Global photochromic lens market is projected to reach $ 7.7 billion by 2024 from around $ 4.8 billion in 2018, exhibiting a CAGR of 8.3% during forecast period, owing to rising levels of ultraviolet radiations in atmosphere which can lead to eye disease. Photochromic lenses are 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. Declining prices, rising geriatric population along with growing popularity of these lenses are anticipated to significantly contribute to the growth of global photochromic lens market during forecast period. Based on application, global photochromic lens market is bifurcated into preventive and corrective. There are no preventive type of photochromic lenses in the market.
On the basis of technology, the market is categorized into in-mass and imbibing & trans bonding. Among all, in-mass segment dominated global photochromic lens market in 2018. However, the imbibing & trans bonding category is poised to grow at a higher rate during forecast period. Geographically, the market for photochromic lens is segmented into Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Owing to rising technological advancements and increasing awareness about eye care, North America dominates global photochromic lens market. However, Middle East & Africa region is likely to witness swift growth in demand for photochromic lens owing to increasing disposable income and rising awareness in the developing economies, such as South Africa, Nigeria, UAE, etc.
Global photochromic lens market is consolidated, as the key multinational players occupy the major industry share. Production capacity expansion, brand portfolio expansion, mergers, collaborations, and acquisitions are the key strategies adopted by these key players. Some of the major players operating in global photochromic lens market are Carl Zeiss Meditec AG, Corning Incorporated, Essilor International S.A., Hoya Corporation, Vision Service Plan, Transitions Optical Limited, among others.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020–2024
Objective of the Study:
- To analyze and forecast the market size of global photochromic lens market.
- To classify and forecast global photochromic lens market based on material, technology, application, distribution channel and regional distribution.
- To identify drivers and challenges for global photochromic lens market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions etc., in global photochromic lens market.
- To conduct pricing analysis for global photochromic lens market.
- To identify and analyze the profile of leading players involved in global photochromic lens market.
Some of the leading players in global photochromic lens market are Carl Zeiss Meditec AG, Corning Incorporated, Essilor International S.A., Hoya Corporation, Vision Service Plan, Transitions Optical Limited, Optiswiss AG, Tokai Optical Co., Ltd., Seiko Optical Products Co., Ltd., Vision Dynamics LLC. etc.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analysed the service offerings, distribution channels and presence of all major manufacturers across the globe.
TechSci Research calculated the market size of global photochromic lens market using a bottom-up approach, wherein data for various application across various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Global photochromic lens manufacturers, suppliers and stakeholders
- Potential Investors
- Organizations, forums and alliances related to photochromic lens market
- Government bodies such as regulating authorities and policy makers
- Research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers and partners, end users, etc. besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global photochromic lens market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Market, By Material
- Market, By Technology
o Imbibing & Trans bonding
- Market, By Application
- Market, By Distribution Channel
o Online Retail
o Optical Chains
o Independent Eye Care Professionals
- Market, By Region
? New Zealand
? Rest of APAC
? United Kingdom
? Rest of Europe
o North America
? United States
? Rest of North America
o South America
? Rest of South America
o Middle East and Africa
? South Africa
? Saudi Arabia
? Rest of Middle East & Africa
Company Profiles: Detailed analysis of the major companies present in global photochromic lens market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
- Profit margin analysis in case of direct and indirect sales channel.