ophthalmic Clinics

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)