Gloal Spectacle Lens Market Growth, Trends, and Forecast 2019-2024: Prescription Glass Segment is Expected to Exhibit Fastest Growth Rate - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Apr 1, 2019--The “Spectacle Lens Market - Growth, Trends, and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The growth of the global spectacle lens market is due to the increasing geriatric population and rising prevalence of optical disorders.
Globally, the percentage of the elderly population increased from 5.6% to 8.6% between 1961 and 2011. According to the US Census Bureau’s Statistics, among 7.3 billion people in the world, in 2015 an estimated 8.5 %, or 617.1 million, were aged 65 years and older.
According to the WHO, currently, people have high life expectancy. By 2050, the world’s population aged 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 cataract and diabetic retinopathy, across the world, is assisting the market growth.
According to the National Eye Institute, the United States recorded 7.7 million diabetic retinopathy cases and 24 million cataract cases, which are expected to reach 11.3 million and 38 million, respectively, by 2030. Hence, these factors are expected to propel the market growth over the forecast period.
Scope of the Report
This report includes an in-depth study of the global spectacle lens market (henceforth, referred to as the market studied’). As per the scope of the report, the spectacle lens is the corrective lens, which is used to correct eye problems and improve vision. Common indications of the use of spectacle lens include myopia, astigmatism, presbyopia, and hypermetropia.
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. According to a report published by the Vision Council of America, in 2015, 76.2% of American adults used vision correction. The report also states that 159.2 million people in the United States used prescription eyeglasses as a means of vision correction. In addition, on the basis of gender, 61.2% men in the United States used eyeglasses whereas 67.3% of women used prescription glasses (2015).
The price of prescription glasses generally ranges between USD 5-USD 30. It depends upon various factors, such as frame type, frame size, gender, material, weight, and prescription-type (single vision, bifocal, etc.). Some of the brands for prescription glasses include Vincent Chase, John Jacobs, Ray-Ban, Tom Ford, Persol, Calvin Klein, etc., which hold a major share of the prescription glass market.
North America Captured the Largest Market Share and is Expected to Retain its Dominance
North America dominated the overall spectacle lens market, owing to the speedy adoption of spectacles for vision care in the region, growing geriatric population, and increasing awareness. The United States accounted to be the major contributor to the North American spectacle lens market. The Vision Council of America reported that there were 188.7 million Americans wearing some form of vision correction in the country, which was just over 3 out of every 4 adults (as in 2015).
Moreover, according to the Vision Council of America, the usage increased the most for OTC readers (from 29.8 million in 2014 to 30.9 million in 2015) and Rx sunglasses (from 27.4 million in 2014, to 29.1 million in 2015). In addition, the usage of prescription glasses increased from 156.5 million in 2014 to 159.2 million in 2015 in the country. Thus, all the aforementioned factors are expected to propel the growth of the US spectacle lens market.
The spectacle lens market is highly competitive and consists of several major players. In terms of market share, few of these major players currently dominate the market. The presence of major market players, such as Carl Zeiss Meditec AG, Essilor International SA, Hoya Vision Care Company, Vision Ease, and Seiko Optical Products Co. Ltd is, in turn, increasing the overall competitive rivalry of the market. The product advancements and improvement in the spectacle lens market by the major players is increasing the competitive rivalry.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Aging Population
4.2.2 Increasing Prevalence of Optical Disorders
4.3 Market Restraints
4.3.1 Poor Quality of Lens
4.4 Industry Attractiveness Porter’s Five Forces Analysis
5 Market Segmentation
5.1 By Type
5.1.1 Single Vision
5.2 By Coating Type
5.2.1 Anti-reflective Coating
5.2.2 Scratch-resistant Coating
5.2.3 Anti-fog Coating
5.2.4 UV Protection
5.2.5 Other Coatings
5.3 By Usage
5.3.1 Prescription Glass
5.3.2 OTC Reading Glass
6 Competitive Landscape
6.1 Company Profiles
6.1.1 Carl Zeiss Meditec AG
6.1.2 Essilor International SA
6.1.3 Hoya Vision Care Company
6.1.4 Vision Ease
6.1.5 Seiko Optical Products Co. Ltd
6.1.6 Rodenstock GmbH
6.1.7 GKB Ophthalmics Ltd
7 Market Opportunities and Future Trends
For more information about this report visit https://www.researchandmarkets.com/research/f9tn6n/gloal_spectacle?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20190401005438/en/
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Related Topics:Optical ,Eye Care and Eyewear
INDUSTRY KEYWORD: HEALTH OPTICAL
SOURCE: Research and Markets
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PUB: 04/01/2019 07:54 AM/DISC: 04/01/2019 07:54 AM