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.
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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.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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