Spectacle Lens Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 57.51 Billion |
| Market Size (2029) | USD 71.34 Billion |
| CAGR (2024 - 2029) | 4.41 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Spectacle Lens Market Analysis
The Spectacle Lens Market size is estimated at USD 57.51 billion in 2024, and is expected to reach USD 71.34 billion by 2029, growing at a CAGR of 4.41% during the forecast period (2024-2029).
- The sudden outbreak of COVID-19 had a significant impact on the market, particularly on the ophthalmology sector. During the initial days of the pandemic, eye clinics experienced a significant decline in patient visits and procedures, leading to a substantial loss in revenue for hospitals. However, as the pandemic progressed, there was an increase in demand for spectacle lenses due to the rise in screen time.
- According to data updated by the University of California San Francisco in November 2021, non-school-related screen time for children aged 12 to 13 years old in the United States doubled from 3.8 hours a day before the pandemic to 7.7 hours a day during the pandemic, resulting in an increase in eye disorders and a demand for spectacle lenses among children. As work-from-home and digital technologies continue to gain popularity, the demand for spectacle lenses is expected to rise, driving market growth over the forecast period.
- Increasing optical disorders and the growing demand for vision correction are anticipated to fuel market growth over the analysis period. The rising awareness of vision impairment conditions and available vision correction solutions is driving the demand for spectacle lenses. The adoption of digital technologies, such as smartphones, laptops, and computers, has led to an increase in digital eye strain, resulting in vision-related problems.
- According to a study published in the Digital Medicine and Healthcare Technology journal in November 2022, the shift from the physical to the virtual world in recent years has led to an increase in complaints of digital eye strain. Low blue light levels may also increase the risk of developing myopia and nearsightedness in children, further increasing the demand for spectacle lenses.
- The growing burden of eye disorders, with approximately 2.2 billion people living with some form of vision impairment in the previous year, according to a report published by the World Health Organization (WHO) in October 2021, is expected to drive market growth. Unaddressed presbyopia, unaddressed refractive error, cataracts, and other factors contribute to the main causes of vision impairment globally. Strategies undertaken by global and regional players, such as EssilorLuxottica's expansion of expertise and capabilities in smart eyewear technologies, are expected to fuel competitiveness and drive market growth.
- In conclusion, the COVID-19 pandemic significantly impacted the ophthalmology sector, resulting in a decline in patient visits and procedures in the initial days. However, as the pandemic progressed, there was an increase in demand for spectacle lenses due to the rise in screen time. The growing awareness of vision impairment conditions and available vision correction solutions, coupled with the increasing burden of eye disorders and the adoption of digital technologies, is expected to fuel market growth over the forecast period.
Spectacle Lens Market Trends
The Prescription Glass Segment is Expected to Exhibit the Significant Growth over the Forecast Period
- Prescription glasses are eyeglasses whose lenses are customized to correct the wearer's specific vision defects. They are designed to improve or correct conditions such as myopia (nearsightedness), hyperopia (farsightedness), presbyopia, and astigmatism. As the burden of eye diseases increases, so does the demand for prescription glasses, which is expected to contribute to the segment's growth during the forecast period, according to an article titled "Update and guidance on the management of myopia."
- According to a report published in March 2021 by the European Society of Ophthalmology in partnership with the International Myopia Institute, the number of people with myopia is expected to increase globally to 4.9 billion by 2050, up from around 2.6 billion in 2020. As a result, the rising incidence of refractive errors due to myopia and presbyopia is driving up demand for prescription lenses, which is expected to further contribute to segmental growth.
- Major players' continuous efforts to provide prescription lenses and offer maximum benefits to users are also expected to fuel the segment's growth. Additionally, the presence of reputable players in the prescription glasses and vision correction space committed to enhancing global eye health is another factor driving the segment's growth.
- For example, Essilor International, a global ophthalmology company, provided prescription lenses to nearly 7.4 billion people worldwide in 2022, according to their 2023 update. Therefore, the presence of such market players in the segment is expected to fuel the segment's growth over the analysis period.
North America is Expected to Hold a Significant Share of the Market Over the Forecast Period
- North America is expected to hold a significant share of the global spectacle lens market. The United States and Canada have well-structured healthcare systems, resulting in numerous global market players engaged in product development. Additionally, the increasing prevalence of eye disorders among the target population is a significant factor fueling the market's growth in the region.
- According to the Centers for Disease Control and Prevention's (CDC) December 2022 data, over 12 million people aged over 40 in the United States suffered from vision impairment in 2021. Of these, 3 million had vision impairment after correction, and 8 million had vision impairment due to uncorrected refractive error. Moreover, the economic cost of major vision problems is projected to increase to USD 373 billion by 2050. These figures indicate a significant burden of disease among the target population in North America.
- Furthermore, the constant increase in the elderly population in the United States, coupled with a shift toward vision correction usage among key demographics, has led to an absolute increase in the usage rates for most types of eyewear in the country. This trend is expected to contribute to the market's growth over the forecast period.
- Several companies in the United States have been playing major roles in the spectacle lens market, accelerating the market's growth through numerous product launches and innovations. For instance, in March 2022, EssilorLuxottica and CooperCompanies finalized their joint venture agreement for SightGlass Vision.
- SightGlass Vision's diffusion optics technology incorporates thousands of micro-dots into the lens, softly scattering light to reduce contrast on the retina and intended to reduce myopia progression in children. Consequently, such developments and the burden of eye disorders among the target population are expected to propel the growth of the spectacle lens market in the North American region.
Spectacle Lens Industry Overview
The spectacle lens market is competitive and consists of several major players. In terms of market share, few of these major players currently dominate the market. The presence of major market players, such as Carl Zeiss Meditec AG, EssilorLuxottica (Essilor), Hoya Corporation (Seiko Optical Products Co., Ltd.), GKB Ophthalmics Ltd, among others, increasing the overall competitive rivalry of the market.
Spectacle Lens Market Leaders
Carl Zeiss AG (Carl Zeiss Meditec AG)
EssilorLuxottica (Essilor)
Hoya Corporation (Seiko Optical Products Co., Ltd.)
Nikon Corporation
Rodenstock GmbH
*Disclaimer: Major Players sorted in no particular order
Spectacle Lens Market News
- January of 2023: Essilor, a leading global company in prescription lenses, introduced their latest product, the Essilor Stellest lens, to the Indian market. The aim of this lens is to address the issue of myopia progression in children. According to the company's claims, the clinical trial results have demonstrated that wearing the Essilor Stellest lens for 12 hours a day can slow down myopia progression by an average of 67% compared to single-vision lenses.
- December 2022: The Vision Science and Technology Co. Ltd. (VST), a promising start-up backed by the Hong Kong Polytechnic University (PolyU), launched an innovative spectacle lens that aims to slow down myopia progression. VST has incorporated two patented technologies developed by PolyU to safeguard children's vision health.
Spectacle Lens Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Demand for Vision Correction
4.2.2 Increasing Prevalence of Optical Disorders
4.3 Market Restraints
4.3.1 Quality Issues of Lens
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 Type
5.1.1 Single Vision
5.1.2 Bifocal
5.1.3 Trifocal
5.1.4 Progressive
5.2 Coating Type
5.2.1 Anti-Reflective Coating
5.2.2 Scratch-Resistant Coating
5.2.3 Anti-Fog Coating
5.2.4 UV Protection
5.2.5 Other Coatings
5.3 Usage
5.3.1 Prescription Glass
5.3.2 OTC Reading Glass
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 United Kingdom
5.4.2.2 Germany
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Carl Zeiss AG (Carl Zeiss Meditec AG)
6.1.2 EssilorLuxottica (Essilor)
6.1.3 GKB Ophthalmics Ltd
6.1.4 Hoya Corporation (Seiko Optical Products Co., Ltd.)
6.1.5 Rodenstock GmbH
6.1.6 Tokai Optical Co., Ltd.
6.1.7 Nikon Corporation
6.1.8 Fielmann AG
6.1.9 Wanxin Optics
6.1.10 Inspecs Group PLC (Norville (20/20) Ltd)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Spectacle Lens Industry Segmentation
As per the report's scope, a spectacle lens is a corrective lens used to correct eye problems and improve vision. Lenses are transmissive optical devices that are used to focus a ray of light through a process called refraction.
The spectacle lens market is segmented by type (single vision, bifocal, trifocal, and progressive), coating type (anti-reflective coating, scratch-resistant coating, anti-fog coating, UV protection, and other coating types), usage (prescription glass and OTC reading glass), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally.
The report offers the value (in USD billion) for the above segments.
| Type | |
| Single Vision | |
| Bifocal | |
| Trifocal | |
| Progressive |
| Coating Type | |
| Anti-Reflective Coating | |
| Scratch-Resistant Coating | |
| Anti-Fog Coating | |
| UV Protection | |
| Other Coatings |
| Usage | |
| Prescription Glass | |
| OTC Reading Glass |
| Geography | ||||||||
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Spectacle Lens Market Research FAQs
How big is the Spectacle Lens Market?
The Spectacle Lens Market size is expected to reach USD 57.51 billion in 2024 and grow at a CAGR of 4.41% to reach USD 71.34 billion by 2029.
What is the current Spectacle Lens Market size?
In 2024, the Spectacle Lens Market size is expected to reach USD 57.51 billion.
Who are the key players in Spectacle Lens Market?
Carl Zeiss AG (Carl Zeiss Meditec AG), EssilorLuxottica (Essilor), Hoya Corporation (Seiko Optical Products Co., Ltd.), Nikon Corporation and Rodenstock GmbH are the major companies operating in the Spectacle Lens Market.
Which is the fastest growing region in Spectacle Lens Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Spectacle Lens Market?
In 2024, the Europe accounts for the largest market share in Spectacle Lens Market.
What years does this Spectacle Lens Market cover, and what was the market size in 2023?
In 2023, the Spectacle Lens Market size was estimated at USD 55.08 billion. The report covers the Spectacle Lens Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Spectacle Lens Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the challenges faced by Spectacle Lens manufacturers in emerging markets?
The challenges faced by Spectacle Lens manufacturers in emerging markets are a) Issues like affordability b) Limited access to eye care professionals c) Competition from low-quality alternatives
Spectacle Lens Industry Report
The spectacle lens market is witnessing robust growth propelled by the increasing prevalence of optical disorders, an aging demographic, and technological advancements. North America is at the forefront, due to a substantial vision impairment prevalence, with Europe and Asia Pacific also seeing notable growth due to government initiatives and rising vision issues. The non-invasive segment dominates, celebrated for its safety and versatility in applications like virtual gaming and home automation. Market growth is further spurred by innovative launches catering to young wearers' comfort and the escalating production and consumption across regions. While challenges such as the growing trend of corrective surgeries and concerns over lens quality persist, the sector remains poised for substantial growth. This is largely due to the escalating demand for vision correction and significant investments in R&D fostering product innovation, according to insights from Mordor Intelligence™ Industry Reports. Get a sample of this industry analysis as a free report PDF download.
