Market Size of Photochromic Lenses Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.81 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Photochromic Lenses Market Analysis
The Photochromic Lenses Market size is expected to grow from USD 6.88 billion in 2023 to USD 9.13 billion by 2028, at a CAGR of 5.81% during the forecast period (2023-2028).
During the pandemic, countries across the world have been facing a considerable threat of COVID-19 (coronavirus). Several companies had suspended trade with other countries, implemented travel restrictions, etc., thus, leading to a decline in market capitalizations of major companies across the world, along with a decline in industrial production and other business activities. However, there has been increasing evidence of the development of vision-related problems, such as myopia, due to the increased adoption of digital learning and work due to the lockdown. Also, the removal of travel restrictions by most countries after the pandemic and getting back on track from the supply and demand sides are some of the factors responsible for the growth of the market in the coming years.
The significant factors attributing to the market's growth are the growing adoption of the photochromic lens and the increasing demand for photochromic lenses among the elderly population is expected to drive the photochromic lens market. For instance, Japan has the world's fastest aging population. According to the World Ageing 2019 report, the population above 65 years of age in Japan was 35.524 million (28%) in 2019, which is projected to reach 37.278 million (30.9%) in 2030. The geriatric population is expected to increase in coming years who are more prone to eye-related disorders, which is expected to ultimately drive the growth of the market.
Initiatives by the govenrment and private oragnizations to improve eye health across the world is projected to accelrate the photochromic lenses market in coming years. According to the data published by the World Health Organization in May 2021, greater than 800 million people across the world have distance impairment such as hypermetropia and myopia or near vision impairment that can be treat with an suitable pair of spectacles. Hence, improving access to treatment by increasing awarness by several organizations and marke players may propel the market growth.
Additional factors such as the advancements in technology, growing retail outlets, and gains in comfort and style are likely to drive the market for photochromic lenses during the forecast period. The continued growth of the increased cases of eye disease, increasing ophthalmology diagnostic procedures, and growing awareness among individuals are likely to have a positive impact on the growth of the photochromic lens market.
