Photochromic Lenses Market – Snapshot
Photochromic lenses adjust automatically to outdoor lighting conditions by providing the right level of tint, and return to their clear state. The extent of photochromic reaction of the lenses depends on the intensity of the UV radiation. There are several international standards to confirm that photochromic lenses employed in sunglasses and spectacle lenses do not affect the perception of color and provide suitable UV protection to the eye. Photochromic lenses are also known as transition lenses. These lenses are available in different colors, such as grey, green, and brown. Collaboration among market players for product development is likely to result in innovative products to fulfill consumer demand. The global photochromic lenses market was valued at around US$ 8,000 Mn in 2017 and is anticipated to register a CAGR above 2.5% from 2018 to 2026 to reach a value of approximately US$ 11,000 Mn by 2026.
Growth in aging population worldwide and rise in demand for photochromic lenses among the older population are expected to drive the photochromatic lenses market during the forecast period. According to the United Nations, by 2050, the number of older people is expected to more than double, rising from 962 million in 2017 to 2.1 billion in 2050. Technological advancements, increasing retail outlets, and comfort and style benefit are the additional factors fueling the growth of the photochromic lenses market. Photochromic lenses are a preferred choice for vision correction among the older population compared to the younger population with impaired eyesight due to increase in geriatric population. Children are suffering from acute nearsightedness at a very small age due to increasing use of electronic devices such as smart phones, tablets, laptops and televisions. Research indicates that long-term, unprotected exposure to sunlight can lead to vision problems, which include age-related conditions such as macular degeneration, cataracts, and other eye conditions. Eye care professionals, in the present time, recommend photochromic lenses that protect eyes from UV exposure to prevent eye problems caused by sun rays.
The global photochromic lenses market has been segmented based on material, technology type, distribution channel, and region. In terms of material, the glass segment is anticipated to account for a major market share, followed by the plastic segment. The plastic segment is growing significantly due to affordable product pricing, rise in product demand, availability of technologically advanced products, etc. Based on technology type, the UV & visible light segment accounted for the leading market share in 2017 and is expected to gain market share by 2026. Rise in prevalence of chronic eye diseases as well as product demand are likely to propel the UV & visible light segment from 2018 to 2026. In terms of distribution channel, the independent eye care professionals segment held the dominant share of the photochromic lenses market in 2017. The segment is projected to maintain its lead over the other segments during the forecast period. Rise in importance of eye care among people is expected to fuel the growth of the market.
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Geographically, Europe was the leading market for photochromic lenses due to increase in focus on research & development by the government and growth in geriatric population in the region. According to the World Health Organization and European Union, in 2015, countries in Europe had one of the highest percentages of in geriatric populations in the world, along with higher life expectancy rates. North America is the second leading market for photochromic lenses. Increase in mergers and acquisitions among major manufacturers headquartered in North America, technological advancement, and rise in incidence of chronic eye diseases are anticipated to boost the photochromic lenses market in the region during the forecast period. According to the American Association of Ophthalmology, eye-related disorders, such as, glaucoma, blindness, cataract, and diabetic retinopathy are on the rise. Cataract affects almost 24 million people in the U.S. every year. The photochromic lenses market in Asia Pacific is projected to grow at a rapid pace during the forecast period, owing to rise in the number of ophthalmologists, increase in per capita health care expenditure, high prevalence of eye diseases, and rise in awareness about eye care in the region. According to statistics provided by the International Council of Ophthalmology, India had around 15,000 and China had an estimated 28,000 ophthalmologists in 2013. High demand for photochromic lenses has been observed in the developing countries of Asia Pacific.
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Major players operating in the global photochromic lenses market include Carl Zeiss Meditec AG, Corning Incorporated, Essilor International S.A., HOYA Corporation, Vision Service Plan, Transitions Optical Limited, Optiswiss AG, TOKAI OPTICAL CO., LTD., SEIKO OPTICAL PRODUCTS CO., LTD. and Vision Dynamics LLC. Merger & Acquisition is the key growth strategy adopted by leading companies.
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