The growth of the spectacle lens market is due to the increasing geriatric population and the rising prevalence of optical disorders. Globally, according to the United Nations 2017 report, "World Aging Population", the population of the elderly has increased especially in developed countries. For instance, the percentage of the population aged 60 years or above is expected to increase from 21.5% in 2017 to 27.5% by 2050.
According to WHO, currently, people have a high life expectancy. By 2050, the world’s population aged between 60 years and above is expected to reach a total of 2 billion. As of 2018, 125 million people are aged 80 years or older. As per the same source, by 2050, it is estimated that almost 120 million people will be living in China alone. The increase in the number of cases of ocular conditions, such as cataract and diabetic retinopathy, across the world, is assisting the market growth. Hence, these factors are expected to propel the market growth over the forecast period.
Key Market Trends
Prescription Glass Segment is Expected to Exhibit Fastest Growth Rate over the Forecast Period
Prescription glasses refer to spectacles whose lenses have been made specifically to match the wearer's defects of vision. The purpose of prescription glasses is to correct or improve the vision of people with nearsightedness ( myopia ), farsightedness (hyperopia), presbyopia, and astigmatism.
With increasing awareness of vision impairment conditions and available vision correction solutions, the demand for these devices is increasing. Even in developed regions of the world, the trend seems to be still increasing due to growing vision correction, due to factors like the growing geriatric population. For instance, according to the 2017-18 National Health Survey (NHS) of Australia, the percentage of the population with visual impairment in Australia has been increasing over the years. This is expected to help the growth of the market.
North America Captured the Largest Market Share and it is Expected to Retain its Dominance
The United States (US) and Canada have developed and well-structured healthcare systems. These systems also encourage R&D. These policies encourage global players to enter the United States and Canada. As a result, these countries enjoy the presence of many global market players. Moreover, developing countries, like Mexico in North America, have the advantage of having developed nations in the vicinity. This allows many companies to penetrate the Mexican market, thus boosting growth in the country.
The spectacle lens market is highly competitive and consists of several major players. In terms of market share, few of these major players currently dominate the market. The presence of major market players, such as Carl Zeiss Meditec AG, Essilor International SA, Hoya Vision Care Company, Vision Ease, and Seiko Optical Products Co. Ltd, is increasing the overall competitive rivalry of the market. The product advancements and improvement in the spectacle lens market by major players are increasing the competitive rivalry.
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