Photochromic Lenses Market Size (2024 - 2029)

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 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.