The global prescription lenses market size was valued at USD 48.2 Billion in 2021 and is projected to reach USD 76.28 Billion by 2028, growing at a CAGR of 6.76% during the forecast period. . (2022-2028).
Westford, USA, Oct. 06, 2022 (GLOBE NEWSWIRE) — Corrective lenses are used to correct vision problems such as nearsightedness, farsightedness and astigmatism. They are usually made of polycarbonate or CR-39 plastic and have a thin film coating that helps protect the eyes from UV rays around the world. corrective lenses market.
With so many people now in need of corrective lenses, it’s no surprise that there is a growing demand for vision correction products. However, this demand does not only come from developed countries; it also comes from emerging markets where the prevalence of vision problems is increasing. In fact, according to the same report, the Asia-Pacific region is expected to witness the fastest growth in the prescription lenses market due to factors such as rapid economic development and population growth.
In recent years, the number of people wearing glasses or contact lenses has increased dramatically, and with it the need for corrective lenses. According to a SkyQuest report, the percentage of adults who wear corrective lenses has increased from 38% in 2015 to 43% in 2021. It’s not just adults – the number of children and teenagers who have need for vision correction has also increased in the prescription lens market. In fact, according to the American Academy of Pediatrics, 1 in 4 school-aged children has a vision problem. On the other hand, 1 in 6 adults in the United States has some form of visual impairment. That’s a pretty staggering statistic, and it shows just how common vision problems can be.
There are a number of different types of vision disorders, ranging from relatively mild conditions like myopia to more serious conditions like macular degeneration on the prescription lens market. While some of these disorders can be corrected with glasses or contact lenses, others can lead to permanent vision loss.
There are several reasons for this growing demand for corrective lenses. The first is simply that our population is growing and aging – as the number of people on earth increases, so does the number of people who need vision correction. But another reason is that people’s lifestyles have changed. Today, they spend more time than ever staring at screens – computers, phones, tablets, TVs – and all that screen time can harm our eyesight. According to the Vision Council report, 61% of Americans report experiencing digital eye strain due to too much screen time.
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Online eyeglass sales skyrocketed in 2021
The COVID-19 pandemic has had a major impact on the retail prescription lens market world, with many brick-and-mortar stores struggling to stay afloat. A bright spot in the retail sector, however, has been the online sale of eyewear. According to a recent report from SkyQuest, online eyewear sales skyrocketed in 2021, with an estimated 12.4 million Americans purchasing eyewear online by the end of the year. This figure is up from 9.7 million in 2020 and just 7.6 million in 2019.
As more and more people choose to buy glasses online, they are also increasing the number of glasses they buy. About 25% of spectacle wearers purchase multiple pairs, and their average time between replacements is 2.7 years. A study of the global corrective lenses market also revealed that 79% of consumers would like to increase their use of contactless options for goods. This is understandable because these technologies can reduce the time it takes to shop, so people know what they want ahead of time and browse online rather than spending time in a store.
However, retailers in the global corrective lenses market are also doing their part to attract customers. They’re offering flexible payment options like Visa’s Buy Now Pay Later and creating ways to help shoppers make selections remotely using augmented reality technology.
The pandemic has clearly had an impact on consumer behavior, with more people buying items online that they would traditionally buy in person. The increased convenience of shopping online, combined with concerns about safety and health, has prompted many consumers to switch to buying eyewear online. There are a number of reasons why online sales of the corrective lenses market have taken off in recent months. First, there are now more retailers selling eyewear online than ever before. This increases competition and gives consumers more options to choose from.
Some of the most popular online retailers for eyewear include Warby Parker, Zenni Optical, and EyeBuyDirect. These companies offer a wide variety of styles and price points that appeal to different customers. Warby Parker is best known for its trendy and stylish frames, while Zenni Optical is known for its low prices.
The pandemic has also caused an increase in the use of video conferencing platforms like Zoom and Google Meets. This led to people being more conscious of their on-screen appearance, which led to them wanting to upgrade their glasses to something better looking.
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SkyQuest Analysis: Challenges and Opportunities
The corrective lens market faces serious challenges, according to a new report from SkyQuest. The results show that the industry is struggling to keep up with changing consumer demands and ever-changing technology. This results in lower sales and profits for many companies.
The growing popularity of contact lenses is one of the biggest problems currently facing the global prescription lens market. More and more people are choosing to wear contact lenses instead of glasses, which is having a major impact on prescription lens sales. The other issue is that many people are now buying their lenses online, which has also contributed to the drop in sales.
SkyQuest’s report also revealed that there is strong price competition in the market, which is driving down prices and margins. This is especially difficult for small businesses that are unable to compete on price. Overall, it is clear that the corrective lens market is going through tough times. However, there are still opportunities for businesses that can adapt and change over time.
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Key players in the global corrective lenses market
Johnson & Johnson Vision Care, Inc. (USA)
Carl Zeiss Meditec AG (Germany)
Bausch & Lomb Incorporated (Canada)
The Cooper Companies Inc. (USA)
Hoya Corporation (Japan)
Menicon Co., Ltd. (Japan)
Meditec AG (Germany)
Vision Rx Lab (India)
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SkyQuest Technology is a leading growth consulting firm providing market intelligence, marketing and technology services. It has more than 450 satisfied customers worldwide.
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