Global Photochromic Lenses Market to Reach US$ 11.0 Bn by 2026; Product Innovation to Fuel Market Growth: Transparency Market Research
Transparency Market Research (TMR) has published a new report titled, “Photochromic Lenses Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global photochromic lenses market was valued at US$ 8.0 Bn in 2017 and is projected to expand at a CAGR of over 2.5% from 2018 to 2026. Europe is expected to dominate the global photochromic lenses market during 2018-2026 due to rise in geriatric population, presence of key market players in the region, etc. in Asia Pacific, emerging economies, such as China and India, are likely to drive the growth of the photochromic lenses market during the forecast period. The photochromic lenses market in Asia Pacific is expected to expand at a CAGR of more than 2.8% from 2018 to 2026.
Increase in Online Sales to Drive Global Market
Adoption rate of online sales of photochromic lenses is significantly higher than in retail sales, globally. Despite competition from optical retailers and independent eye care providers, the online platform has registered robust growth during the past years. Demand for online retail has been propelled by factors, such as, competitive pricing, availability of a broad range of products, and quick delivery services. Growth in aging population worldwide and rise in demand for photochromic lenses among the older population are expected to drive the photochromic lenses market during the forecast period. According to the United Nations, by 2050, the number of older people is expected to be more than double, rising from 962 million in 2017 to 2.1 billion in 2050.
Plastic Material Segment to Grow at Rapid Pace
The plastic segment is a rapidly growing segment of the photochromic lenses market. The segment is expected to expand at a CAGR of around 3.0% during the forecast period. Factors, such as, quick-darkening and quick-clearing effect, product innovation i.e. availability of different colors in plastic material category, and rise in awareness among people about eye care are the key fueling factors of the plastic material segment. The glass material segment is the dominating segment of the photochromic lenses market, constituting 50.0% share of the market in 2017. Technological advancement and rise in demand for unique eyewear products are likely to accelerate the growth of the polycarbonate segment during the forecast period
UV & Visible Light Technology Segment Dominates the Market in Terms of Revenue Share
In terms of technology, the global photochromic lenses market has been classified into in-mass, imbibing & trans-bonding, UV & visible light, and others. The UV & visible light segment held a major share of the photochromic lenses market in 2017. It is projected to be the fastest growing segment, expanding at a CAGR of 2.5%, during the forecast period. High health care expenditure, increase in prevalence of eye diseases, and rise in awareness among people regarding eye care are expected to accelerate the growth of the segment. According to the American Association of Ophthalmology, eye-related disorders, such as, glaucoma, blindness, cataract, and diabetic retinopathy are on the rise. Cataract affects almost 24 million people in the U.S. every year.
Europe to Dominate the Global Market
In terms of revenue, Europe was the leading market for photochromic lenses in 2017. Increase in research & development and government initiatives, rise in awareness among people about ophthalmic health, and presence of major market players in the region are the key driving factors of the photochromic lenses market in Europe. One such initiative undertaken by the European Union is EU-EYE. Its key objectives are to raise political and public awareness about ophthalmology and to increase funding for vision research at the EU level. North America is the second leading market for photochromic lenses. Rise in demand for high-quality branded photochromic lenses, high incidence of eye diseases, and increase in awareness among people regarding eye care are the key factors driving the market in the region. In Asia Pacific, rise in prevalence of vision distortion, growth in aging population, increase in consumer demand for aesthetic designs, and surge in mergers and collaborations among major players are projected to fuel the growth of the photochromic lenses market during the forecast period. Rise in demand for photochromic lenses in Latin America and increase in trade activities in Brazil are the key factors propelling the photochromic lenses market in the region. The photochromic lenses market in Middle East & Africa was valued at US$ 450.0 Mn in 2017 and is likely to expand at a CAGR of more than 1.5% from 2018 to 2026.
Key Players such as Essilor International S.A., Corning Incorporated, and Carl Zeiss Meditec AG Likely to Continue to Lead the Market
The report also profiles leading players operating in the global photochromic lenses market. These include Carl Zeiss Meditec AG, Corning Incorporated, Essilor International S.A., HOYA Corporation, Vision Service Plan, Transitions Optical Limited, Optiswiss AG, TOKAI OPTICAL CO.,LTD., SEIKO OPTICAL PRODUCTS CO., LTD. and Vision Dynamics LLC. Expansion of geographical presence and partnerships for development of innovative solutions are the key strategies adopted by the major players. For example, in August 2017, HOYA Corporation acquired Performance Optics, LLC., that helped in expansion of both HOYA’s product offerings as well as geographic reach for its HOYA Vision Care division.
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