Spectacle Lens Market Size (2024 - 2029)

Spectacle Lens Market Analysis

The Spectacle Lens Market size is estimated at USD 57.51 billion in 2024, and is expected to reach USD 71.34 billion by 2029, growing at a CAGR of 4.41% during the forecast period (2024-2029).

Increasing optical disorders and the growing demand for vision correction are anticipated to fuel market growth during the forecast period. The rising awareness of vision impairment conditions and available vision correction solutions is driving the demand for spectacle lenses. The adoption of digital technologies, such as smartphones, laptops, and computers, has led to an increase in digital eye strain, resulting in vision-related problems.

The growing burden of ophthalmic diseases is expected to increase demand for the spectacle lens. Certain ophthalmic conditions require specialized lenses to maintain the refractive index, thereby boosting market growth. For instance, according to a study published in the Digital Medicine and Healthcare Technology journal in November 2022, the shift from the physical to the virtual world in recent years has led to an increase in complaints of digital eye strain. Low blue light levels may also increase the risk of developing myopia and near-sightedness in children, further increasing the demand for spectacle lenses.

In addition, according to the 2023 Glaucoma Report, glaucoma was the second leading cause of blindness worldwide, and roughly 3 million people in the United States were diagnosed with the disease in 2023. Thus, the high glaucoma burden is expected to increase demand for spectacle lenses to improve vision, which is likely to contribute to the market's growth over the forecast period.

The increasing product launches and approvals to meet the growing demand for corrective lenses are also expected to contribute to the growth of the market studied. For instance, in November 2023, Shamir Optical Industry unveiled its latest innovation, the Shamir Optimee, a cutting-edge myopia management spectacle lens. This new offering features the innovative Shamir Focusflow technology, ensuring a distinct central vertical zone tailored to the child's prescription.

Similarly, in December 2022, Vision Science and Technology Co. Ltd (VST), a start-up backed by the Hong Kong Polytechnic University (PolyU), launched an innovative spectacle lens that aims to slow down myopia progression. VST incorporated two patented technologies developed by PolyU to safeguard children's vision health.

Thus, all aforementioned factors, such as the growing burden of ophthalmic diseases and vision impairment and product launches by the market players, are expected to contribute to the market's growth over the forecast period. However, quality issues of lenses are expected to hamper the market's growth over the forecast period.

Spectacle Lens Industry Segmentation

As per the report's scope, a spectacle lens is a corrective lens used to correct eye problems and improve vision. Lenses are transmissive optical devices that are used to focus a ray of light through a process called refraction.

The spectacle lens market is segmented by type, coating type, usage, and geography. By type, the market is segmented as single vision, bifocal, trifocal, and progressive. By coating type, the market is segmented as anti-reflective coating, scratch-resistant coating, anti-fog coating, UV protection, and other coating types. By usage, the market is segmented as prescription glass and OTC reading glass. The market is segmented by geography into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The market report also covers the estimated market sizes and trends for 17 countries across major regions globally.

The report offers the value (USD) for the above segments.