Prescription Lens Market 2020 and Forecast 2021-2027

                                          
Report Overview: Prescription Lens Market


The global prescription lens market size was valued at USD 23.1 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 3.4% from 2021 to 2027. Vision impairment cases due to refractive errors are on the rise. Most of these cases are unnoticed at earlier stages and add to the rising number of Uncorrected Refractive Errors (URE). Patients with refractive errors are unaware of the condition and are not receiving any treatment. As per the World Health Organization (WHO), in 2012, URE held 42.0% in global causes of visual impairment. Hence, to control the increase in URE various organizations are being developed focusing on the detection and treatment of refractive errors.

Sightsavers, an organization that works in more than 30 countries, focus mainly on African and Asian regions. The organization forms alliance with local, regional, national, and international partners, and governments to provide advanced and affordable ophthalmic treatment. The organization has come up with refractive error strategy to address the problem of URE. The organization is providing refractive error services in line with its twin-track approach. Also, the organization is expanding in program partnerships and is forming collaborations to enhance the services for URE. Presence of such organizations and growing awareness regarding treatment of refractive errors is expected to drive the market.

The growing prevalence of refractive error cases, mainly myopia and astigmatism are expected to generate the demand for prescription lens. Prescription lens help in resolving the inability of the eyes to project the light on retina for enhanced vision. These lenses are available in different shapes and coatings and are preferred as per the refractive order. The convex prescription lens is used for correcting hyperopia, concave prescription lens are used for correcting myopia, and cylindrical prescription lenses is used for astigmatism.

Additionally, various eye problems occur in people working for hours in front of computers. Therefore, companies are coming up with advanced technology to enhance the prescription lens which can protect the person from harmful radiations of the computer. GUNNAR Optiks provide a prescription lens designed specifically for computer use. These lenses are developed using blue light blocking technology along with other lens technologies. The development of such a technologically advanced prescription lens will contribute towards the overall market growth.

Along with the incorporation of advance technologies and development of enhanced prescription lenses, presence of online platforms for vision testing is also expected to increase market growth. Visibly, is creating digital eye care technologies for providing eye care to anyone, anytime, anywhere. Online vision testing is one of the effective steps taken by the company to make vision care accessible and convenient. These online tests are expected to help in rapid diagnosis of refractive errors and hence will propel the adoption of prescription lens for its treatment.

Type Insights: Prescription Lens Market

Single vision prescription lens led the market and accounted for 27.4% share of the global revenue in 2019. Market players focus on developing single vision prescription lens for correcting refractive errors. People aged above 40 years mainly prefer single vision prescription lenses over bifocal, trifocal, and progressive lenses.

Single vision prescription lens is preferred as an effective option for reading and computer work as it helps in maintaining the posture during the work, thus, avoiding the chance of developing computer vision syndrome. Additionally, a single vision lens helps in enhancing the peripheral vision, which can be a problem with bifocal, trifocal, and progressive lens. However, the development of advanced and efficient progressive lenses with a wider field of view and better clarity, can impact segment growth during the forecast period.

Progressive lens is expected to grow at the fastest rate during the forecast period. Progressive lens is also termed as a no-line bifocal lens due to the absence of a visible bifocal line. It’s youthful appearance and effective functionality makes it one of the most preferred prescription lens. Additionally, people with myopia, hyperopia, astigmatism, and/or presbyopia opt for progressive lens. Furthermore, progressive lens provides enhanced image quality as it eliminates the image jump observed with bifocals and trifocals lens.

Workspace progressive lens is also expected to experience significant growth during the forecast period. The working population is increasing tremendously and hence their exposure to various devices such as computers, tablets, laptops, and other such electronic devices. Long exposure to these devices may strain the eyes and hence may lead to some sort of vision problems. Thus, to avoid such vision problems and to make work more efficient and comfortable, market players have come up with workspace progressives. These workspace progressives offer large field of vision from near to an intermediate distance. ZEISS provides four versions of workspace progressive or office progressive lens which is near office lens, room office lens, NEW - book office lens, and the individual office lens. Therefore, awareness regarding the usage of office progressive lenses to avoid refractive errors is expected to drive the adoption of these lenses.

Coating Insights: Prescription Lens Market

Anti-reflective (AR) coating held for the largest revenue share of 30.2% in 2019 owing to the growing demand for an anti-reflective prescription lens. Anti-reflective coating lens is mainly preferred due to various advantages associated with it such as protection from harmful rays from electronic display screens. AR coating helps in eliminating the reflections thus reduces contrast and enhances clarity. Thus, AR coating lens is largely preferred during night time. In addition, these lenses are nearly invisible, which helps in avoiding any distractions through lens. ZEISS has come up with DuraVision Premium lens coatings, which incorporates ion technology and many advance features which makes the lens surface tougher and resistant to damage and light reflections.

Ultraviolet (UV) treatment lens segment is expected to grow at the fastest rate in the prescription lens market during the forecast period. Exposure to the UV radiations has led to various eye disorders such as cataracts and macular degeneration. Therefore, people prefer UV coated lensed to avoid visual impairment disorders. Polycarbonate and the high-index plastics used for making these UV treatment lenses absorb the radiation and protect the eye from the harmful radiation. Some UV lens comes along with photochromic treatment. This darkens the lens when exposed to UV radiations and high-energy visible (HEV) light rays and becomes clearer when indoors. Market players are focusing on developing a UV protection prescription lens for enhanced vision. Essilor’s Crizal range of products comes with UV protection coating to enhance single vision and progressive lens. The company has developed the Eye-Sun Protection Factor (E-SPF) for certifying UV protection to the eye and skin surrounding it.

Scratch resistant coating is also expected to grow at a significant rate during the forecast period owing to the growing demand for clear and scratch-free lens. The materials or plastic used for making advanced prescription lens are prone to scratches. Hence, these lenses require coatings which can protect these lens from scratches. Scratch-resistant coated prescription glasses provide clearer vision for long duration and thus have prolonged life-span. People with active lifestyles such as sports or are engaged with various outdoor activities largely prefer the prescription lens with this coating.

Application Insights: Prescription Lens Market

Myopia held for the largest revenue share of 30.8% in 2019 and looks set to grow at a significant rate during the forecast period. The global prevalence of myopia is high and it is expected to grow during the forecast period. As per a WHO study, the prevalence of myopia in 2020 was 33.0% globally which is expected to grow to 52.0% by 2050. The highest prevalence of the disease is observed in East Asia under which China, the Republic of Korea, Japan, and Singapore held around 50% of the regional share. Institutes are being developed to control the rise of myopia by increasing awareness regarding their preventive measures. In May 2017, Myopia Institute introduced vision therapy for controlling the progression of myopia.

Presbyopia is expected to grow at the fastest rate during the forecast period. Presbyopia develops with an increase in age and blurs the vision. Growing aging population is one of the major drivers for the growth of this segment. As per WHO, the proportion of the aging population (above 60 years of age) in the world will double to 22.0% in 2050 from 12.0% in 2015. Companies such as Essilor and ZEISS are developing an advanced prescription lens for treating presbyopia. Essilor has come up with VARILUX progressive lens by incorporating various advanced features and technologies such as SynchronEyes, Wavefront Advanced Vision Enhancement, 4D Technology, and Nanoptix for treating refractive errors such as presbyopia.

Hyperopia is also expected to grow at a significant rate during the forecast period. Hyperopia is mainly seen prevalent in young children. As per an article published by EyeWiki, in 2015, around 14.0 million people in the U.S. suffered from hyperopia. Early detection and treatment of hyperopia are important as a moderate and high degree of this disorder may lead to other visual impairment disorders. Hence, market players are developing prescription lens for treating hyperopia. Convex lenses are one of the most preferred solutions for restoring the vision problem. Furthermore, a convex lens with anti-reflective coating is one of the best sets of prescription lenses to be used by the person having hyperopia.

Regional Insights: Prescription Lens Market

North America dominated the market and accounted for over 25.7% share of global revenue in 2019 owing to the increasing prevalence of myopia and presbyopia in countries such as the U.S. and Canada. Furthermore, major market players are present in the region and are launching prescription lens with advanced features. In October 2018, Privé Revaux launched prescription lens at an affordable cost. The company has also expanded its reach to the patient pool by providing online vision tests through its partnership with Opternative, a technology company. The adoption of advanced technology and products is high in the region, thus, contributing towards the overall market growth.
Asia Pacific is expected to witness fastest growth rate during the forecast period. Countries such as China, Japan, Singapore, and the Republic of Korea accounts for 50.0% share in myopia prevalence worldwide. Growing prevalence of the refractive errors in the region is increasing the number of patient pool and hence is creating the demand for prescription lens for its treatment. Market players located in the region are undergoing strategic alliances to expand their prescription lens business. In December 2016, the HOYA Vision Care announced to acquire safety prescription eyewear business of 3M to expand its prescription lens product portfolio. This acquisition will help HOYA Vision Care in providing prescription lens, frames, and premium coating options in Latin America, Asia, and Europe.
Europe is also expected to grow at a considerable rate during the forecast period. Presence of organizations and societies for preventing visual impairment is expected to drive the market in Europe. The International Agency for the Prevention of Blindness (IAPB) along with WHO has initiated a joint program- VISION 2020: The Right to Sight, for eliminating blindness by focusing on the diseases which mainly cause vision impairment such as refractive errors. Therefore, growing awareness in the region and adoption of treatment options such as prescription lens for refractive errors is expected to propel market growth in Europe.

Key Companies & Market Share Insights: Prescription Lens Market

Key players are focusing on developing different type of prescription lens with different coating options. These players are also forming alliances and partnerships to expand their product reach and improve their product offerings. In January 2017, Essilor acquired LUXOTTICA GROUP to form EssilorLuxottica. This acquisition is expected to help in enhancing the reach of lens and frames in various parts of the world. Some of the prominent players in the prescription lens market include:

Key companies Profiled: Prescription Lens Market Report

 	
Essilor
 	
 ZEISS International
 	
HOYA VISION CARE COMPANY
 	
VISION EASE
 	
SEIKO OPTICAL PRODUCTS
 	
PRIVÉ REVAUX
 	
Vision Rx Lab

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global prescription lens market report on the basis of type, application, coating, and region:

Type Outlook (Volume, Units; Revenue, USD Billion, 2016 - 2027)

 	
Single vision
 	
Convex
 	
Concave
 	
Cylindrical
 	
Bifocal
 	
Trifocal
 	
Progressive
 	
Workspace progressives
 	
Others

Application Outlook (Revenue, USD Billion, 2016 - 2027)

 	
Myopia
 	
Hyperopia/Hypermetropia
 	
Astigmatism
 	
Presbyopia

Coating Outlook (Revenue, USD Billion, 2016 - 2027)

 	
Anti-reflective
 	
Scratch resistant coating
 	
Anti-fog coating
 	
Ultraviolet treatment