Global Prescription Lens Market Size To Worth USD 77.7 Billion By 2033 | CAGR Of 5.20%
Category: HealthcareGlobal Prescription Lens Market Size To Worth USD 77.7 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Prescription Lens Market Size is Expected to Grow from USD 46.8 Billion in 2023 to USD 77.7 Billion by 2033, at a CAGR of 5.20% during the forecast period 2023-2033.
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Browse key industry insights spread across 166 pages with 115 Market data tables and figures & charts from the report on the "Global Prescription Lens Market Size, Share, and COVID-19 Impact Analysis, By Type (Single Vision and Progressive), By Coating Type (Anti-Reflective Coating, Scratch-Resistant Coating, Anti-Fog Coating, and UV Protection), By Application (Myopia, Hypermetropia, Astigmatism, and Presbyopia), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/prescription-lens-market
Prescription lenses are customized eyeglass lenses designed to address visual issues such as myopia, near-sightedness, farsightedness, astigmatism, and presbyopia. These lenses are intended to correct refractive faults in the eye, increasing vision clarity and sharpness. Prescription lenses can be made of a variety of materials, including glass, plastic, and polycarbonate, and they can be treated with coatings to improve durability and reduce reflection. Prescription lenses are especially useful for shielding the eyes from harmful UV rays, which can cause permanent eye damage. These glasses, with their various shapes and coatings, help to resolve the difficulty of projecting light onto the retina, leading to improved eyesight. The increasing use and consumption of eyewear products, particularly prescription eyeglasses, is a market growth driver. The prescription lens business thrives on the common occurrence of visual issues such as myopia, near-sightedness, and farsightedness, particularly among the elderly. Technological improvements, such as digital surfacing, have improved lens quality, while fashion trends have increased demand for fashionable frames. Increased screen time and health awareness add to the increased need for corrective eyewear. However, the prescription lens market faces a number of restrictions that impede its expansion and development. These include strict regulatory compliance requirements, high costs for specialist lenses, restricted access to eye care services in some places, and technological barriers to innovation.
The single-vision segment is anticipated to hold the greatest share of the prescription lens market during the projected timeframe.
Based on the type, the prescription lens market is classified into single vision and progressive. Among these, the single-vision segment is anticipated to hold the greatest share of the prescription lens market during the projected timeframe. Single-vision lenses enable clear vision from a single distance, making them perfect for reading, driving, and computer work. They are available in a range of materials and coatings to meet different tastes and needs. The single vision category accounts for a significant portion of the business, catering to individuals with particular vision demands.
The anti-reflective coating segment is anticipated to hold the largest market share through the forecast period.
Based on the coating type, the prescription lens market is categorized into anti-reflective coating, scratch-resistant coating, anti-fog coating, and UV protection. Among these, the anti-reflective coating segment is anticipated to hold the largest market share through the forecast period. People frequently choose this type of coating because it lowers glare and reflections, resulting in clearer eyesight, particularly for activities such as driving or using digital devices. Furthermore, it improves the appearance of the lenses by making them practically undetectable, which is an important aesthetic benefit.
The myopia segment is anticipated to grow at the highest CAGR growth during the projected period.
Based on the application, the prescription lens market is divided into myopia, hypermetropia, astigmatism, and presbyopia. Among these, the myopia segment is anticipated to grow at the highest CAGR growth during the projected period. Myopia is becoming more common as a result of increased screen time, digital gadget usage, and changing lifestyles. Furthermore, prejudice is frequently rectified from an early age, resulting in a consistent and long-term need for prescription lenses. With the availability of single-vision lenses for myopia correction and the need for early intervention, it has become the most popular segment in the prescription lens industry.
North America is expected to hold the largest share of the prescription lens market over the forecast period.
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North America is expected to hold the largest share of the prescription lens market over the forecast period. The presence of multiple significant competitors, an increasing number of awareness initiatives, an increasing number of product launches, and the rising prevalence of refractive defects such as myopia, hyperopia, astigmatism, and presbyopia are all factors driving growth. North America's healthcare system is advanced, making it easier to identify eye experts who can prescribe corrective eyewear. Furthermore, a strong emphasis on aesthetics and fashion in eyeglasses has prompted buyers in North America to invest in prescription lenses with a variety of coatings and designs.
Asia Pacific is predicted to grow at the fastest CAGR rate in the prescription lens market during the projected timeframe. The rising prevalence of vision-related illnesses, increased awareness of eye health, improved healthcare infrastructure, and rising disposable income are all helping to drive market growth in this region. Furthermore, the presence of a large population, particularly in countries like China and India, provides a considerable customer base for prescription eyeglasses products.
Major key players in the prescription lens market include Aurora Cannabis Inc., MedReleaf Corp., TerrAscend Corp, Canopy Growth Corporation, GW Pharmaceuticals, Akumentis Healthcare Ltd., Hexo Corp., Insys Therapeutics Inc., Medical Marijuana Inc., Cardiol Therapeutics, Harvest Health & Recreation, Inc., CannTrust Holdings Inc., Aphria Inc., and Others.
Recent Developments
- In December 2022, PolyU startup launched a novel spectacle lens to decrease myopia progression and deployed two PolyU proprietary technologies to protect children's eyesight health.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the prescription lens market based on the below-mentioned segments:
Global Prescription Lens Market, By Type
- Single Vision
- Progressive
Global Prescription Lens Market, By Coating Type
- Anti-reflective Coating
- Scratch-Resistant Coating
- Anti-Fog Coating
- UV Protection
Global Prescription Lens Market, By Application
- Myopia
- Hypermetropia
- Astigmatism
- Presbyopia
Global Prescription Lens Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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