Single Vision Lenses Market Report 2024

The single vision lenses market size has grown steadily in recent years. It will grow from $6.74 billion in 2023 to $7.03 in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth during the historic period can be attributed to several factors, the development of new materials, the introduction of digital lens designs and freeform technology, advancements in surgical techniques, ongoing research in optics and materials, and an increase in medical tourism for vision correction surgeries.

The single vision lenses market size is expected to see steady growth in the next few years. It will grow to $8.39 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The anticipated growth in the forecast period can be attributed to several factors, the expansion of industrial sectors requiring protective eyewear, increased awareness of UV protection and blue light filtering, advancements in healthcare facilities and eye care clinics, and globalization in manufacturing. Major trends expected during this period include the rising demand for presbyopia-correcting lenses, the growing prevalence of vision conditions such as myopia, hyperopia, astigmatism, and presbyopia, the implementation of vision care programs, adoption of telehealth services for eye care, and policies promoting vision care and insurance coverage for eyewear.

The single vision lenses market is poised for growth driven by the increasing prevalence of myopia, also known as nearsightedness. Myopia is a common refractive error where distant objects appear blurry while close objects remain clear, exacerbated by factors such as increased screen time, prolonged work, and aging populations. Single vision lenses address myopia by directing light precisely onto the retina, improving distance vision. According to the Association for Research in Vision and Ophthalmology, myopia affected nearly 30% of the global population in 2020, a figure projected to reach 50% by 2050, with 10% of those affected having high myopia. Hence, the rising prevalence of myopia is a key driver for the growth of the single vision lenses market.

Leading companies in the single vision lenses market are concentrating on innovating their product offerings to gain competitive advantage. Advanced products such as lenses providing 360⁰ visual clarity are designed to enhance vision precision across all angles, ensuring comprehensive focus for various activities and daily tasks without compromising peripheral vision. For example, HOYA Corporation, a Japan-based optical company, introduced MySV single-vision lenses with 360⁰ Visual Comfort in September 2022. These lenses integrate four key elements into their design to enhance wearer confidence in all situations and improve overall visual comfort.

In July 2022, Lenskart, an India-based optical prescription eyewear retail chain, acquired a majority stake in Owndays, a Japan-based eyewear company, to expand its presence in the Asian market and enhance its capabilities in the eyewear industry. This acquisition underscores Lenskart's strategy to revolutionize the vision care industry through a more engaging and technology-driven customer experience. Owndays offers a variety of lens options, including single vision lenses, aligning with Lenskart's vision of providing innovative solutions in vision care.

Major companies operating in the single vision lenses market are Essilor Luxottica, Hoya Corporation, Nikon Corporation, Carl Zeiss AG, Johnson & Johnson Vision, Rodenstock GmbH, Shamir Optical Industry Ltd., Norville, Leica Camera AG, Vision-Ease Lens, Younger Optics Asia Pacific Ltd., iCoat Company LLC, Seiko Optical Products Co. Ltd., GKB Optic Technologies Pvt. Ltd., Optiswiss AG, KODAK Lens, Augen Optics, Opticote Inc., Tokai Optical Co. Ltd., Shanghai Conant Optics Co. Ltd., Jiangsu Aogang Optical Glasses Co. Ltd., Central Optical Co. Ltd.

North America was the largest region in the single vision lenses market in 2023. The regions covered in the single vision lenses market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the single vision lenses market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Single vision lenses are corrective lenses designed to address vision at a single distance, either for nearsightedness (myopia) or farsightedness (hyperopia). Unlike multifocal lenses, they maintain consistent optical power throughout, providing clear vision for either close-up tasks or distance vision, depending on the wearer's prescription. These lenses are commonly used in everyday eyeglasses and are crafted from materials such as plastic or glass, chosen based on factors such as durability, weight, and optical clarity.

The main types of single vision lenses include spherical, aspherical, and freeform designs. Spherical lenses feature a uniform curvature across their surface, correcting typical vision issues such as nearsightedness or farsightedness. These lenses are manufactured from materials such as glass, polycarbonate, and others, catering to various age groups, including those under 18 years, 18 years and older, under 40 years, and 40 years and older. They are used to correct conditions such as hyperopia (farsightedness), myopia (nearsightedness), astigmatism, and presbyopia.

The single vision lenses market research report is one of a series of new reports that provides single vision lenses market statistics, including single vision lenses industry global market size, regional shares, competitors with a single vision lenses market share, detailed single vision lenses market segments, market trends and opportunities, and any further data you may need to thrive in the single vision lenses industry. This single vision lenses market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The single vision lenses market consists of sales of standard plastic lenses, high-index lenses, trivex lenses, and blue light blocking lenses. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold, by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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