Global Photochromic Lenses Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Photochromic Lenses Market 2021 (Includes Business Impact of COVID-19)
Global Photochromic Lenses Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2030 is a recent report generated by Trusted Business Insights. The global photochromic lenses market report has been segmented on the basis of material, technology, distribution channel, and region.
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Photochromic Lenses Market was valued at USD$5.57 billion in 2020 and is projected to reach USD$12.03 billion by 2030, growing at a CAGR of 8% from 2020 to 2030.


Global Photochromic Lenses Market: Overview


The eyes are extremely sensitive and easily damage by overexposure to radiation, whether you wear eyeglasses or not, you can get eyestrain at the end of a day. Nowadays maximum people spend much time on TV or computer screens, smartphone, tablet, and also too much driving comes under eye stress and strain affecting watery eyes and blurred vision. The photochromic lenses can help the eye to deal with the environmental changes like, in indoors give regular clear lenses and automatically darkens when visible to sunlight. These photochromic lenses are similar to two-in-one eyeglasses smartly change with the lighting and provide greater comfort on a daily basis against UV rays, and also available in different size and colors.


Global Photochromic Lenses Market: Dynamics


Growing usage of electronic devices including tablets, laptops, televisions, and smartphones in young population can cause critical shortsightedness at an early age is a major factor anticipated to drive the growth of the global market over the forecast period. In addition, as compared to the younger population the photochromic lenses are particularly used for correcting the vision among the older population. In addition, the growing aging population across the globe is an additional factor expected to fuel growth of the global photochromic lenses market over the forecast period. Moreover, the research indicates that unprotected UV exposure to sun rays for a long time can cause to vision problems including as macular degeneration, cataracts, and other age-related conditions is another factor estimated to boost growth of the global target market.

However, the advancement in technology in substitutes available such as sun wears restrain the growth of the global market to a certain extent


Global Photochromic Lenses Market: Segment Analysis


Among the material segments, the glass segment is projected to account for major revenue contribution in the target market over the forecast period. The plastic segment is expected to account for second-highest revenue share in the global photochromic lenses market in terms of revenue share, owing to inexpensive product pricing, increasing product demand, technology advanced products are available across the globe.

Among the technology type segments, the UV & visible light segment is an account to significant revenue share, owing to rising the prevalence of chronic eye diseases, Also, raising product demand are expected to drive demand for photochromic lenses over the forecast period.


Global Photochromic Lenses Market: Regional Analysis


The market in Europe dominates the global market in terms of revenue contribution and is expected to maintain its dominance over the forecast period. This is can be attributable to the presence of major manufacturers and eye-related disorders are increasing particularly glaucoma and cataract in various countries of the region. North America market accounts for second-highest revenue contribution to the global photochromic lenses market, owing to increasing government initiatives to control the vision impairment, technology advancement and rising incidence of chronic eye diseases. On the other hand, the Asia Pacific market is expected to grow at a significant rate of growth over the forecast period.


Below are the active patents related to Photochromic Lenses Market.


Patent Number: US7858001B2

Photochromic lens

Abstract

A cast photochromic lens including a photochromic film and a cast resin, curable by heat or radiation.

Application filed Date:2006-09-29

Application granted Date: 2010-12-28

Current Assignee: Vision Ease LP

Global Photochromic Lenses Market Segmentation:

Segmentation by Material:

  
Glass
  
Polycarbonate
  
Plastic

Segmentation by Technology:

  
In mass
  
Imbibing and Trans bonding
  
UV
  
Visible Light

Segmentation by Distribution Channel:

  
Online
  
Optical Chains
  
Independent Eye Care Professionals (ECPs)


Key Market Players included in the report:


  
Carl Zeiss Meditec AG
  
Corning Incorporated
  
Essilor International S.A.
  
Essilor Nordics
  
HOYA Corporation
  
MR Lenses
  
Optical Dynamics
  
Optiswiss AG
  
Rodenstock GmbH
  
S.T International Ophthalmic Lenses
  
SEIKO Optical Europe GmbH
  
Signet Armorlite Inc.
  
TOKAI OPTICAL CO., LTD.
  
Transitions Optical Limited
  
Vision Dynamics LLC
  
Vision Ease Lens
  
Younger Optics Inc


Below are the key development related to Photochromic Lenses Market in 2020 and 2021.


March  2021: EssilorLuxottica Signs Agreement to Acquire Walman in the U.S. The transaction will create growth opportunities for Walman, a longtime partner of EssilorLuxottica. EssilorLuxottica has entered into an agreement to acquire U.S. based lab network Walman. Walman, which has been a leading partner to vision care practices around the country for more than 100 years, will draw on EssilorLuxottica’s focus on product and service innovation to create growth opportunities for the company. The U.S. is the largest optical market in the world but there are still significant opportunities. Both the progressive lens and anti-reflective categories as well as developing solutions like Myopia management require resources to grow in this competitive industry. EssilorLuxottica’s investment in Walman will allow customers to leverage these existing and future opportunities to grow the market. Source