Global prescription lens market size was valued at USD 48.2 billion in 2021 and is expected 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) -- Prescription lenses are lens are used to correct vision problems such as myopia, hyperopia, and astigmatism. They are usually made of polycarbonate or CR-39 plastic and have a thin film coating that helps to protect the eyes from UV rays in the global prescription lens market.
With so many people now in need of prescription lenses, it's no surprise that there is a growing demand for corrective vision products. However, this demand isn't just coming from developed countries; it's also coming from emerging markets where the prevalence of vision problems is on the rise. In fact, according to the same report, the Asia-Pacific region is expected to experience the fastest growth in the prescription lens 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 significantly, and with it, the need for prescription lenses. According to a report by SkyQuest, the percentage of adults who wear corrective lenses has gone up from 38% in 2015 to 43% in 2021. It's not just adults – the number of children and teens who need 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 have a vision problem. On the other hand, 1 in 6 adults in the United States have some form of vision impairment. That's a pretty staggering statistic, and it just goes to show how common vision disorders can be.
There are a number of different types of vision disorders, ranging from relatively benign conditions like nearsightedness to more serious ones like macular degeneration across 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 a number of reasons for this growing demand for prescription lenses. One 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 looking at screens – computers, phones, tablets, TVs – and all that screen time can take a toll on our eyesight. According to The Vision Council report, 61% of Americans say they experience digital eye strain as a result of too much screen time.
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Online Sales of Prescription Glasses Soared in 2021
The COVID-19 pandemic has had a major impact on the world of retail prescription lens market, with many brick-and-mortar stores struggling to stay afloat. One bright spot in the retail sector, however, has been online sales of eyeglasses. According to a recent report from SkyQuest, online sales of eyeglasses have spiked in 2021, with an estimated 12.4 million Americans purchased glasses online by the end of the year. That figure is up from 9.7 million in 2020 and just 7.6 million in 2019.
As more people are choosing to buy glasses online, they are also increasing the number of eyeglasses that they purchase. Approximately 25% of eyeglass wearers purchase multiple pairs, and their average time between replacements is 2.7 years. Study on the global prescription lens market also found that 79% of consumers would like to increase their use of contactless options for goods. This is understandable because these technologies can lessen how much time it takes to shop, so people know what they want beforehand and browse online rather than spending time in a store.
However, retailers across global prescription lens market are doing their part to attract customers, too. They offer flexible payment options like Visa's Buy Now Pay Later and create ways to help shoppers make selections remotely with augmented reality technology.
The pandemic has clearly had an impact on consumer behavior, with more people shopping online for items that they would traditionally purchase in person. The increased convenience of online shopping, combined with concerns about safety and health, has driven many consumers to make the switch to buying eyeglasses online. There are a number of reasons why online sales of prescription lens market have taken off in recent months. First, there are now more retailers selling glasses online than ever before. This increases competition and gives consumers more options to choose from.
Some of the most popular online retailers for eyeglasses include Warby Parker, Zenni Optical, and EyeBuyDirect. These companies offer a wide variety of styles and prices that appeal to different customers. Warby Parker is especially 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 has led to people being more aware of their appearance on screen, which has resulted in them wanting to upgrade their glasses to something that looks nicer.
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SkyQuest Analysis: Challenges and Opportunity
The prescription lens market is facing some serious challenges, according to a new report from SkyQuest. The findings show that the industry is struggling to keep up with the changing demands of consumers and the ever-evolving technology. This is resulting in a decline in sales and profits for many companies.
Increasing popularity of contact lenses is one of the biggest problems that the global prescription lens market is facing right now. More and more people are choosing to wear contact lenses instead of glasses, which is having a major impact on sales of prescription lenses. The other problem is that many people are now buying their lenses online, which has also contributed to the decline in sales.
The report from SkyQuest also found that there is a lot of price competition in the market, which is driving down prices and margins. This is particularly challenging for small companies who are unable to compete on price. Overall, it is clear that the prescription lens market is going through some tough times. However, there are still opportunities for companies who are able to adapt and change with the times.
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Key Players in Global Prescription Lens Market
Johnson & Johnson Vision Care, Inc. (US)
Carl Zeiss Meditec AG (Germany)
Bausch & Lomb Incorporated (Canada)
The Cooper Companies Inc. (US)
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SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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