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Photochromic Lenses Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Photochromic Lenses Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

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Photochromic Lenses Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)
The Photochromic Lenses Market size is expected to grow from USD 6.88 billion in 2023 to USD 9.13 billion by 2028, at a CAGR of 5.81% during the forecast period (2023-2028). During the pandemic, countries across the world have been facing a considerable threat of COVID-19 (coronavirus). Several companies had suspended trade with other countries, implemented travel restrictions, etc., thus, leading to a decline in market capitalizations of major companies across the world, along with a decline in industrial production and other business activities. However, there has been increasing evidence of the development of vision-related problems, such as myopia, due to the increased adoption of digital learning and work due to the lockdown. Also, the removal of travel restrictions by most countries after the pandemic and getting back on track from the supply and demand sides are some of the factors responsible for the growth of the market in the coming years. The significant factors attributing to the market's growth are the growing adoption of the photochromic lens and the increasing demand for photochromic lenses among the elderly population is expected to drive the photochromic lens market. For instance, Japan has the world's fastest aging population. According to the World Ageing 2019 report, the population above 65 years of age in Japan was 35.524 million (28%) in 2019, which is projected to reach 37.278 million (30.9%) in 2030. The geriatric population is expected to increase in coming years who are more prone to eye-related disorders, which is expected to ultimately drive the growth of the market. Initiatives by the govenrment and private oragnizations to improve eye health across the world is projected to accelrate the photochromic lenses market in coming years. According to the data published by the World Health Organization in May 2021, greater than 800 million people across the world have distance impairment such as hypermetropia and myopia or near vision impairment that can be treat with an suitable pair of spectacles. Hence, improving access to treatment by increasing awarness by several organizations and marke players may propel the market growth. Additional factors such as the advancements in technology, growing retail outlets, and gains in comfort and style are likely to drive the market for photochromic lenses during the forecast period. The continued growth of the increased cases of eye disease, increasing ophthalmology diagnostic procedures, and growing awareness among individuals are likely to have a positive impact on the growth of the photochromic lens market.Photochromic Lenses Market TrendsCorrective Lens Expected to Hold a Significant Market Share over the Forecast Period Corrective photochromic lenses, also known as prescription photochromic lenses, combine the benefits of prescription eyeglasses with the light-adaptive properties of photochromic lenses. These lenses are designed to correct refractive errors such as nearsightedness (myopia), farsightedness (hyperopia), astigmatism, or presbyopia while providing the added benefit of automatic tint adjustment in response to UV light. ?Factors such as the increasing incidences of eye-related disorders and initiatives by key market players are expected to increase the growth of the market studied over the forecast period. The major factors that contribute to the growth of the market studied include the increasing incidence and prevalence of eye-related disorders. For instance, according to the October 2021 report of the World Health Organization, about 2.2 billion people across the world have near or distant vision impairment, of which approximately 1 billion cases of vision impairment can be prevented or could have been prevented. The high burden of cases of vision impairment around the world and the possibility of treatment indicate a high demand for lenses, which is expected to have a positive impact on the growth of the market studied during the forecast period. Similarly, the Vision Loss Expert Group (VEEG), in 2021, reported that globally, 1.1 billion people live with vision loss, and 90% of such people live in low- and middle-income countries (LMICs). Initiatives such as agreements by companies are one of the key factors that aid growth as it leads to the addition of new and innovative products in the market. For instance, in March 2022, EssilorLuxottica signed a joint venture agreement with CooperCompanies for SightGlass Vision. SightGlass Vision's Diffusion Optics Technology softly scatters light by incorporating thousands of micro-dots into the lens to minimize the growth of myopia in children. This accelerates the commercialization of novel spectacle lens technologies to expand the myopia management category. Product launches are another factor that aid in the growth of the market studied. For instance, in April 2023, HOYA Vision Care launched the MiYOSMART sun range. The photochromic spectacle lenses, MiYOSMART Chameleon, and polarised spectacle lenses, MiYOSMART Sunbird, provide protection from intense sunlight while correcting the myopic refractive error and slowing myopia progression. Thus, the increasing incidences of eye-related disorders that highlight the advantages of photochromic lenses and initiatives by market players are expected to increase the growth of the market studied.North America is Expected to Hold a Significant Market Share Over the Forecast Period The North American region is expected to hold a significant market share due to the high standards of healthcare infrastructure and the rising demand for photochromic lenses. Diabetic Retinopathy (DR) is one of the major causes of concern among people with diabetes, which most often causes blurred vision, eye pain, and sudden vision loss. Hence, most people use preventive and corrective photochromic lenses for better vision. With rising concerns about DR in the region, the demand for photochromic lenses is increasing and driving the growth of the market studied. For instance, according to data released by Jobson Healthcare Information LLC in June 2022, diabetes is one of the major causes of blindness in working-age adults. Nearly 11.7% of adults in the United States with diabetes have a vision disability, including blindness, and approximately half of the patients with diabetes are predicted to develop DR by 2030. In addition, according to a press release published by Eyenuk Inc. in August 2022, DR is one of the most common forms of diabetic eye disease. In Canada, 750,000 people had DR in 2021, and the economic impact of DR on the Canadian healthcare system was USD 1.2 billion annually. This high prevalence of DR is expected to increase the adoption of photochromic lenses and fuel the growth of the market studied over the analysis period. Furthermore, the increasing number of product approvals, as well as launches by the key market players in the region, is another factor that is predicted to boost growth. For instance, in February 2021, the Ray-Ban Authentic product line was launched by EssilorLuxottica in the United States and Canada. The product line features transition technology with photochromic lenses and blue light filtering. Therefore, owing to the factors such as the rising prevalence of various eye disorders among the target population and company activities, the photochromic lenses market is anticipated to witness significant growth in the region.Photochromic Lenses Industry Overview The photochromic lens market is slightly consolidated in nature due to the presence of a few market players operating regionally and at the global level. Some prominent players are vigorously making acquisitions and releasing new products with other companies to consolidate their market positions globally. Some key players are Corning Incorporated, EssilorLuxottica SA, Carl Zeiss AG, Hoya Corporation, and Vision Dynamics LLC.Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support Please note: The report will take approximately 2 business days to prepare and deliver.

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