Spectacle lens are optical lenses used in eyeglasses to correct or enhance vision. These lenses are designed to address a range of visual impairments, including nearsightedness (myopia), farsightedness (hyperopia), astigmatism and presbyopia.
The spectacle lens market consists of sales, by entities (organizations, sole traders and partnerships), of spectacle lenses that are used by individuals across all age groups, from children to the elderly, depending on their specific vision needs. These lenses are typically prescribed after an eye examination conducted by an optometrist or ophthalmologist and are fitted into frames to create functional eyeglasses. They serve a fundamental role in improving visual acuity, allowing individuals to see clearly at varying distances, which is crucial for daily activities such as reading, driving and working.
The global spectacle lens market was valued at $52,823.97 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 2.00%.
Increased Disposable Income
Increased disposable incomes fueled the growth of the spectacle lens market during the historic period. With higher spending power, consumers increasingly preferred premium products, such as anti-reflective, photochromic or progressive lenses. These higher-priced options provided enhanced comfort, aesthetics and functionality, driving demand for advanced solutions and expanding the market for high-quality lenses. For instance, in November 2023, according to the Bureau of Economic Analysis (BEA), a US-based government agency that provides official macroeconomic and industry statistics, disposable personal income per capita in the United States increased to $61,047 in November 2023 from $57,339 in November 2022. Additionally, in February 2023, according to estimates from the National Statistical Office (NSO) under the Ministry of Statistics and Program Implementation (MoSPI), India's per capita net national income was INR 172,000 ($2,077.35). This is a nearly 100% increase over the INR 86,647 ($1,046.49) per capita income in 2014-15. Therefore, increased disposable incomes drove the growth of the spectacle lens market.
Focus On Advancing Myopia Management Technologies
Companies in the spectacle lens market are focusing on developing and promoting advanced technologies for myopia (commonly known as nearsightedness) management to meet increasing consumer demand for effective vision solutions. As the prevalence of myopia rises, innovative approaches become essential in addressing this public health concern. In April 2023, SightGlass Vision, Inc., a US-based company focused on developing advanced optical solutions aimed at managing myopia, presented its innovative Diffusion Optics Technology (DOT) spectacle lenses at the COOC (Chinese Ophthalmological Society) conference in Shanghai. This flagship product features a unique optical design aimed at slowing myopia progression by promoting peripheral defocus, influencing eye growth. SightGlass Vision prioritizes research and collaboration with eye care professionals to ensure its solutions are scientifically backed and clinically validated. Through continuous innovation, the company aims to lead in myopia control solutions, contributing to reducing the global impact of myopia on visual health.
The global spectacle lens market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 11.2% of the total market in 2023.
Spectacle Lens Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global spectacle lens market as it emerges from the COVID-19 shut down.
Reasons to Purchase
Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market research findings.
Benchmark performance against key competitors.
Utilize the relationships between key data sets for superior strategizing.
Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Where is the largest and fastest-growing market for spectacle lens? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The spectacle lens market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider spectacle lens market; and compares it with other markets.
The report covers the following chapters
Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by product, by material, by sales channel and by application.
Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
Macro-Economic Scenario- The report provides an analysis of the impact of the Russia-Ukraine war, impact of the COVID-19 pandemic and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the spectacle lens market.
Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by product, by material, by sales channel and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
Conclusions And Recommendations- This section includes recommendations for spectacle lens providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) By Product: Single Vision Lenses; Progressive Lenses; Bifocal Lenses; Trifocal Lenses