Ophthalmic Lens Market size is set to grow by USD 13.3 billion from 2024-2028, Increasing prevalence of refractive errors boost the market, AI Role and Impact, Technavio

NEW YORK, Aug. 22, 2024 /PRNewswire/ -- The global ophthalmic lens market size is estimated to grow by USD 13.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  4.36%  during the forecast period. Increasing prevalence of refractive errors is driving market growth, with a trend towards increasing adoption of daily disposable contact lenses. However, high cost of ophthalmic lenses  poses a challenge. Key market players include Aksh Optifibre, Alcon Inc., Alpine Research Optics, Bausch Health Companies Inc., Bod Lenses, CAMAX OPTICAL CORP., Carl Zeiss AG, Corning Inc., EssilorLuxottica, Halma Plc, HOYA CORP., Jiangsu Hongchen Optical Co. Ltd., Johnson and Johnson Services Inc., Mitsui Chemicals Inc., Nikon Corp., Privo, Rodenstock GmBH, Shamir Ltd., SynergEyes Inc., The Cooper Companies Inc., The Walman Optical Co., and VISION EASE.

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Market Driver

The daily disposable contact lens market is experiencing notable growth due to their advantages over reusable lenses. These lenses offer crystal-clear vision, superior comfort, and easy wearability as they are single-use and discarded after each day. Unlike bi-weekly and monthly lenses, daily disposables eliminate issues such as calcium or hairspray deposits and contact lens-related eye infections. Several contact lens manufacturers provide a variety of daily disposable lenses in hydrogel and silicone hydrogel materials, available in spherical, toric, and multifocal designs. The increasing popularity of daily disposables, particularly among the age group of 15 to 25 years, is attributed to the decreased need for patient education on lens care and the elimination of dropouts. This trend is expected to continue, driving the expansion of the global ophthalmic lens market during the forecast period. 

The Ophthalmic Lens Market in the ophthalmology sector is experiencing significant growth due to increasing eye disorders caused by extended screen time, both in schools and beyond. Eye clinics are seeing a surge in patients with vision correction needs, particularly for refractive errors like myopia, hyperopia, and astigmatism. Digital technologies, including computers and smartphones, are leading to an increased prevalence of digital eye strain. Major players like EssilorLuxottica, Essilor International, CooperCompanies, and SightGlass Vision are focusing on innovation in optics technology to address these trends. Presbyopia, cataracts, and uncorrected refractive errors are key areas of focus. The elderly population, with its growing size and vision impairment needs, presents a significant opportunity. Business initiatives include strategies to enhance competitiveness through product pricing, consumer behavior analysis, and addressing impediments in healthcare systems. Macroeconomic, political, and social landscapes, as well as the competitive backdrop, are crucial factors shaping the market. Investment opportunities lie in corrective lenses, sunglasses lenses, and intraocular cataract lenses. Quantitative and qualitative analysis of market trends, economic landscape, and internal and external factors are essential for success. 

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Market Challenges

• The ophthalmic lens market is witnessing an increase in costs due to technological advancements. HD spectacle glass lenses cost 25%-30% more than traditional ones, while multifocal glasses are approximately 30% higher than single-vision glasses. Progressive glass lenses are double the cost of single-vision ones. Additional coatings, such as non-glare and changeable tints, further add to the expense. Daily disposable soft contact lenses, toric, and bifocal contact lenses have annual costs 2-3 times higher than normal disposable ones. Premium Intraocular Lenses (IOLs) offer superior visual function and independence but are less adopted due to their high cost. Standard cataract surgery with a monofocal IOL costs around USD3,500, while astigmatism-correcting and presbyopia-correcing IOLs cost nearly USD5,000 and over USD5,900, respectively. Medicare and most insurance policies cover standard cataract surgeries but not premium IOLs, resulting in out-of-pocket payments. European surgeons charge patients directly for premium lenses during insurance-covered cataract procedures, increasing the overall cost burden. The high cost of lenses may hinder market growth during the forecast period.
• The ophthalmic lens market faces several challenges in addressing common vision issues like myopia, hyperopia, and astigmatism. Companies like Essilor International and CooperCompanies dominate, but healthcare systems struggle with uncorrected refractive errors leading to vision impairment in the elderly population. Myopia progression and prescription changes pose internal market forces. Macroeconomic analysis reveals economic and political landscapes impacting product pricing and consumer behavior. External factors include optics technology advancements, retina research, and regulatory policies. Competitive backdrop is shaped by business initiatives, investment opportunities, and impediments. Corrective lenses, sunglasses lenses, and intraocular cataract lenses present commercial development and services penetration opportunities. Country-level analysis considers political scenarios, social scenarios, and business development. Competitive position and product innovation are key drivers.

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Segment Overview

This ophthalmic lens market report extensively covers market segmentation by 

1. End-user 
• 1.1 Consumers
• 1.2 Hospitals and clinics
• 1.3 Ambulatory surgery centers
2. Product 
• 2.1 Spectacle lens
• 2.2 Contact lens
• 2.3 IOLs
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Consumers-  The global ophthalmic lens market is experiencing significant growth due to an increasing prevalence of age-related vision disorders and the rise in digital eye strain among consumers. With an aging population worldwide, there is a surge in cases of presbyopia and cataracts, leading to increased demand for corrective lenses. Additionally, the widespread use of digital devices has resulted in a rise in myopia among younger demographics, further fueling the demand. Major global vendors, such as EssilorLuxottica, Zeiss, and Hoya Corporation, cater to this demand with a diverse range of products. EssilorLuxottica offers Varilux progressive lenses for presbyopic individuals, while Zeiss provides DuraVision BlueProtect lenses to reduce exposure to harmful blue light. Hoya Corporation offers customizable Hoyalux iD MyStyle V+ lenses for personalized eyewear solutions. Technological advancements in lens materials and designs, including anti-reflective coatings, photochromic lenses, and high-definition lenses, are enhancing visual clarity and comfort, attracting consumers seeking superior optical performance. Furthermore, growing awareness of eye health and the importance of regular eye examinations is encouraging consumers to invest in quality eyewear. The expansion of e-commerce platforms and online retail channels has made ophthalmic lenses more accessible to consumers worldwide, driving market penetration. In summary, the aging population, increasing prevalence of vision disorders, and the rise of digital eye strain are driving the demand for ophthalmic lenses. Major vendors offer a diverse range of products catering to consumer needs, and technological advancements are enhancing optical performance. Growing awareness of eye health and the expansion of online retail channels are further fueling market growth.

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Research Analysis

The Ophthalmic Lens Market is a significant segment of the Ophthalmology sector, catering to the growing demand for vision correction solutions. With the increasing prevalence of eye disorders, such as presbyopia, refractive errors, and cataracts, the market is witnessing substantial growth. The rise of digital technologies and extended screen time, leading to digital eye strain, further boosts the market's expansion. The market is characterized by a competitive backdrop, with various strategies adopted by key players to maintain competitiveness. The market's economic landscape is influenced by factors like product pricing, consumer behavior, and the economic conditions of different regions. The political landscape plays a role in shaping regulations and policies affecting the market. The social landscape, including demographic shifts and changing consumer preferences, also impacts market trends. Macroeconomic analysis and internal market forces, such as technological advancements and market saturation, are crucial factors influencing the market's growth trajectory. Despite these opportunities, the market faces impediments like regulatory challenges and increasing competition from alternative vision correction solutions. Quantitative and qualitative analysis of these factors provides valuable insights into the market's future prospects.

Market Research Overview

The Ophthalmic Lens Market is a significant segment of the Ophthalmology sector, catering to the growing demand for vision correction solutions. With the increasing screen time and nonschoolrelated screen use, the prevalence of eye disorders such as presbyopia, refractive errors like myopia, hyperopia, and astigmatism, and conditions like cataracts, is on the rise. Digital technologies, including smartphones and computers, have led to an increase in digital eye strain, further driving the need for corrective lenses. The market for ophthalmic lenses is witnessing significant growth due to advancements in optics technology and the increasing prevalence of vision impairment caused by uncorrected refractive errors. The elderly population is a key consumer group, with a high incidence of age-related eye disorders. The competitive landscape of the market is shaped by various factors, including product pricing, consumer behavior, economic and political landscapes, and internal and external market forces. Essilor International and EssilorLuxottica are major players, but other companies like CooperCompanies, SightGlass Vision, and others are also making strides in the market. Business initiatives, investment opportunities, and strategies for competitiveness are key areas of focus for companies in the market. Product innovation, commercial development, and services penetration are also critical areas of growth. At the country level, market development and political scenarios, as well as social scenarios, play a significant role in shaping the market. Corrective lenses, sunglasses lenses, and intraocular cataract lenses are the main product categories, with varying growth prospects. Macroeconomic analysis, quantitative and qualitative analysis, and an examination of impediments to growth are essential for understanding the market's dynamics. The competitive backdrop, business development, and competitive position are also critical factors to consider.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Consumers
• Hospitals And Clinics
• Ambulatory Surgery Centers
• Product
• Spectacle Lens
• Contact Lens
• IOLs
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio