Prescription Lens Market Scope
Lenses are the most significant part of any pair of glasses that ensure you of enjoying the finest vision. Choices of eyeglass lenses are influenced mainly by four factors like vision, safety, appearance, and comfort. An prescription lens is a written order from an eye wear prescribed, by an optometrist, that specifies the values of all parameters necessary to build and/or dispense corrective lenses appropriate for a patient. The demand for these devices is growing as people become more aware of vision deficiency conditions and accessible vision correction solutions. Also in developing countries, the pattern appears to be continuing, owing to factors such as the rising geriatric population and increased vision correction. The market is expected to benefit from increasing digitization in the fields of production and growth. This is due to increased development in the fields of plastics, metallurgy, optics, and other fields. Furthermore, the public understanding of the dangers of ultraviolet radiation is propelling the industry forward at a breakneck pace. There are various Prescription Sunglasses also available which protect from the Harmful Ultraviolet Radiation.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Zeiss (Germany), Essilor (France), Nikon(Japan), Rodenstock (Germany), Seiko Optical Products (United States), Hoya Corporation (Japan), GKB Ophthalmics Ltd (India), Vision Ease (United States), Norville (United Kingdom) and Lenskart (India) |
CAGR | % |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that European Vendors will contribute to the maximum growth of Global Prescription Lens market throughout the predicted period.
Zeiss (Germany), Essilor (France), Nikon(Japan), Rodenstock (Germany), Seiko Optical Products (United States), Hoya Corporation (Japan), GKB Ophthalmics Ltd (India), Vision Ease (United States), Norville (United Kingdom) and Lenskart (India) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Prescription Lens market by Type , by Application (Myopia, Hyperopia, Hypermetropia, Astigmatism and Presbyopia) and Region with country level break-up.
On the basis of geography, the market of Prescription Lens has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In July 2023, eyewear giant EssilorLuxottica, the parent company of brands like Ray-Ban and Oakley, finalized its acquisition of GrandVision, a leading optical retailer with over 7,000 stores worldwide. This deal strengthens EssilorLuxottica's position as the world's largest eyewear company and expands its reach in key markets like Europe and Asia.
In October 2023, Essilor introduced its new Transitions XTRActive lenses, which offer the fastest-ever activation and darkening times in response to sunlight. These lenses are ideal for people who spend a lot of time outdoors and want optimal protection from harmful UV rays.
Influencing Trend:
Increasing Awareness about Eye Care and Rising trend of Eyewear as a Fashion Quotient
Market Growth Drivers:
Growing of Aging Population and The rise in the Number of Children Being Diagnosed With Vision Disorders
Challenges:
Growing Availability of New Advanced Technologies and Rising Concerns over Eye Infection Related to Lenses
Restraints:
Strict Regulations Regarding the Eyeglass Lenses
Opportunities:
Growing Global Eye Health Policies in Developing Countries, Huge Demand for High Quality, Variable Focus Lenses, and Bifocals and Increase in New Innovative Varieties of Eyeglass Lenses
Key Target Audience
Manufacturers of Prescription Eyeglass Lenses, Suppliers of Prescription Eyeglass Lenses, Wholesalers, Distributors, and Retailers of Prescription Eyeglass Lenses, Optical Industry and Regulatory Bodies