Global Spectacle Lens Market Valuation Set to Total US$ 74,230.8 Million by 2034 Amid Escalating Prevalence of Vision Problems | Future Market Insights Inc.
The spectacle lens industry is experiencing growth due to factors like increased vision impairments, rising screen time, and advances in lens technology. Demand is driven by specialized lenses for extended screen use and personalized designs for varied visual needs.
NEWARK, Del, April 12, 2024 (GLOBE NEWSWIRE) -- As per Future Market Insights’ latest industry analysis, the global spectacle lens market is estimated to be valued at *US$ 50,126.1 million* in 2024. Global spectacle lens demand is projected to rise at *4.0% CAGR*, with the total market size reaching *US$ 74,230.8 million *by 2034.Demand for single-vision spectacle lenses remains particularly high owing to their simplicity and affordability. The target segment accounted for over *41.6%* value share in 2023 and is set to display a CAGR of *2.4%* over the forecast period.
Several factors are stimulating the growth of the spectacle lens industry. These include a high incidence of vision impairments like myopia and hyperopia, a growing focus on eye care, increased screen time, and advances in lens technologies.
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In recent years, there has been a sharp rise in vision impairment cases across the world caused by eye disorders, diabetes, and other factors. This, in turn, has created high demand for spectacles lenses and the trend is anticipated to persist through 2034.
The increased display time on virtual devices has led to rising demand for specialized spectacle lenses that reduce the negative outcomes of extended display times. This will positively impact sales of spectacle lenses during the forecast period.
Digital monitors emit blue light, which can cause eye strain and disrupt sleep styles. Spectacle lenses with blue light filtering competencies are designed to reduce the intensity of harmful blue light, lowering the attention pressure.
Many people who use digital devices also require vision correction for specific distance, intermediate, and near vision. Progressive lenses offer a seamless transition among those viewing distances, catering to the numerous visible needs of display users.
Advanced technologies and virtual lens surfacing have allowed for personalized lens designs for individual visible requirements. This customization ensures superior imaginative and prescient correction for digital device utilization.
*Key Takeaways from the **Spectacle Lens Market** Study*
· The global spectacle lens industry valuation is set to reach *US$ 74,230.8 million *by 2034.
· By product, the single-vision spectacle lenses segment is forecast to account for a revenue share of *41.6%* in 2024.
· By sales channel, retail sales held a prominent market share of *55.6*% in 2023.
· By application, the conventional spectacle lens segment is poised to grow at a CAGR of *2.6%*.
· Europe is predicted to hold a dominant market share of *23.3%* by 2034.
· China will record a healthy CAGR of *8.5%* between 2024 and 2034.
*“The proliferation of e-commerce platforms, growing incidence of eye diseases, and shift towards digitalization are prominent factors propelling the spectacle lens industry forward,” *says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
*Who is Winning?*
Leading players are focusing on using lighter and more impact-resistant materials with enhanced features. Similarly, new scratch-resistant, hydrophobic, and anti-reflective coatings are being incorporated into lenses to improve their features and functionalities.
Novel products are being constantly introduced into the market to counter the burden of vision impairments. Several companies are also using strategies like agreements, partnerships, joint ventures, new facility establishments, collaborations, and acquisitions to stay ahead of the competition.
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*Recent Developments in the **Spectacle Lens Market**:*· In June 2024, Germany-based *Fielmann Group* entered into a definitive agreement to acquire 100% equity ownership of Eyevious Style, Inc.
· In August 2022, Japan-based *HOYA Vision Care* joined hands with Chinese eyeglass lens manufacturer Jiangsu Sigo Optical.
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Future Market Insights (FMI) brings a comprehensive research report on projected revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2034. The global spectacle lens market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The study provides compelling insights into spectacle lens industry based on product (single vision spectacle lenses, progressive spectacle lenses, bifocal spectacle lenses, trifocal spectacle lenses), sales channel (retail sales [direct-to-consumers (manufacturers stores), hypermarket chains, retail optical stores, mail order/online sales, independent optician store], institutional sales, [hospitals, ophthalmology clinics, optometry clinics]), material (plastic lenses, polycarbonate lenses, trivex lenses, high-index lenses, glass lenses), usage (Rx spectacle lenses, non-Rx spectacle lenses), application (conventional spectacle lens, digital spectacle lens, sports lenses, polarized lenses, other application), and disease indication (myopia, hyperopia, astigmatism, presbyopia, other disease indication) across seven major regions.
*Top Key Companies Profiled from the **Spectacle Lens Market*
1. EssilorLuxottica
2. Fielmann Group AG
3. Carl Zeiss AG
4. Seiko Vision
5. Rodenstock GmbH
6. Shaw Lens Inc.
7. ASAHI-LITE by HYALOS
8. OPHTHALMICA BrillengläserGmbH & Co. KG
9. RUPP & HUBRACH LENS
10. BBGR UK
11. Jai Kudo Lenses
12. Wanxin Optics
13. VSP Global
14. Transitions Optical Limited.
15. CooperVision SEC
16. Safilo Group S.p.A.
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*Spectacle Lens Market** Segmentation of Spectacle Lenses*
*By Product:*
· Single Vision Lenses
· Progressive Lenses
· Bifocal Lenses
· Trifocal Lenses
*By Sales Channel:*
· Retail Sales
· Direct-to-consumers (Manufacturers’ Stores)
· Hypermarket Chains
· Retail Optical Stores
· Mail Order/Online Sales
· Independent Optician Store
· Institutional Sales
· Hospitals
· Ophthalmology Clinics
· Optometry Clinics
*By Material:*
· Plastic Lenses
· Polycarbonate Lenses
· Trivex Lenses
· High-index Lenses
· Glass Lenses*By Usage:*
· Rx Spectacle Lenses
· Non-Rx Spectacle Lenses
*By Application:*
· Conventional Lens
· Digital Lens
· Sports Lenses
· Polarized Lenses
· Other Applications*By Disease Indication:*
· Myopia
· Hyperopia
· Astigmatism
· Presbyopia
· Other Disease Indication*By Region:*
· North America
· Latin America
· East Asia
· South Asia & Pacific
· Western Europe
· Eastern Europe
· Middle East & Africa
*About Healthcare Division at Future Market Insights *
Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you to devise innovation-driven trajectories for your business. Know more about our sector coverage here.
*Author*
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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· The global Vision Screeners Market is expected to grow at a CAGR of 5.9% during the forecast period 2022-2029. Increasing prevalence of eye diseases is the major factor accelerating the growth in the market.
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· Global market for eye and face protection is forecast to surge at a CAGR of 10.8% until 2033, reaching a valuation of US$ 1,960 million.
· Global ophthalmic eye drop market is expected to grow from US$ 17,271.8 million in 2024 to US$ 25,876.4 million by 2034. By 2034, the market is projected to surge at 4.7% CAGR. The ophthalmic eye drop market was valued at US$ 16,390.6 million in 2023
*About Future Market Insights (FMI)*
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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