Market Trends of Spectacle Lens Industry
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.
Understand The Key Trends Shaping This Market
Download Sample
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.
Get Analysis on Important Geographic Markets
Download Sample
