Spectacle Lens Market Opportunities and Strategies to 2033

This report describes and explains the spectacle lens market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global spectacle lens market reached a value of nearly $58.8 billion in 2023, having grown at a compound annual growth rate (CAGR) of 2.17% since 2018. The market is expected to grow from $58.8 billion in 2023 to $69.9 billion in 2028 at a rate of 3.52%. The market is then expected to grow at a CAGR of 4.69% from 2028 and reach $87.9 billion in 2033.

Growth in the historic period resulted from the increased disposable income, increased awareness of eye health and increased screen time. Factors that negatively affected growth in the historic period include economic uncertainties or downturns.

Going forward, the increasing aging population worldwide, expansion of e-commerce and retail sales, rising incidence of eye disorders and government incentives on eye care will drive the market. Factors that could hinder the growth of the spectacle lens market in the future include high-cost of premium lenses.

The spectacle lens market is segmented by product into single vision lenses, progressive lenses, bifocal lenses and trifocal lenses. The single vision lenses market was the largest segment of the spectacle lens market segmented by product, accounting for 42.68% or $25.1 billion of the total in 2023. Going forward, the progressive lenses segment is expected to be the fastest growing segment in the spectacle lens market segmented by product, at a CAGR of 3.87% during 2023-2028.

The spectacle lens market is segmented by material into plastic lenses, polycarbonate lenses, high-index lenses, trivex lenses and glass lenses. The plastic lenses market was the largest segment of the spectacle lens market segmented by material, accounting for 42.86% or $25.2 billion of the total in 2023. Going forward, the high-index lenses segment is expected to be the fastest growing segment in the spectacle lens market segmented by material, at a CAGR of 4.08% during 2023-2028.

The spectacle lens market is segmented by application into vision correction, beauty and other applications. The vision correction market was the largest segment of the spectacle lens market segmented by application, accounting for 87.07% or $51.2 billion of the total in 2023. Going forward, the vision correction segment is expected to be the fastest growing segment in the spectacle lens market segmented by application, at a CAGR of 3.64% during 2023-2028.

The spectacle lens market is segmented by sales channel into retail sales and institutional sales. The retail sales market was the largest segment of the spectacle lens market segmented by sales channel, accounting for 59.92% or $35.2 billion of the total in 2023. Going forward, the retail sales segment is expected to be the fastest growing segment in the spectacle lens market segmented by application, at a CAGR of 3.82% during 2023-2028.

Western Europe was the largest region in the spectacle lens market, accounting for 29.66% or $17.4 billion of the total in 2023. It was followed by North America, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the spectacle lens market will be Africa and the Middle East, where growth will be at CAGRs of 6.30% and 5.29% respectively. These will be followed by Asia-Pacific and Eastern Europe, where the markets are expected to grow at CAGRs of 4.69% and 3.56% respectively.

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. EssilorLuxottica SA was the largest competitor with a 3.29% share of the market, followed by Carl Zeiss Meditec AG with 2.04%, Hoya Corporation with 1.94%, Fielmann AG with 1.43%, Rodenstock GmbH with 0.89%, Nikon Corporation with 0.66%, Norville Group Ltd. with 0.34%, Wanxin Industry Co. Ltd. with 0.25%, Vision Rx Lab with 0.22% and Vision Ease with 0.13%.

The top opportunities in the spectacle lens market segmented by product will arise in the single vision lenses segment, which will gain $5 billion of global annual sales by 2028. The top opportunities in the spectacle lens market segmented by material will arise in the plastic lenses segment, which will gain $4.6 billion of global annual sales by 2028. The top opportunities in the spectacle lens market segmented by application will arise in the vision correction segment, which will gain $10 billion of global annual sales by 2028. The top opportunities in the spectacle lens market segmented by sales channel will arise in the retail sales segment, which will gain $7.3 billion of global annual sales by 2028. The spectacle lens market size will gain the most in China at $1.7 billion.

Market-trend-based strategies for the spectacle lens market include focus on developing and promoting advanced technologies for myopia management, strategic partnerships and acquisitions to enhance product offerings, integrating advanced technologies in vision correction to enhance user experience and meet evolving consumer needs and developing specialized myopia management solutions tailored for children to address the rising global rates of nearsightedness.

Player-adopted strategies in the spectacle lens market include focus on expanding business through new product launches and strengthening business operations through strategic acquisitions and partnerships.

To take advantage of the opportunities, the analyst recommends the spectacle lens companies to focus on myopia management technologies, focus on advanced vision correction technologies, focus on myopia management solutions for children, focus on progressive lenses for growth, focus on high-index lenses for strategic growth, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, continue to use B2C promotions, focus on vision correction segment for growth opportunities and focus on retail sales for strategic growth.