Jul 6, 2020   SOURCE: PR NewsWire

Prescription Lens Market Size Worth $51.4 Billion By 2027 | CAGR 4.5%: Grand View Research, Inc.

SAN FRANCISCO, July 6, 2020 /PRNewswire/ -- The global prescription lens market size is expected to reach USD 51.4 billion by 2027, expanding at a CAGR of 4.5%, according to a report conducted by Grand View Research, Inc. Uncorrected refractive error cases are majorly contributing in the rapidly growing cases of visual impairment. Therefore, various organizations are focusing on increasing awareness regarding the conditions related to refractive errors and their corrective options. These organizations are also incorporating services to treat refractive errors. Initiatives taken to enhance vision care, identify cases at early stage, and to provide efficient lens for treating different vision problems are some of the factors expected to boost market growth.

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Myopia and astigmatism are the two refractive errors with highest prevalence. Therefore, to provide better treatment for these refractive errors market players are coming up with different type of prescription lens with advanced coating options. Furthermore, to increase the reach of these advanced lens, companies are being developed to enhance the accessibility of vision test through online platform. These online vision tests will enhance early diagnosis of refractive errors and hence are expected to positively impact the market.

Key suggestions from the report:

    --  The single vision held the largest share in 2019 mainly due to its
        effectiveness in enhancing peripheral vision
    --  The progressive segment are expected to grow at the fastest rate during
        the forecast period due to effective functionality and youthful
        appearance
    --  The workspace progressive segment expected to grow at a significant rate
        due to increasing number of working professionals and exposure to
        electronic display screens
    --  Myopia held the largest share in the market in 2019 due to the
        increasing prevalence of disease in the forecast period
    --  Presbyopia is expected to experience the fastest growth rate during
        forecast period. Increasing ageing population is contributing towards
        the growing prevalence of the disease and is driving the market
    --  Anti-reflective coating dominated the market in 2019 due to its
        advantage of providing clear image by reducing reflections
    --  The Ultraviolet (UV) treatment application segment is expected to
        witness the fastest growth rate over the forecast period owing to its
        ability to avoid the development of UV related eye disorders such as
        cataracts and macular degeneration
    --  North America held the largest share in 2019 owing to the increasing
        product launches in U.S. and enhanced distribution network for
        prescription lens in the region
    --  Asia Pacific is expected to experience fastest growth rate during the
        forecast period largely due to the growing prevalence of myopia in
        China, Japan, Singapore, and Korea and growing adoption of advanced eye
        care products in the region.

Read 140 page research report with ToC on "Prescription Lens Market Size, Share & Trends Analysis Report By Type (Single Vision, Progressive Lens, Workspace Progressives), By Application, By Coating (Anti-reflective, Ultraviolet Treatment), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/prescription-lens-market

Prescription lens are available with various coating options to provide patients with enhanced vision in different environments. Anti-reflective coating prescription lens are widely preferred due to their advantage of eliminating reflection and reducing contrast. On the other hand, UV coating prescription lens are experiencing growth mainly due to its growing demand to avoid penetration of harmful UV radiations. These UV radiations later can result into various eye related disorders, thus, increasing the demand for UV coated product.

Market players are focusing on forming alliances to expand the reach of their products. In December 2016, the HOYA Vision Care announced an agreement to acquire safety prescription eyewear business of 3M to expand its prescription lens product portfolio. Similarly, non-profit organizations are initiating programmes focusing on resolving visual impairment due to refractive errors.

Grand View Research has segmented the global prescription lens market based on type, application, coating, and region:

    --  Prescription Lens Type Outlook (Volume, Units; Revenue, USD Billion,
        2016 - 2027)
        --  Single vision
            --  Convex
            --  Concave
            --  Cylindrical
        --  Bifocal
        --  Trifocal
        --  Progressive
        --  Workspace progressives
        --  Others
    --  Prescription Lens Application Outlook (Revenue, USD Billion, 2016 -
        2027)
        --  Myopia
        --  Hyperopia/Hypermetropia
        --  Astigmatism
        --  Presbyopia
    --  Prescription Lens Coating Outlook (Revenue, USD Billion, 2016 - 2027)
        --  Anti-reflective
        --  Scratch resistant coating
        --  Anti-fog coating
        --  Ultraviolet treatment
    --  Prescription Lens Regional Outlook (Revenue, USD Billion, 2016 - 2027)
        --  North America
            --  U.S.
            --  Canada
        --  Europe
            --  Germany
            --  U.K.
            --  France
            --  Italy
            --  Spain
            --  Russia
            --  The Netherlands
            --  Switzerland
            --  Turkey
            --  Poland
        --  Asia Pacific
            --  China
            --  Japan
            --  India
            --  Thailand
            --  South Korea
            --  Indonesia
            --  Taiwan
            --  Hong Kong
            --  Philippines
            --  Malaysia
        --  Latin America
            --  Brazil
            --  Mexico
            --  Argentina
            --  Colombia
            --  Chile
        --  Middle East & Africa
            --  South Africa
            --  Saudi Arabia
            --  UAE
            --  Kuwait
            --  Qatar
    --  List of Key Players of Prescription Lens Market:
        --  Essilor
        --  ZEISS International
        --  HOYA VISION CARE COMPANY
        --  VISION EASE
        --  SEIKO OPTICAL PRODUCTS CO.,LTD
        --  PRIVÉ REVAUX
        --  Vision Rx Lab

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.