Global Single Vision Lenses Market Size
The market size of global single-vision lenses was approximately USD 7.2 billion in 2022 and is projected to reach around USD 9.5 billion by 2030, exhibiting a compound annual growth rate (CAGR) of approximately 3.46% during the period from 2023 to 2030.
Single Vision Lenses Market Overview
The following is a brief overview of the topic at hand.
Single vision lenses, a variant of eyeglass lenses, are specifically engineered to rectify vision impairments in individuals afflicted with either myopia (nearsightedness), hyperopia (farsightedness), or astigmatism. These lenses feature a uniform prescription power across the entire lens, ensuring optimal visual clarity for a specific distance, be it near or far.
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The demand for corrective eyewear is on the rise due to the global prevalence of vision problems, thereby impacting the single vision lenses market. The increasing demand for single vision lenses is driven by various factors, including the usage of digital devices, changes in lifestyle, and the aging population.
The prevalence of myopia, commonly known as nearsightedness, has been escalating, particularly among the younger population comprising children and young adults. The surge in demand for single-vision lenses for optimal near vision, specifically for reading and screen usage, has been observed as a result of this trend.
Technological Advancements: Recent developments in lens manufacturing technologies have resulted in the production of thinner, lighter, and visually appealing single-vision lenses. This consumer-driven trend has led to an increased preference for high-quality lenses that provide enhanced visual clarity.
Customization is becoming increasingly popular among consumers who seek single-vision lenses tailored to their individual visual requirements and lifestyle preferences. The aforementioned trend has resulted in the emergence of high-index lenses, aspheric lenses, and various other specialized alternatives.
Online Retailing: The emergence of e-commerce and online optical retailers has revolutionized the consumer experience in acquiring single-vision lenses. In the current landscape, a growing number of individuals are gravitating towards the ease and efficiency of online lens procurement, wherein they can effortlessly place an order and have it promptly delivered to their desired location.
Competition: The single-vision lens market exhibits a high level of competitiveness, wherein numerous esteemed eyewear manufacturers and brands proffer an extensive array of options. Consumer choices are influenced by crucial factors such as price, brand reputation, and the quality of materials and coatings.
Aging Population: The growing demand for single-vision lenses for presbyopia correction, resulting from age-related changes in the eye, is observed in many regions with an aging population.
Environmental Considerations: The increasing recognition of the environmental ramifications associated with the manufacturing of eyewear. Several companies are currently investigating sustainable materials and manufacturing processes in order to attract environmentally conscious consumers.
Regulations and Standards: The eyewear industry adheres to a range of regulations and quality standards to guarantee the safety and efficacy of lenses. Market players must ensure compliance with these standards is of utmost importance.
Global Market: The global market for single-vision lenses exhibits substantial demand across North America, Europe, Asia-Pacific, and other regions. Market dynamics can exhibit regional variations owing to factors like demographics and economic conditions.
Kindly note that market trends in the single-vision lenses sector can undergo rapid changes. It is crucial to refer to the most up-to-date industry reports and news sources to stay informed about the latest developments.
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Key Companies Covered
The global single-vision lenses market is dominated by players like:
- Bod Lenses
- Carl Zeiss AG
- CHEMIGLAS CORP.
- GKB OPHTHALMICS LTD.
- Jiangsu Aogang Optical Glasses Co., Ltd.
- JIANGSU HONGCHEN OPTICAL CO,LTD.
- Nikon Corporation
- Pordason Optical
- Rhein Vision
- RODENSTOCK GMBH
- SEED Co., Ltd.
- SEIKO OPTICAL PRODUCTS CO., LTD.
- Shamir Ltd.
- Shanghai Conant Optical Co., Ltd.
- Shanghai Mingyue Glasses Co., Ltd.
- TOG USA
- VISION EASE
- Wanxin Optical Group Co., Ltd. (WANXIN)
The market for Single Vision Lenses: Factors Driving Growth
The rising prevalence of visual impairments around the globe is expected to be the primary growth driver for the market over the next several years.
As a result of the rising prevalence of vision issues across the globe, it is anticipated that the market for single-vision lenses will expand. Single-vision lenses are commonly employed in the treatment of a variety of refractive errors, including hyperopia (farsightedness), myopia (nearsightedness), astigmatism, and presbyopia. More than 2.2 billion individuals around the world have some kind of near or far vision impairment, as reported by the World Health Organization (WHO).
In this group, there are approximately one billion people who have an eye condition that either might have been avoided or should be handled immediately. There are a variety of factors that contribute to substantial visual impairment, including refractive problems. The number of people with refractive error accounted for around 88.4 million of these 1 billion people.
It is possible to fully compensate for the most common cause of visual impairment, which is known as refractive errors, with the assistance of either eyeglasses or contact lenses. According to the World Health Organization, only about 36 percent of persons who have trouble seeing far away owing to refractive errors have access to an appropriate treatment.
It has been estimated by the World Health Organization (WHO) that the prevalence of impaired distance vision in low- and middle-income nations is approximately four times higher than it is in high-income countries. When it comes to near vision, low-income regions such as western, eastern, and central sub-Saharan African regions accounted for almost 80% of unresolved near vision impairment. This was the case in all three of those regions. However, high-income regions such as North America, Asia-Pacific, and Western Europe accounted for less than 10% of unresolved near vision impairment. This is an issue that has to be addressed.
Carl Zeiss AG made the announcement in July 2023 that they would be investing approximately INR 25 billion in a new lens plant in Bengaluru, Karnataka, India. This plant would produce a variety of lenses, including single-vision lenses, among other types.
It is anticipated that the plant will have a production capacity of 60,000 prescription lenses per day, which will be a sixfold increase from its existing capacity of 10,000 prescription lenses per day. It is anticipated that the manufacturing operations will begin at the site in October of 2024. At this time, the company exports around 75% of the spectacle blanks and prescription lenses that it manufactures in India. The other 25% is used to satisfy the company’s obligations to the Indian domestic market.
Myopic impairment affects nearly 34 million persons in the United States who are age 40 or older, as stated by the American Academy of Ophthalmology. In contrast, hyperopic impairment affects about 14.2 million people in the United States who are age 40 or older. In addition, the German Quality Association for Optometric Services estimates that approximately 15% of children living in Europe have a significant risk of developing a myopic problem.
It is anticipated that a growing population and an older population, together with a rise in income per capita, will lead to an increase in demand for single-vision lenses for the correction of a variety of impairments.
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The Limiting Factors of the Single Vision Lenses Market
An increase in the number of individuals who suffer from numerous refractive defects would stifle market expansion.
One person can have several refractive defects, and in order to correct all of them at the same time, multiple types of lenses, such as bifocal, trifocal, and progressive lenses, are utilized. With multifocal lenses, also known as progressive lenses, it is possible to see perfectly at all distances, from very close up to very far away, all while wearing the same pair of eyeglasses.
In addition, there is a clear demarcation between the near and farsighted portions of the prescription with eyeglasses that are bifocal, trifocal, or a combination of the two. The shift from one prescription to another is more abrupt in bifocal and trifocal eyeglasses, whereas in multifocal lenses, also known as progressive lenses, the change in prescription is smoother and more gradual.
People in their forties and older suffer from a combination of different refractive faults at the same time. The growth of the single-vision lens industry is being hampered by all of these tendencies as well as the increased use of other types of lenses.