Global Prescription Lens Market Share Likely to Grow at a CAGR of 4.6% By 2033

According to Custom Market Insights (CMI), The Global Prescription Lens Market Size was valued at USD 45.3 billion in 2021 and is estimated to reach USD 65.62 billion by the end of 2030 at a CAGR of approximately 5.6% during the forecast period 2022-2030. In addition, many people worldwide suffer from refractive errors due to constant exposure to digital devices, increasing the need for advanced prescription lenses in the market that provide a premium experience to potential customers.

Browse the full “Prescription Lens Market Size, Trends and Insights By Type (Single Vision, Progressive, Bifocal, Trifocal, Workspace Progressive, Others), By Application (Myopia, Presbyopia, Hyperopia/Hypermetropia, Astigmatism), By Lens Coating (Anti-reflective, Ultraviolet Treatment, Scratch Resistant Coating, Anti-Fog Coating), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/prescription-lens-market/

Market Dynamics

Drivers

People worldwide suffer from refractive errors due to constant exposure to digital devices for entertainment or work. Constant exposure to the blue light emitted from digital screens hampers the quality of vision and hence emerges as a significant driving force for market growth. The increasing awareness regarding the advanced prescription lenses in the market, which provide a premium experience to consumers, emerges as a significant driving force for the market’s growth.

The different options concerning shape and size available in prescription lenses attract potential consumers to opt for them, which supports the market’s growth. Increasing disposable income available to the people also supports the development of the need to a great extent.

Restraints

The lack of skilled professionals in the healthcare industry emerges as a major restraining factor for the growth of the prescription lens market, which is expected to continue in the future. This, in turn, leads to less awareness among the people regarding the multiple advanced options which are available in the market for treating and managing visual impairments.

Despite all the technological advancements that have taken place in prescription lenses, these products are not purchased a lot in society, which hampers the sales and demand for such advanced lenses among people. Furthermore, the absence of suitable reimbursement policies that can support the expenses of progressive prescription lenses has emerged as another restraining factor for the market’s growth, which hampers the revenue return to a considerable extent.

The cost of prescription lenses is very high; hence, it is unaffordable for ordinary people. These might be the multiple reasons restraining the market’s growth during the forecast period.

Opportunities

The rapid advancements made by the key market players regarding prescription lenses have emerged as a significant opportunity for the market’s growth. The high living standard adopted by people worldwide due to their growing disposable income has emerged as another excellent opportunity for market growth during the forecast period. Improving fashion sense among the people has also proved to be a significant opportunity for the market’s development which is foreseen to continue similarly.

Advanced software for detecting refractive errors makes it easier for professionals to suggest prescription lenses, which considerably boosts the demand. The prevalence of refractive errors among the younger generations is also increasing, which will provide a significant opportunity for market growth during the forecast period.

Challenges

Lack of awareness among the people regarding the use of prescription lenses to manage the refractive errors created over time hampers the market’s growth to a great extent. The development of advanced prescription lenses has not penetrated the rural section of society which has impeded the demand for supply of such lenses to a great time.

The lack of skilled professionals in the market who can manage and detect the refractive errors created in the patient hampers the market’s growth to a great extent, leading to a loss of confidence among the people. This also results in a loss of potential consumers who can afford prescription lenses but are not suggested due to the lack of skilled professionals in the healthcare sector.

The high cost associated with prescription lenses hampers the market’s growth to a great extent. The limited disposable income available to people makes it unaffordable for them to purchase such advanced prescription lenses, which provide a premium experience. These factors emerge as challenges to the growth of the market.

Report Highlights

Based on TypeType, the segment of bifocal lenses has emerged as a significant segment due to the extensive demand from people for its multiple uses. Based on ApplicationApplication, the part of myopia has emerged as the largest segment due to the vast number of people who suffer from this refractive disorder. In addition, most people with intolerance require prescription lenses to correct their vision, which is a significant growth factor for the market. Based on Coating, a segment anti-reflective has emerged as the largest segment due to its increasing demand for multiple benefits. Based on geography, the region of Asia Pacific has emerged as the largest market for prescription lenses due to the vast number of patients in this region.

Regional Snapshots 

The geographical sector of Asia Pacific has emerged as the largest market for prescription lenses due to the significant number of people suffering from refractive errors in this region. The long working hours followed by the people about the developing status of this region has also emerged as a significant growth factor for the market.

The presence of the key market players in this region has also boosted the demand for advanced prescription lenses that provide a premium experience to potential consumers. This part of South Asia has emerged as a significant market due to the presence of the countries such as China, Singapore, Japan and the Republic of Korea. The region of North America has also contributed significantly to the growth of prescription lenses due to the rapid advancements made in the healthcare sector.

The part of Europe has also emerged as a significant market for the development of prescription lenses due to the advanced healthcare facilities that are provided to the people by the government. Increasing awareness regarding the available options in the market has boosted the economy considerably.

Report Scope

Key Players

• De Rigo (Italy)
• Essilor (France)
• Marcolin SpA. (Italy)
• Safilo Group S.p.A. (Italy)
• LUXOTTICA GROUP PIVA (U.S.)
• Marchon Eyewear Inc. (U.S.)
• Pivothead (U.S.)
• Specsavers (U.S.)
• ZEISS International (India)
• Hoya Vision Care Company (U.S.)
• CHARMANT USA Inc (U.S.)
• XIAMEN ASA SUNGLASSES CO. LTD. (China)
• Privé Revaux (U.S.)
• Seiko Optical Products Co. Ltd. (U.S.)

Recent Developments

• In April 2021 – No7 lenses were taken over by Cooper company. It supplies various speciality lenses to the region of the United Kingdom.

Segments covered in the report

By Type

• Single Vision
• Progressive
• Bifocal
• Trifocal
• Workspace Progressive
• Others

By Application

• Myopia
• PresbyopiaHyperopia/Hypermetropia
• Astigmatism

By Lens Coating

• Anti-reflective
• Ultraviolet Treatment
• Scratch Resistant Coating
• Anti-Fog Coating

By Region

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America