Spectacle Lens Market Size

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.