The photochromic lenses market studied is anticipated to grow with a CAGR of 8.5%, during the forecast period. The significant factors attributing to the market's growth is the growth in the world's ageing population and increasing demand for photochromic lenses among the elderly population is expected to drive the photochromic lens market.
For instance, Japan has the world’s fastest ageing population. According to the World Ageing 2019 report, estimates that the number of population who are above 65 years of age in Japan was 35.524 million (28%) in 2019 which is projected to reach 37.278 million (30.9%) in 2030. As the number of geriatric population is expected to increase in coming years who are more prone to eye-related disorders which ultimately rises the growth of the market in the near future.
Additional factors such as the advancements in technology, growing retail outlets, and gains of comfort and style will drive the market for photochromic lenses during the forecast period. The continued growth of the increased cases of eye disease, increasing ophthalmology diagnostic procedures and growing awareness among individuals will have a positive impact on the growth of the photochromic lens market.
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 commonly uses to treat refractive errors. Dominant share is retained by the corrective lens segment owing to the attributes such as growing geriatric population and adoption of the lens by the individuals who have gone through the 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.
- 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 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. As per the U.S. Census Bureau 2017 Population Projections, by 2035, 78.0 million people will be over 65 years of age, rather than 76.7 million under 18 years of age in the United States. 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.
The photochromic lens market is highly fragmented and consists of several major players. Some prominent players are vigorously making acquisitions and new product launches with the other companies to consolidate their market positions across the globe. Some of the companies which are currently dominating the market are Corning Incorporated, Essilor International S.A., Rodenstock GmbH, Carl Zeiss AG, and Hoya Corporation.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support