Photochromic Lenses Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 6.88 Billion |
| Market Size (2029) | USD 9.13 Billion |
| CAGR (2024 - 2029) | 5.81 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Photochromic Lenses Market Analysis
The Photochromic Lenses Market size is estimated at USD 6.88 billion in 2024, and is expected to reach USD 9.13 billion by 2029, growing at a CAGR of 5.81% during the forecast period (2024-2029).
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, which is expected to drive the photochromic lens market.
Various studies were conducted to compare the contrast sensitivity of photochromic and non-photochromic lenses. For instance, according to an article published by the Journal of Clinical Medicine in December 2023, it was observed that the activated-photochromic contact lens (CL) group exhibited superior contrast-sensitivity values compared to the non-photochromic CL group. These findings underscore the efficacy of photochromic CLs in bolstering visual acuity outdoors without compromising performance indoors or in glare-prone settings. Such enhancements in visual quality, especially in challenging light conditions, are poised to drive the adoption of photochromic CLs, thereby bolstering the market growth.
Additionally, the rising burden of eye-related disorders such as cataracts among the population is expected to propel the demand for photochromic lenses as they can help protect the eyes from excessive UV light, which may benefit both pre and post-cataract surgery. For instance, as per the data released by the Centers for Disease Control and Prevention (CDC) in November 2022, an estimated 20.5 million Americans aged 40 years and older have a cataract in one or both eyes, and it is expected to increase to 50 million by 2050. Therefore, the rising prevalence of cataracts is set to lead to an increase in the number of cataract surgeries, thereby increasing demand for photochromic lenses for post-operative UV protection.
Also, the new product launches by the key players fuel the demand for photochromic lenses, which is projected to drive the market during the forecast period. For instance, in April 2023, Hoya Vision Care launched MiYOSMART Sun spectacle lenses in Singapore, designed to be effective and non-invasive protection against myopia for children. Similarly, in February 2022, ZEISS launched the next generation of photochromic lenses, ZEISS PhotoFusion X lenses in Germany, which darken and clear faster while providing a new level of integrated blue light and UV protection.
Moreover, the partnership strategies adopted by the key players are anticipated to boost the development of advanced photochromic lenses in the market, augmenting the market growth. For instance, in January 2023, HOYA Vision Care and WestGroupe entered a new partnership to deliver an all-in-one frame and lens portfolio for complete pairs at attractive prices. ECPs can order HOYA lenses, including plastic-based photochromic lenses, with WestGroupe frame lines from HOYA laboratories without the need to ship frames. These packages are designed and priced to help ECPs compete with aggressive pricing from online optical sites with the option to upgrade to premium frames and lenses.
Therefore, owing to the high burden of cataracts, the growing number of research studies related to photochromic lenses, new product launches, and the strategic activities of key players, the market is expected to grow during the forecast period. However, the presence of counterfeit products is likely to hinder the market growth during the forecast period.
Photochromic Lenses Market Trends
Corrective Lens are Expected to Hold a Significant Market Share During the Forecast Period
Corrective photochromic lenses, also known as prescription photochromic lenses, combine prescription eyeglasses' benefits with photochromic lenses' light-adaptive properties. 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 during the forecast period.
The major factors that contribute to the growth of the market include the increasing incidence and prevalence of eye-related disorders. For instance, according to a research article published in Ophthalmology Glaucoma Journal in August 2022, nearly 1 million glaucoma-related outpatient visits are made every year to hospital eye services in England, and glaucoma accounted for an estimated 20% of hospital eye service outpatient workload in the country during the forecast period. This burden of glaucoma is expected to increase the adoption of corrective photochromic lenses and contribute to the country’s market growth.
Initiatives such as agreements by companies are one of the key factors that aid growth as they lead 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 aids in the growth of the market. For instance, in April 2023, HOYA Vision Care launched the MiYOSMART sun range. The photochromic spectacle lenses, MiYOSMART Chameleon, polarised spectacle lenses, and MiYOSMART Sunbird protect 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.
North America is Expected to Hold a Significant Market Share During the Forecast Period
North America is expected to hold a significant market share due to the high standards of healthcare infrastructure and the rising demand for photochromic lenses. In addition, as photochromic lenses automatically darken when exposed to the sun's ultraviolet (UV) rays, they protect the eyes of patients with glaucoma and other eye diseases from UV rays. Thus, the market demand in the United States is growing due to the rising prevalence of eye disorders among the target population.
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. 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, the growing geriatric population is more prone to develop eye-related disorders owing to the breakdown of protein in the lens as age increases, propelling the market growth. For instance, according to the data updated by the United Health Foundation in January 2023, the total number of adults ages 65 and older is projected to rise to an estimated 73.1 million by 2030 and 85.7 million by 2050 in the United States. As the number of older people is projected to rise, the demand for photochromic lenses is predicted to increase, which is further expected to create opportunities for the market growth of photochromic lenses across the region.
Also, 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 May 2024, HOYA Vision Care Canada unveiled the promising outcomes of its Early Experience Program. This initiative involved a post-marketing survey that gauged patient satisfaction with the MiYOSMART Chameleon photochromic lenses. Also, the company rolled out a promotion, offering eye care providers (ECPs) the opportunity to acquire the Chameleon and MiYOSMART Sunbird polarized lenses at a price equivalent to the clear MiYOSMART lenses. These strategic moves are poised to boost these advanced lenses' uptake significantly.
Similarly, in July 2022, Nikon Optical Canada launched its Transitions XTRActive New Generation lenses that protect against bright lights and provide 100% ultraviolet rays and blue light protection. This lens is the darkest photochromic and can be used in high temperatures in summer and inside a car.
Therefore, owing to 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 moderately 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.
Photochromic Lenses Market Leaders
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Corning Incorporated
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Carl Zeiss AG
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Hoya Corporation
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EssilorLuxottica SA
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Vision Dynamics LLC
*Disclaimer: Major Players sorted in no particular order
Photochromic Lenses Market News
- May 2024: LensCrafters, a division of EssilorLuxottica, launched GEN S, a technological revolution that redefines the benchmark for prescription eyewear. This innovation is reshaping the eyewear landscape in the United States and setting new standards in Canada, France, and Italy. Also, Transitions GEN S is the fastest dark lens in the clear-to-dark photochromic segment.
- April 2024: Indizen Optical Technologies of America (IOT America) launched Neochromes FT-28 flat-top polycarbonate photochromic lenses. The launch of the new product marks a significant advancement in the bifocal lens market, offering unmatched photochromic performance with enhanced features.
Photochromic Lenses Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Growing Adoption of Photochromic Lens
- 4.2.2 Wide Range Availability of OTC Products
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4.3 Market Restraints
- 4.3.1 Presence of Counterfeit Products
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
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5.1 By Material
- 5.1.1 Glass
- 5.1.2 Polycarbonate
- 5.1.3 Plastic
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5.2 By Technology
- 5.2.1 UV and Visible Light
- 5.2.2 Imbibing and Trans-bonding
- 5.2.3 In Mass
- 5.2.4 Other Technologies
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5.3 By Application
- 5.3.1 Corrective
- 5.3.2 Preventive
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5.4 By Sales Channel
- 5.4.1 Specialty Clinics
- 5.4.2 Online
- 5.4.3 Other Sales Channel
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5.5 By Geography
- 5.5.1 North America
- 5.5.1.1 United States
- 5.5.1.2 Canada
- 5.5.1.3 Mexico
- 5.5.2 Europe
- 5.5.2.1 Germany
- 5.5.2.2 United Kingdom
- 5.5.2.3 France
- 5.5.2.4 Italy
- 5.5.2.5 Spain
- 5.5.2.6 Rest of Europe
- 5.5.3 Asia-Pacific
- 5.5.3.1 China
- 5.5.3.2 Japan
- 5.5.3.3 India
- 5.5.3.4 Australia
- 5.5.3.5 South Korea
- 5.5.3.6 Rest of Asia-Pacific
- 5.5.4 Middle East and Africa
- 5.5.4.1 GCC
- 5.5.4.2 South Africa
- 5.5.4.3 Rest of Middle East and Africa
- 5.5.5 South America
- 5.5.5.1 Brazil
- 5.5.5.2 Argentina
- 5.5.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Corning Incorporated
- 6.1.2 EssilorLuxottica SA
- 6.1.3 Apax Fund (Rodenstock GmbH)
- 6.1.4 Carl Zeiss AG
- 6.1.5 Hoya Corporation
- 6.1.6 Vision Dynamics LLC
- 6.1.7 Tokai Optical Co. Ltd
- 6.1.8 Sundex Optical Co. Ltd
- 6.1.9 Jiangsu Aogang Optical Glasses Co. Ltd
- 6.1.10 GKB Ophthalmic Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Photochromic Lenses Industry Segmentation
As per the scope of the report, photochromic lenses are closed, transparent (or almost clear) eyeglass lenses that naturally darken when exposed to sunlight. Depending on the type of lens and product, photochromic lenses darken through different processes. Some alternate terms used are variable tint lenses and light-adaptive lenses.
The photochromic lens market is segmented by material, technology, application, sales channel, and geography. The market is segmented by materials: glass, polycarbonate, and plastic. By technology, the market is bifurcated into UV and visible light, imbibing and trans-bonding, in mass, and other technologies. By application, the market is segmented into corrective and preventive. The market is segmented by sales channel into specialty clinics, online, and other sales channels. By geography, the market is divided into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The report provides market sizes and forecasts in terms of value in USD for the above segments.
| By Material | Glass | |
| Polycarbonate | ||
| Plastic | ||
| By Technology | UV and Visible Light | |
| Imbibing and Trans-bonding | ||
| In Mass | ||
| Other Technologies | ||
| By Application | Corrective | |
| Preventive | ||
| By Sales Channel | Specialty Clinics | |
| Online | ||
| Other Sales Channel | ||
| By Geography | North America | United States |
| Canada | ||
| Mexico | ||
| By Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| By Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| By Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| By Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Photochromic Lenses Market Research FAQs
How big is the Photochromic Lenses Market?
The Photochromic Lenses Market size is expected to reach USD 6.88 billion in 2024 and grow at a CAGR of 5.81% to reach USD 9.13 billion by 2029.
What is the current Photochromic Lenses Market size?
In 2024, the Photochromic Lenses Market size is expected to reach USD 6.88 billion.
Who are the key players in Photochromic Lenses Market?
Corning Incorporated, Carl Zeiss AG, Hoya Corporation, EssilorLuxottica SA and Vision Dynamics LLC are the major companies operating in the Photochromic Lenses Market.
Which is the fastest growing region in Photochromic Lenses Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Photochromic Lenses Market?
In 2024, the North America accounts for the largest market share in Photochromic Lenses Market.
What years does this Photochromic Lenses Market cover, and what was the market size in 2023?
In 2023, the Photochromic Lenses Market size was estimated at USD 6.48 billion. The report covers the Photochromic Lenses Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Photochromic Lenses Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Photochromic Lenses Industry Report
Statistics for the 2024 Photochromic Lenses market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Photochromic Lenses analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
