Ophthalmic Lens Market Size, Share, Growth, and Industry Analysis, By Type (ADC Ophthalmic Lens, PC Ophthalmic Lens, PU Ophthalmic Lens, Acrylic Ophthalmic Lens, Epoxy Ophthalmic Lens, and others), By Application (Corrective Lens, Sunglasses Lens, Intraocular Cataract Lens, Others), Regional Forecast To 2032

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Ophthalmic Lens Market Report Overview

The Ophthalmic Lens Market size was valued at approximately USD 18.09 billion in 2023 and is expected to reach USD 36.16 billion by 2032, growing at a CAGR of about 8% during forecast period.

Ophthalmic lenses are medical devices used to correct or improve vision, and they are primarily made from plastic or glass. The demand for ophthalmic lenses is driven by the increasing prevalence of vision disorders, including myopia, hyperopia, and astigmatism. Additionally, the rising geriatric population worldwide is expected to increase the demand for ophthalmic lenses in the forecast period.

COVID-19 Impact: lack of raw materials hampered market growth during the lockdown

The COVID-19 pandemic has had a mixed impact on the ophthalmic lens market. The pandemic caused disruptions in the global supply chain, leading to a shortage of raw materials and a decrease in production. However, the pandemic also increased the demand for eyewear, as people spent more time indoors and used digital devices more frequently.

Latest Trends

"Rising Popularity of the Product to Surge Market Demand"

The global ophthalmic lens market is witnessing some latest trends, including the growing popularity of photochromic lenses that adjust to varying light conditions. Additionally, there is a rising demand for multifocal lenses that provide clear vision at different distances. Moreover, advancements in lens design and manufacturing technology are resulting in the development of thinner, lighter, and more comfortable lenses.

Ophthalmic Lens Market Segmentation

• By Type Analysis

Based on type, the market can be segmented into ADC ophthalmic lens, PC ophthalmic lens, PU ophthalmic lens, acrylic ophthalmic lens, epoxy ophthalmic lens, and others.

• By Application Analysis

Based on material, the market can be segmented into Corrective Lens, Sunglasses Lens, Intraocular Cataract Lens, and Others.

Driving Factors

"Growing Prevalence of Eye Disorders to prosper market growth"

The growing prevalence of eye disorders such as myopia, hyperopia, astigmatism, and presbyopia is expected to drive the growth of the ophthalmic lens market. According to the World Health Organization, approximately 2.2 billion people worldwide have vision impairment or blindness, and the number is expected to increase in the coming years.

"Rising Geriatric Population to augment product demand"

The rising geriatric population is also expected to drive the demand for ophthalmic lenses. Aging is associated with several eye disorders such as cataracts, glaucoma, and age-related macular degeneration, which require corrective eyewear.

Restraining Factors

"High Cost of Eyewear to hamper market growth"

The high cost of eyewear is one of the significant factors restraining the market growth. The cost of ophthalmic lenses varies depending on the type, material, and prescription, making it difficult for low-income individuals to afford.

"Availability of Alternative Treatment Options to limit market growth"

The availability of alternative treatment options such as refractive surgery is also a significant factor restraining the growth of the ophthalmic lens market. Refractive surgery can correct refractive errors permanently, eliminating the need for corrective eyewear.

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Ophthalmic Lens Market Regional Insights

"North America to lead the market due to the rising prevalence of key market players"

North America is expected to dominate the market, owing to the presence of major players and the high prevalence of eye disorders in the region. The Asia Pacific market is also expected to grow, owing to the increasing awareness about eye health and rising disposable income in the region.

Key Industry Players

"Adoption of Innovative Strategies by Key Players Driving Market Growth"

Major players in the global ophthalmic lens market are adopting innovative strategies to drive market growth. Collaborative efforts through partnerships with other companies are helping these players stay ahead of the competition. To expand their product portfolio, many companies are investing in new product launches, while others are using mergers and acquisitions to acquire new technologies and improve product quality.

LIST OF TOP OPHTHALMIC LENS COMPANIES

• Essilor International (HQ: France)
• Zeiss (HQ: Germany)
• CooperVision (HQ: United States)
• GKB Ophthalmics (HQ: India)
• Hoya Corporation (HQ: Japan)
• Novartis AG (Alcon) (HQ: Switzerland)
• Shimizu (HQ: Japan)
• Rodenstock GmbH (HQ: Germany)
• Seiko Optical Products (HQ: Japan)
• Nikon (HQ: Japan)
• Johnson and Johnson (HQ: United States)
• Valeant Pharmaceuticals (Bausch+Lomb) (HQ: Canada)
• MingYue (HQ: China)
• Conant (HQ: China)
• Wanxin (HQ: China)
• CHEMI (HQ: South Korea)
• Hongchen (HQ: China)

Report Coverage

This report offers a comprehensive analysis of the ophthalmic lens market, taking into account various factors such as segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. The report profiles key industry players and offers a detailed analysis of their strategies, partnerships, and collaborations. The analysis is subject to alteration if the key players and probable analysis of market dynamics change.