The Spectacle Lens Market Research report 2021 is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The Spectacle Lens report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The market report also provides information regarding market size, share, trends, growth, cost structure, market drivers, challenges and opportunities, and forecast 2025. The report also maps the qualitative impact of various market factors on market segments and geographies. The Spectacle Lens report covers the post-COVID-19 (Corona Virus) impact on various regions and major countries and on the future development of the industry is pointed out.
The Spectacle Lens Market is expected to witness a CAGR of 5.5%, during the forecast period 2021 to 2025.
The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Spectacle Lens Market: Carl Zeiss Meditec AG, Essilor International SA, Hoya Vision Care Company, Vision Ease, Seiko Optical Products Co. Ltd, and others.
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Spectacle Lens Market Overview:
The growth of the spectacle lens market is due to the increasing geriatric population and the rising prevalence of optical disorders. Globally, according to the United Nations 2017 report, “World Aging Population”, the population of the elderly has increased especially in developed countries. For instance, the percentage of the population aged 60 years or above is expected to increase from 21.5% in 2017 to 27.5% by 2050.
According to WHO, currently, people have a high life expectancy. By 2050, the world’s population aged between 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. Hence, these factors are expected to propel the market growth over the forecast period.
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. The purpose of prescription glasses is to correct or improve the vision of people with nearsightedness ( myopia ), farsightedness (hyperopia), presbyopia, and astigmatism.
With increasing awareness of vision impairment conditions and available vision correction solutions, the demand for these devices is increasing. Even in developed regions of the world, the trend seems to be still increasing due to growing vision correction, due to factors like the growing geriatric population. For instance, according to the 2017-18 National Health Survey (NHS) of Australia, the percentage of the population with visual impairment in Australia has been increasing over the years. This is expected to help the growth of the market.
North America Captured the Largest Market Share and it is Expected to Retain its Dominance
The United States (US) and Canada have developed and well-structured healthcare systems. These systems also encourage R&D. These policies encourage global players to enter the United States and Canada. As a result, these countries enjoy the presence of many global market players. Moreover, developing countries, like Mexico in North America, have the advantage of having developed nations in the vicinity. This allows many companies to penetrate the Mexican market, thus boosting growth in the country.
What are the market factors that are explained in the report?
– Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
– Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
– Analytical Tools: The Spectacle Lens Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. Analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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