The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Prescription Lens Market Growth & Trends
The global prescription lens market size is expected to reach USD 51.4 billion by 2027, expanding at a CAGR of 4.5%, according to a report conducted by Grand View Research, Inc. Uncorrected refractive error cases are majorly contributing in the rapidly growing cases of visual impairment. Therefore, various organizations are focusing on increasing awareness regarding the conditions related to refractive errors and their corrective options. These organizations are also incorporating services to treat refractive errors. Initiatives taken to enhance vision care, identify cases at early stage, and to provide efficient lens for treating different vision problems are some of the factors expected to boost market growth.
Myopia and astigmatism are the two refractive errors with highest prevalence. Therefore, to provide better treatment for these refractive errors market players are coming up with different type of prescription lens with advanced coating options. Furthermore, to increase the reach of these advanced lens, companies are being developed to enhance the accessibility of vision test through online platform. These online vision tests will enhance early diagnosis of refractive errors and hence are expected to positively impact the market.
Prescription lens are available with various coating options to provide patients with enhanced vision in different environments. Anti-reflective coating prescription lens are widely preferred due to their advantage of eliminating reflection and reducing contrast. On the other hand, UV coating prescription lens are experiencing growth mainly due to its growing demand to avoid penetration of harmful UV radiations. These UV radiations later can result into various eye related disorders, thus, increasing the demand for UV coated product.
Market players are focusing on forming alliances to expand the reach of their products. In December 2016, the HOYA Vision Care announced an agreement to acquire safety prescription eyewear business of 3M to expand its prescription lens product portfolio. Similarly, non-profit organizations are initiating programmes focusing on resolving visual impairment due to refractive errors.
Prescription Lens Market Report Highlights
- The single vision held the largest share in 2019 mainly due to its effectiveness in enhancing peripheral vision
- The progressive segment are expected to grow at the fastest rate during the forecast period due to effective functionality and youthful appearance
- The workspace progressive segment expected to grow at a significant rate due to increasing number of working professionals and exposure to electronic display screens
- Myopia held the largest share in the market in 2019 due to the increasing prevalence of disease in the forecast period
- Presbyopia is expected to experience the fastest growth rate during forecast period. Increasing ageing population is contributing towards the growing prevalence of the disease and is driving the market
- Anti-reflective coating dominated the market in 2019 due to its advantage of providing clear image by reducing reflections
- The Ultraviolet (UV) treatment application segment is expected to witness the fastest growth rate over the forecast period owing to its ability to avoid the development of UV related eye disorders such as cataracts and macular degeneration
- North America held the largest share in 2019 owing to the increasing product launches in U.S. and enhanced distribution network for prescription lens in the region
- Asia Pacific is expected to experience fastest growth rate during the forecast period largely due to the growing prevalence of myopia in China, Japan, Singapore, and Korea and growing adoption of advanced eye care products in the region.