The prescription lenses market involves manufacturing and supplying of vision correction lenses which are prescribed by ophthalmologists according to the power required to treat refractive errors in eyes. The lenses primarily include single vision lenses, bifocal lenses and trifocal lenses. Prescription lenses have emerged as an effective solution for vision impairment caused due to short-sightedness or long-sightedness. The increasing cases of myopia and other eye disorders have propelled the demand for prescription lenses globally.
The Global Prescription Lenses Market is estimated to be valued at USD 47.45 billion in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the prescription lenses market are EssilorLuxottica, ZEISS International, HOYA Corporation, PRX Ophtha, Opticien Luneau and Carl Zeiss Meditec AG.
Prescription Lenses Market Size is rising awareness regarding vision correction and expanding optical retail chains especially in developing nations offer significant growth opportunities in the market.
Key players are focused on strategic acquisitions and partnerships to gain foothold in high growth markets like Asia Pacific and Latin America. They are also investing in novel technologies like digital surfacing and personalized vision lenses to cater to the evolving needs of customers across different age groups on a global level.
Market Drivers
Increasing prevalence of myopia and other vision disorders- According to WHO, the prevalence of myopia has increased from 4.3 billion to 5 billion from 2019 to 2022. Other vision impairments have also witnessed surge which is the key driver.
Rising healthcare investments in developing countries- Countries like India and China are allocating higher budgets for healthcare infrastructure development which will aid availability of advanced vision correction treatments thereby boosting the market.
Market Restrains
High cost of premium and specialty lenses-Products like progressive, occupational, aspheric lenses have high price which limits adoption in price sensitive regions.
Stringent regulations- Prescription lenses require thorough certification and process adherence to ensure safety standards which adds to production costs for players.
Segment Analysis
The prescription lenses market can be segmented into progressive lenses, single vision lenses, bifocal lenses and lenticular lenses. Progressive lenses are the dominating segment in the prescription lenses market as they offer the convenience of a single pair of glasses to see objects at all distances without the need to change glasses. Progressive lenses have become very popular among baby boomers and the elderly age group. The multifocal or progressive lens segment is experiencing steady growth driven by an aging global population and growing myopia rates worldwide along with increasing demand for eyecare.
Global Analysis
The Asia Pacific region dominates the prescription lenses market and is expected to witness the highest growth during the forecast period. This can be attributed to growing healthcare spending, increasing aging population, rising prevalence of eye disorders and growing demand for eyecare in major economies of Asia Pacific like China, India and Japan. Moreover, ongoing initiatives by eyecare companies focused on expanding their presence in emerging Asia Pacific markets will further support regional market growth. North America is another major region for prescription lenses market supported by well-established eyecare industry, advanced healthcare infrastructure and high consumer awareness about vision care in countries like US and Canada. Europe also holds significant share in the global prescription lenses market.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
