DUBLIN--(BUSINESS WIRE)--The "Spectacle Lens Market - Growth, Trends, Covid-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Spectacle Lens market was valued at USD 45,395 million in 2020, and it is expected to reach USD 61,124 million by 2026, registering a CAGR of 5.08% during the forecast period.
The contagious coronavirus has a potential economic impact and implications on most of the sectors, including the healthcare industry. Ophthalmology is also severely affected by the COVID. Eye clinics have seen a huge decline in patients visits as well as procedures, and hospitals have experienced a significant loss in revenue.
Ophthalmology has witnessed a dip of approximately 30% in the regular patients in the pandemic. As per the Centers for Disease Control and Prevention and the American Academy of Ophthalmology, there was a nearly 80% initial decrease in ophthalmology visits, and by mid-June, there was a cumulative decrease in ophthalmology visits by 40% in the United States.
Moreover, In August 2020, in India, the Ministry of Health and Family Welfare proposed guidelines for safe ophthalmology practices in the COVID-19 scenario, such as eye care facilities should ensure that tele-counseling and teleconsultation should be encouraged to lessen patient visits and/or appointment system can be followed to call patients needing examination/eye investigations/procedures.
With the growing awareness about vision impairment conditions and available vision correction solutions, the demand for spectacle lenses is increasing, which is driving the market's growth. The adoption of digital technologies, such as smartphones, laptops, and computers, is continually expanding, as they have become a part of the world.
Due to the increased use of digital devices, many people are suffering from digital eye strain, which includes redness, eye strain, and dryness, resulting in vision-related problems. For instance, according to a cross-sectional study by Parul Ichhpujani et al., published in BMC Ophthalmology Journal 2019, 20% of students who are aged 11 years use digital devices daily, in comparison with 50% of students aged 17 years.
Adding to that, one-third of study participants reported that they use digital devices for reading instead of conventional textbooks. Thus, the study confirms that the increased use of digital devices by adolescents brings a new challenge of digital eyestrain at an early age, which is expected to increase the use of spectacle lenses, to improve vision and eye problems, shortly. 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 cataracts and diabetic retinopathy, across the world, is assisting the market growth. Hence, these factors are expected to propel 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. As per World Health Organization (WHO), in 2020 approximately 2.6 billion people worldwide have myopia, or nearsightedness. This number is projected to reach 3.3 billion by 2030. The rising incidences of refractive errors in consumers, due to myopia and presbyopia, are increasing the demand for spectacle lens in the market
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. According to the Laser Eye Surgery Hub, in 2021 the main causes of vision impairment globally are Unaddressed Presbyopia, Unaddressed Refractive Error, cataracts, and others. There are around 2.2 billion people are living with some form of vision impairment. Around 237 million people are living with moderate or severe distance vision impairment in 2020. The rising burden of eye disorders will drive the growth of studied market.
North America Captured the Largest Market Share and it is Expected to Retain its Dominance
North America is expected to dominate the market. The United States (US) and Canada have developed and well-structured healthcare systems. As a result, these countries enjoy the presence of many global market players.
As per Vision Council of America, in 2018 there were around 194.1 million adult vision correction users in the United States, and around 164 million adults in the United States were using eyeglasses. Moreover, owing to the constant increase in the elderly population in the United States, as well as a shift toward vision correction usage among key demographics, an absolute increase in the usage rates for most types of eyewear has been observed in the country.
Companies Mentioned
- Essilor International SA
- GKB Ophthalmics Ltd
- Hoya Vision Care Company
- Rodenstock GmbH
- Seiko Optical Products Co. Ltd
- Nikon Corporation
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