Spectacle Lens Market
The development of the worldwide spectacle lens industry is due to the growing geriatric population and increasing optical disorders incidence. Globally, between 1961 and 2011, the percentage of the elderly population improved from 5.6% to 8.6%. According to statistics from the U.S. Census Bureau, among 7.3 billion individuals worldwide, an estimated 8.5% or 617.1 million were 65 years of age and older in 2015.
People presently have a high life expectancy, according to the WHO. By 2050, a total of 2 billion is anticipated to reach the world’s population aged 60 and above. As of 2018, the age of 125 million is 80 or older. According to the same source, nearly 120 million individuals are projected to live in China alone by 2050. Increasing the amount of instances of ocular circumstances around the globe, such as cataract and diabetic retinopathy, is helping the development of the industry. The United States reported 7.7 million instances of diabetic retinopathy and 24 million instances of cataracts, which are anticipated to reach 11.3 million and 38 million by 2030, respectively, according to the National Eye Institute. Therefore, over the forecast period, these factors are anticipated to propel market growth.
The Reports Scope:
This report involves a thorough survey of the worldwide spectacle lens market hereafter referred to as the studied market . The spectacle lens is the corrective lens according to the reports scope, which is used to correct eye issues and enhance vision. Spectacle lens usage common signs include myopia, astigmatism, presbyopia, and hypermetropia.
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Key Market Trends: –
Prescription Glass Segment is Expected to Exhibit Fastest Growth Rate over the Forecast Period:
Prescription glasses refer to spectacles whose lenses were specifically designed to match the vision flaws of the wearer. In 2015, 76.2 percent of American adolescents used vision correction, according to a study released by the Vision Council of America. The study also says that as a means of vision correction, 159.2 million individuals in the United States used prescription eyeglasses. Furthermore, 61.2% of males in the U.S. used eyeglasses based on sex, while 67.3% of females used prescription lenses 2015.
In general, the cost of prescription glasses varies from USD 5 to USD 30. It relies on different variables single vision, bifocal, etc. such as frame type, frame size, gender, material, weight, and prescription form. Some of the prescription glass brands include Vincent Chase, John Jacobs, Ray-Ban, Tom Ford, Persol, Calvin Klein, etc., with a significant prescription glass market share.
North America Captured the Largest Market Share and is Expected to Retain its Dominance:
Due to the rapid implementation of spectacles for vision care in the region, growing geriatric population and increasing awareness, North America dominated the general spectacle lens market. The United States was the main contributor to the spectacle lens industry in North America. The American Vision Council revealed that there were 188.7 million Americans in the nation wearing some type of vision correction, which was just over 3 out of 4 adults as in 2015 . In addition, according to the Vision Council of America, use for OTC readers from 29.8 million in 2014 to 30.9 million in 2015 and for Rx sunglasses from 27.4 million in 2014 to 29.1 million in 2015 has risen most. Moreover, prescription glass use improved in the nation from 156.5 million in 2014 to 159.2 million in 2015. Thus, it is anticipated that all the above-mentioned variables will boost the development of the US spectacle lens industry.
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The spectacle lens market is highly competitive and consists of several major players. In terms of market share, the market is presently dominated by few of these significant players. The presence of major market players, such as Carl Zeiss Meditec AG, Essilor International SA, Hoya Vision Care Company, Vision Ease, and Seiko Optical Products Co. Ltd is, in turn, increasing the overall competitive rivalry of the market. The product advancements and improvement in the spectacle lens market by the major players is increasing the competitive rivalry.
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Name: Jennifer Daniel
Organization: Planet Market Reports