The photochromic lenses market was valued at USD 5,543.8 million in 2020, and it is expected to reach USD 8,591.3 million by 2026, registering a CAGR of 7.6% during the forecast period.
At present, countries across the world have been facing a considerable threat of COVID-19 (coronavirus). Several companies have 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. For instance, according to the article published by Muthu Sumitha in the Indian Journal of ophthalmology, 2020, the outpatient department of the Narayana Nethralaya were studied and found that in March and April 2020 with 78% of the patient visits are of refractive errors, and approximately 79% were myopia and myopic astigmatism.
The significant factors attributing to the market's growth is growing adoption of 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 ageing population. According to the World Ageing 2019 report, estimates that the population who are 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. As the number of geriatric population is expected to increase in coming years who are more prone to eye-related disorders which ultimately rises the growth of the market shortly. Additional factors such as the advancements in technology, growing retail outlets, and gains of comfort and style will 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 will have a positive impact on the growth of the photochromic lens market.
Key Market Trends
Corrective Lens is Expected to Hold the Largest Market Share in the Photochromic Lenses Market
A corrective lens is a lens typically worn to improve vision. The corrective lens commonly uses to treat refractive errors. Dominant share is retained by the corrective lens segment owing to the attributes such as the growing geriatric population and adoption of the lens by the individuals who have gone through eye surgery to correct disorders such as diabetic retinopathy, cataract, and degenerative macula. In contrast to the growing number of people with optical problems, and price benefits will fuel the market growth during the forecast period.
According to the Laser Eye Surgery Hub, in 2020 China and India account for 45% of all cases of blindness but only 36% of the world’s population. As per the American Association of Ophthalmology, every year, cataract impacts nearly 24 million people in the United States. As per the United Nations World Population Ageing 2019 highlights, in 2019, there were 703 million people in the world aged 65 or over. It is estimated that the number of older people will double to 1.5 billion in 2050. Overall, the proportion of the population aged 65 or older rose from 6% in 1990 to 9% in 2019. This percentage is projected to increase further to 16% by 2050 so that one in six people in the world will be 65 years of age or older.
Thus, owing to the above-mentioned factors the segment is expected to show significant growth over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall photochromic lenses market, throughout the forecast period. This is owing to factors such as the rising prevalence of eye disorders and the growing geriatric population.
According to the World Population Ageing 2019 report, the population in the United States aged 65 years and above was estimated to be 53,340 thousand in 2019, and is projected to grow to 70,842 thousand by 2030. Additionally, the growing number of people suffering from diabetic retinopathy, cataract, macular degeneration, and glaucoma is further expected to upsurge the demand and market share of photochromic lenses in the region during the forecast period.
Moreover, In January 2021, EssilorLuxottica launched the first commercial product leveraging the strength of the new group by strategically combining the expertise of Essilor and Luxottica. The product, called Ray-Ban Authentic, includes prescription glasses that feature Transitions technology with photochromic lenses and blue light filtering.The rising product launches by major companies, and factors like increase in eye disorder and growing aging population, the market is expected to see growth during the forecast period.
The photochromic lens market is highly fragmented and consists of several major players. Some prominent players are vigorously making acquisitions and new product launches with the other companies to consolidate their market positions across the globe. Some of the companies which are currently dominating the market are Corning Incorporated, EssilorLuxottica, Rodenstock GmbH, Carl Zeiss AG, and Hoya Corporation, among others
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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 Adoption of Photochromic Lens
4.2.2 Wide Range Availability of OTC Products
4.3 Market Restraints
4.3.1 Presence of Counterfeit Products
4.4 Porter's Five Force 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
5.1 By Material
5.2 By Technology
5.2.1 UV & Visible Light
5.2.2 Imbibing & Trans-bonding
5.2.3 In Mass
5.2.4 Other Technologies
5.3 By Application
5.4 By Sales Channel
5.4.1 Specialty Clinics
5.4.3 Other Sales Channel
5.5.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.5.4 Middle East and Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle East and Africa
5.5.5 South America
184.108.40.206 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Corning Incorporated
6.1.3 Rodenstock GmbH
6.1.4 Carl Zeiss AG
6.1.5 Hoya Corporation
6.1.6 Vision Dynamics LLC
6.1.7 Tokai Optical Co., Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
A selection of companies mentioned in this report includes:
- Rodenstock GmbH
- Carl Zeiss AG
- Hoya Corporation
- Vision Dynamics LLC
- Tokai Optical Co., Ltd.