Spectacle Lens Market Report, Global, 2024

The spectacle lens market size has grown strongly in recent years. It will grow from $50.78 billion in 2023 to $53.71 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth observed during the historic period can be attributed to several factors, including regulatory changes, shifts in consumer preferences, levels of disposable income, prevalence of eye conditions, and heightened consumer awareness and education regarding vision health.

The spectacle lens market size is expected to see strong growth in the next few years. It will grow to $67.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth in the forecast period can be attributed to several factors, including a shift towards environmentally friendly materials, the expansion of healthcare coverage, an increase in myopia rates among younger demographics, fashion trends influencing the popularity of lens coatings and tints, and an aging population driving demand for multifocal and progressive lenses. Key trends expected during this period include the adoption of photochromic and adaptive lenses, the integration of smart lens technology, advancements in lens materials, customization and personalization options, and solutions addressing digital eye strain.

The anticipated rise in ophthalmic disorders is expected to propel the expansion of the spectacle lens market in the future. Ophthalmic disorders encompass various eye conditions, from common refractive errors to more serious issues such as glaucoma and macular degeneration. Factors contributing to the increase in ophthalmic disorders include prolonged screen time, extensive use of digital devices, and aging populations, leading to conditions such as digital eye strain, myopia, and age-related macular degeneration. Spectacle lenses play a vital role in correcting ophthalmic disorders such as myopia, hyperopia, astigmatism, and presbyopia by refracting light to ensure proper focus on the retina, thereby enhancing vision clarity and reducing strain. For example, according to the Centers for Disease Control and Prevention's November 2022 report, over 3 million Americans were affected by glaucoma, a number projected to reach 6.3 million by 2050. Additionally, the International Agency for the Prevention of Blindness reported in 2021 an expected 55% increase in the number of people with vision loss by 2050, from 1.1 billion in 2020 to 1.75 billion, underscoring the driving force behind the spectacle lens market's growth.

Key players in the spectacle lens market are focusing on developing dual-function lenses that not only enhance vision but also provide protection against blue light, glare, and UV radiation. Dual-function lenses refer to optical devices capable of performing two distinct functions. For instance, Hoya Vision Care introduced MiyoSmart Sun Spectacles in April 2023, featuring patented defocus incorporating multiple segments (DIMS) technology to address myopia progression in children while also offering protection against harmful UV rays. These lenses offer reliable visual comfort and contribute to children's overall eye health, making them suitable for outdoor activities.

In July 2021, EssilorLuxottica SA acquired Shamir Optical Industry Ltd. for an undisclosed sum, aiming to enhance its product quality and diversity to meet a broader range of customer needs. This strategic acquisition underscores EssilorLuxottica's commitment to innovation and advanced optical solutions, expanding its product offerings in the spectacle lens market. Shamir Optical Industry Ltd., based in Israel, is renowned for producing high-performance spectacle lenses, further complementing EssilorLuxottica's portfolio.

Major companies operating in the spectacle lens market are Johnson and Johnson, EssilorLuxottica SA, Bausch Health Companies Inc., Hoya Corporation, Cooper Companies Inc., Carl Zeiss AG, KODAK Lens, Rodenstock GmbH, Warby Parker Inc., Norville Group Ltd, Vision Rx Lab Pvt. Ltd., ABB Optical Group, Walman Optical, Younger Optics, Vision-Ease Lens Ltd, Mingyue Optical Lens Co Ltd, ClearVision Optical, X-Cel Optical Company, Jiangsu Hongchen Optical Co Ltd, Paragon Vision Sciences, Visioneering Technologies Inc., Tokai Optical Co. Ltd., Kbco Lens Ltd, Sola Optical.

North America was the largest region in the spectacle lens market in 2023. The regions covered in the spectacle lens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the spectacle lens market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Spectacle lenses are optical devices primarily utilized to address vision issues such as nearsightedness, farsightedness, and astigmatism. Typically crafted from materials such as glass or plastic, these lenses can be tailored to individual prescriptions. They function by bending light to appropriately focus it onto the retina, thereby enhancing clarity and sharpness of vision for the wearer.

The main types of spectacle lenses include single-vision lenses, progressive lenses, bifocal lenses, and trifocal lenses. Single-vision lenses maintain a consistent prescription power throughout the entire lens, typically correcting either nearsightedness or farsightedness without astigmatism. Available materials range from plastic and polycarbonate to trivex, high-index, and glass lenses, which are distributed through various sales channels including retail and institutional avenues. These lenses find application in diverse areas such as vision correction, aesthetics, and beyond.

The spectacle lenses market research report is one of a series of new reports that provides spectacle lenses market statistics, including spectacle lenses industry global market size, regional shares, competitors with a spectacle lenses market share, detailed spectacle lenses market segments, market trends and opportunities, and any further data you may need to thrive in the spectacle lenses industry. This spectacle 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 spectacle lens market consists of sales of photochromic lenses, blue light-blocking lenses, and anti-reflective coatings. 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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