Prescription Lens Market Growth & Trends
The global prescription lens market size is expected to reach USD 65.5 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.3% from 2022 to 2030. Uncorrected refractive error cases are majorly contributing to the rapidly growing cases of visual impairment. Therefore, various organizations are focusing on increasing awareness regarding the conditions related to refractive errors and their corrective options. These organizations are also incorporating services to treat refractive errors. Initiatives taken to enhance vision care, identify cases at an early stage, and provide efficient lenses for treating different vision problems are expected to boost the market growth.
Myopia and astigmatism are the two refractive errors with the highest prevalence. Therefore, to provide better treatment for these refractive errors, market players are coming up with different types of prescription lenses with advanced coating options. Furthermore, to increase the reach of these advanced prescription lenses, companies are being developed to enhance the accessibility of vision tests through online platforms. These online vision tests will enhance the early diagnosis of refractive errors and hence are expected to impact the adoption of prescription lenses.
Prescription lenses are available with various coating options to provide patients with enhanced vision in a different environment. Anti-reflective coating prescription lenses are widely preferred due to their advantage of eliminating reflection and reducing contrast. UV coating prescription lenses are witnessing growth mainly due to their growing demand to avoid penetration of harmful UV radiations. These UV radiations later can result in various eye-related disorders, thus increasing the demand for UV-coated prescription lenses.
Market players are focusing on forming alliances to expand the reach of their products. For instance, in April 2022, Carl Zeiss launched the ZEISS Supreme Prime 15, which is a wide-angle lens added to the successful family of supreme prime lenses. Similarly, non-profit organizations are initiating programs focusing on resolving visual impairment due to refractive errors.
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Prescription Lens Market Report
Prescription Lens Market Report Highlights
- The single vision type segment held the largest revenue share in 2021 mainly due to its effectiveness in enhancing peripheral vision. The progressive prescription lens is expected to grow at the fastest rate during the forecast period due to its effective functionality and youthful appearance. Workspace progressives are expected to grow at a significant rate due to the increasing number of working professionals and exposure to electronic display screens
- Based on application, myopia held the largest revenue share in 2021 due to the increasing prevalence of the disease. Presbyopia is expected to witness the fastest growth during the forecast period owing to the growing prevalence of the disease and the increasing need for prescription lenses for the same
- By coating, anti-reflective coating dominated the market in 2021 due to its advantage of providing a clear image by reducing reflections. The Ultraviolet (UV) treatment segment is expected to grow at the fastest rate over the forecast period owing to the growing need to avoid the development of UV-related eye disorders such as cataracts and macular degeneration
- Asia Pacific held the largest revenue share in 2021 and is expected to register the fastest growth rate during the forecast period largely due to the growing prevalence of myopia in China, Japan, Singapore, and Korea and the growing adoption of advanced prescription lenses in the region. North America held the second-largest revenue share in 2021 owing to the increasing product launches in the U.S. and enhanced distribution network for prescription lenses in the region
