DUBLIN--(BUSINESS WIRE)--The "Photochromic Lenses Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The photochromic lenses market was valued at USD 5,543.8 million in 2020, and it is expected to reach USD 8,591.3 million by 2026, registering a CAGR of 7.6% during the forecast period.
- Rodenstock GmbH
- Carl Zeiss AG
- Hoya Corporation
- Vision Dynamics LLC
- Tokai Optical Co., Ltd.
Key Market Trends
Corrective Lens is Expected to Hold the Largest Market Share in the Photochromic Lenses Market
A corrective lens is a lens typically worn to improve vision. The corrective lens is commonly used to treat refractive errors. Dominant share is retained by the corrective lens segment owing to the attributes such as the growing geriatric population and adoption of the lens by the individuals who have gone through eye surgery to correct disorders such as diabetic retinopathy, cataract, and degenerative macula. In contrast to the growing number of people with optical problems, and price benefits will fuel the market growth during the forecast period.
According to the Laser Eye Surgery Hub, in 2020 China and India account for 45% of all cases of blindness but only 36% of the world's population. As per the American Association of Ophthalmology, every year, cataract impacts nearly 24 million people in the United States. As per the United Nations World Population Ageing 2019 highlights, in 2019, there were 703 million people in the world aged 65 or over. It is estimated that the number of older people will double to 1.5 billion in 2050. Overall, the proportion of the population aged 65 or older rose from 6% in 1990 to 9% in 2019. This percentage is projected to increase further to 16% by 2050 so that one in six people in the world will be 65 years of age or older.
Thus, owing to the above-mentioned factors the segment is expected to show significant growth over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall photochromic lenses market, throughout the forecast period. This is owing to factors such as the rising prevalence of eye disorders and the growing geriatric population.
According to the World Population Ageing 2019 report, the population in the United States aged 65 years and above was estimated to be 53,340 thousand in 2019, and is projected to grow to 70,842 thousand by 2030. Additionally, the growing number of people suffering from diabetic retinopathy, cataract, macular degeneration, and glaucoma is further expected to upsurge the demand and market share of photochromic lenses in the region during the forecast period.
Moreover, in January 2021, EssilorLuxottica launched the first commercial product leveraging the strength of the new group by strategically combining the expertise of Essilor and Luxottica. The product, called Ray-Ban Authentic, includes prescription glasses that feature Transitions technology with photochromic lenses and blue light filtering. The rising product launches by major companies, and factors like increase in eye disorder and growing aging population, the market is expected to see growth during the forecast period.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Adoption of Photochromic Lens
4.2.2 Wide Range Availability of OTC Products
4.3 Market Restraints
4.3.1 Presence of Counterfeit Products
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Material
5.2 By Technology
5.2.1 UV & Visible Light
5.2.2 Imbibing & Trans-bonding
5.2.3 In Mass
5.2.4 Other Technologies
5.3 By Application
5.4 By Sales Channel
5.4.1 Specialty Clinics
5.4.3 Other Sales Channel
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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