Prescription Lens Market: Introduction
- Lens, in optics, is a piece of transparent glass that concentrates or disperses light rays that pass through it
- A lens prescription is an order written by an eyewear prescriber, such as an optometrist. Prescription lens help in solving the inability of the eyes to project the light on the retina for improved vision. These lenses are available in various shapes and coatings, and are preferred as per the refractive order.
- A concave prescription lens is used to correct myopia. A convex prescription lens is used to correct hyperopia. Cylindrical prescription lens is used for astigmatism.
Global Prescription Lens Market: Key Drivers, Restraints, and Opportunity
- Rise in prevalence of refractive error, especially myopia and astigmatism, drive the demand for prescription lens. Additionally, various eye problems occur in people working for hours in front of computers. Hence, companies are coming up with advanced technology-based products that block a significant part of potentially harmful blue light along with offering full UV protection in order to provide comfortable vision and excellent clarity and aesthetics. Development of such a technologically advanced prescription lens is projected to boost the growth of the market during the forecast period.
- Advanced technologies coupled with development of enhanced prescription lenses and online platforms for vision testing are anticipated to drive the global market during the forecast period. Online tests help in rapid diagnosis of refractive errors, which propels the global market.
- The young generation is investing in trending sunglasses. This population focuses on new design sunglasses to accentuate their appearance. Hence, fashion consciousness and higher living standards are expected to create opportunities in the global prescription lens market in the near future.
North America to Dominate Global Prescription Lens Market
- In terms of region, the global prescription lens market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is projected to dominate the global prescription lens market during the forecast period. Major market players have presence in the region and are launching prescription lens with advanced features.
- ZEISS is one of the leading companies that makes various types of lenses such as BlueGuard Lenses, Single vision lenses, progressive lenses, digital Lenses, sunglass lenses, and drive safe lenses. ZEISS is developing an advanced prescription lens named BlueGuard Lenses, a material built on the foundation of ZEISS UVProtect Technology that blocks up to 40% of potentially harmful blue light in the wavelength range from 400 nm to 455 nm. The development of such a technologically advanced prescription lens is expected to boost market growth during the forecast period. Moreover, ZEISS is creating a new standard of care by including full UV protection in all clear ZEISS plastic lenses starting this year 2022.
- Prevalence of sight loss is rising in Europe. According to the European Broadcasting Union (EBU), on average 1 in 30 people in Europe experiences sight loss. This is anticipated to foster the demand for prescription lenses, thereby contributing to the growth of the market in the near future.
- The market in Asia Pacific is expected to grow at a rapid pace during the forecast period due to changes in lifestyle and more time spent by majority of people in front of computers, laptops screens, mobile phones, televisions, etc. Vision Rx Lab is one of the largest ophthalmic doctor's prescription lens manufacturers in Asia.
Key Players Operating in Global Prescription Lens Market
- Key players focus on developing different types of prescription lens with different coating options and advanced features. Essilor makes various types of branded lenses such as Crizal, Varilux, Eyezen, Xperio, and Optifog.
- ZEISS International
- Hoya Vision Care Company
- Vision Ease
- Privé Revaux
- Vision Rx Lab
- Seiko Optical Products Co., Ltd.
- Other players
Global Prescription lens Market: Research Scope
- In terms of type, the global prescription lens market can be classified into single vision, bifocal, trifocal, progressive, and workspace progressives. Convex, concave, and cylindrical are the different types of single vision lenses.
- Based on application, the global prescription lens market can be categorized into astigmatism, hyperopia, myopia, and presbyopia
- In terms of coating, the global prescription lens market can be divided into anti-fog coating, anti-reflective, scratch resistant coating, and ultraviolet treatment
Global Prescription Lens Market, by Type
- Single Vision
- Workspace Progressives
Global Prescription Lens Market, by Application
Global Prescription Lens Market, by Coating
- Anti-fog Coating
- Scratch Resistant Coating
- Ultraviolet Treatment
Global Prescription Lens Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This upcoming business intelligence report is intended to be a one-stop market research solution to guide organizations in taking timely and effective decisions for their business growth. The ongoing study is the culmination of our deep expertise on data science methods, combined with an unparalleled understanding of the external environment and analysis of the industries. Each of the reports by TMR aims at offering a detailed scrutiny of the value chain of our current and prospective customers, takes them from identifying value propositions, and subsequently assist their business executives to implement right strategies to create customer value. We believe that creating and sustaining the customer value is the key pivot on which business executives can create profits for their organizations and increase the market shares, continuously and with sustainability.
Each of our touchpoints through which we engage with the organization/enterprise during the primary research enables us to understand the internal environment it operates in and the ways in which the external environment influences its growth.
Always Evolving with Competition
Excellence is built into the DNA of TMR, and all our teams work collaboratively and committedly toward achieving that in whatever they do. From the very first interaction our teams of research analysts have with any interested market participant to the final preparation processes in each of our reports reflects a rigorous understanding of the dynamic industry environment that businesses operate in.
We relentlessly work to be a differentiator in whatever we do in the current era of hypercompetitive global environment. The result of our unceasing focus on excellence is reflected clearly in the insights and guidance we offer to our customers in order to empower them to create brand equity. Our simple yet very powerful underpinning for navigating the competition is to always keep evolving with changing business environments. Our close-kinit team of research analysts not only believe in this simple philosophy but also implement the same.
Constantly Innovating Our Research Methodologies and Models
We do not limit with any specific market research tool or one standard approach for obtaining or analyzing data. Undoubtedly, our report making process is ever-evolving to meet the customer needs and demands supported broadly by a vast knowledge of data science methods that we combine with business acumen our teams have built upon for several years. Evidently, our primary and secondary research data about customers and consumers have shown that we can go to any lengths to obtain them. This is followed by applying next-gen automation tools integrated with human judgement to clear the clutter, ascertain the most relevant and recent qualitative and quantitative insights, and package them in digestible chunks in our reports for our customers.
We Take Pride in No-One-Size-Fits-All Approach
Over the past several years, we have been conducting market intelligence studies across all industries for all types of organizations — big and small, profit and not-for-profit, and Fortune 500 and Unicorns, as we believe that a sound decision making must be based on no-one-size-fits-all approach. Without doubt, each of the organizations regardless of the industry they are in are affected differently by changes in political, economic, socio-culture, legal, ecological, and legal environments. The research models and the value chain analysis process that our analysts employ for conducting the study uphold this approach.
We look at myriad components of internal and external business environment affecting the growth strategies of organizations. Some of the broader aspects that we focus on are:
- Our team of Analysts and Support Teams always strive to see the bigger picture in life cycle stages of any industry
- The Teams focus on obtaining valuable insights into different models of competitive advantage while making an internal environment analysis
- They keep on modifying the value chain analysis processes of organizations to understand on how customer value is created
Some areas of assessing market dynamics that are used in the research models and methodologies adopted by our analysts can be summarized as:
- Corporate and business strategies underlying new brand positioning strategies
- Mapping for strategic planning for business units
- Various metrics for business portfolio analysis, including BCG matrix
- Value chain analysis
These will help create and sustain competitive advantage for our prospects and current customers.
Key focus areas and agenda that underpin and catalyze our primary and secondary research initiatives and endeavors are:
- What are some of the core competencies and distinctive competencies of new entrants and established players in the industry we are analyzing?
- What are some of the branding opportunities that are emerging at a rapid pace?
- What are the major competitive forces and elements of external environment shaping the industry life cycle stages of most organizations?
- Why some competitive strategies are popular than others among leaders in a certain market?
- What customer-based brand equity strategies companies have leveraged in a certain industry or set of related industries in a sector?
- What are some of the key pricing strategies that companies in an industry are implementing for marketing their products internationally?
- Identifying whether market-push or market-pull strategies are more relevant to a certain product or a service?
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.