The global progressive lenses market is growing at a CAGR of 4.37% from 2022-2027 and is expected to reach 38.64 billion by 2027 from USD 29.90 billion in 2021. The market plays an important role in restoring multiple vision dysfunctions, including refractive errors such as myopia, hyperopia, astigmatism, and presbyopia. The clinical aspect of vision care involves the prevention of eye diseases as well as temporary and complete vision correction. The demand for eye care products in the global progressive lenses market is continually increasing with the growing prevalence of visual dysfunctions in developed and developing countries.
Progressive lenses are multifocal lenses specifically for people needing corrective lenses to see distant and close objects. These lenses allow you to see clearly at multiple distances without a bifocal line. The need for a progressive lens increases with age. By age 35 or 40, many people have difficulty focusing their eyes on nearby or distant objects. This condition is known as refractive error, and to compensate for this focusing problem, some people wear single-vision eyeglasses for distance and reading glasses for close. Eyeglasses come in a variety of types. This includes a single-vision lens with one power or strength over the entire lens or a bifocal or trifocal lens with multiple strengths over the entire lens. But multifocal lenses are designed with different prescription areas.
As people age, the ability to see near and far objects may decline. The progressive lenses market meets different visual needs in one lens. Usually, the top of the lens incorporates the 'distance' field of view and the bottom the 'near' field of view. Rather than separating the lines that separate these areas, progressive lenses are blended so that the central portion of the lens acts as intermediate vision correction when needed. In contrast to traditional bifocal or trifocal lenses, no visible lines separate the different fields in progressive lenses. Compared to bifocal lenses, progressive lenses can protect the neck and posture.
The acceptance in the progressive lenses market was mainly concentrated in developed countries such as the U.S., Japan, the UK, Germany, and France. However, developing Asian countries such as India and China are witnessing increased demand for progressive lenses owing to the growing target population with refractive error and visual impairment eye disorders and aggressive retail optical stores marketing campaigns.
MARKET TRENDS & OPPORTUNITIES
Growing prevalence of computer vision syndrome (CVS)
According to the Vision Council, at least 60% of American men and 65% of American women report CVS symptoms, 80% of adults use digital devices for more than two hours a day, and more than 65% of adults use at least two devices at the same time. About 80% of adults use a digital device before bedtime, and at least 70% of adults report that their child spends at least two hours of screen time. Simultaneous use of 2 or more devices increased the risk of CVS compared to the use of 1 device at a time; the reported prevalence was 75 % and 53 %, respectively. Over the last few years, there has been a significant increase in the average number of hours spent accessing and consuming digital content, resulting in the rise of eye disorders are driving the global progressive lenses market growth.
The Emergence Of Digital Progressive Lenses And Technological Advancements
Digital lenses are ideal for many progressive spectacle wearers, especially with the latest algorithms used to surface these lenses. These advanced progressive designs have many advantages over standard progressive lenses as the Progressive lenses are slightly improved with each advancement released. Manufacturers have developed different concepts for new progressive lens technology in the progressive lens market. While some manufacturers require technical equipment to collect biometric data on the corneal shape to optimize the cornea further, others offer a broader range of products rather than highly specialized ones.
Rise of E-commerce as a Preferred Distribution Channel
The rise in e-commerce as a distribution channel has contributed to the growing global demand for vision care products in the progressive lenses market. The internet plays a broader role as a supplier of consumer information & providing a platform for price referencing. For vision care products like progressive lenses, channel consolidation is rising and vertically combined. The vendors are developing an automated ordering system to allow users to order progressive lenses online, which will positively affect everyone involved in the practice.
Revolution of 3D Printed Progressive Lenses
3D printing is currently changing the way eyewear is designed and manufactured. Many eyewear manufacturers and even individuals have started adopting this layer-by-layer technology primarily to differentiate their products from their competitors and bring further innovation to eyewear design in the global progressive lenses market. But 3D printing technology also opens new possibilities for eyewear companies. 3D-printed lenses can have multiple zones with different optical properties. As a result of using Additive Manufacturing, all that has to be done is to design a 3D model much faster than traditional lens-making techniques.
Growing Prevalence of Refractive Errors and the Increasing Geriatric Population
Globally, around 285 million people have impaired vision, and more than 80% of the impaired vision cases are preventable with early diagnosis and treatment. As the world population ages, the need for quality vision care is expanding and evolving, with the availability of a diverse range of progressive lenses for several vision impairments boosting the progressive lenses market. The geriatric population is growing rapidly in several regions worldwide. The rapidly increasing elderly population is linked to the increase in chronic diseases, including eye disorders.
INSIGHTS BY MATERIAL
The progressive lenses are made of materials comprising polycarbonate, plastic, glass, and many others. Some lens materials provide better comfort and visual clarity, and some are available in many lens designs. The polycarbonate segment dominates the industry with a share of 47.48%. A primary reason for using polycarbonate material in progressive lenses is because they are virtually indestructible, offering enhanced safety for the eyes. Polycarbonate is known to be ten times stronger than traditional plastic.
The polycarbonate segment will likely witness the highest incremental growth of USD 3.81 billion over the forecast period. The other segment will likely witness the fastest CAGR of 5.33% during the forecast period.
INSIGHTS BY APPLICATIONS
Myopia, presbyopia, hyperopia, and astigmatism are the key segment under applications in the global progressive lenses market. The myopia segment accounted for 34.78% in 2021, with a market value of USD 10.40 billion. Myopia, or nearsightedness, which is caused when light focuses in front of the retina, is one of the most common eye disorders that causes blurring of the faraway object. An estimated 38% of the adult population in Europe, 43% in the U.S., and 82% in Asia are reported to suffer from myopia. The myopia segment is projected to register a CAGR of 4.78% during the forecast period 2021-2027.
INSIGHTS BY AGE GROUP
On the basics of age group, the global progressive lenses market is segmented into 60 & above, 30 to 60, and below 30. Among the age group segment, the 60 & above segment dominates the global market with a share of 56.45%. The growth of the target population in the industry is attributable to the surge in myopia prevalence, the rise in the geriatric population, and the preference for lenses. The 60 & above segment will likely witness the highest incremental growth of USD 4.84 billion over the forecast period.
INSIGHTS BY DISTRIBUTION CHANNEL
The global progressive lenses market is segmented based on distribution channels into optical retail stores, eye care clinics, hospitals, and online stores. The optical retail stores segment accounted for a major share of 40.39% in 2021 and is anticipated to retain its market dominance during the forecast period. Optical retail stores are considered a traditional method of distribution channel for customers and are preferred mainly by the old age population, who primarily evaluate the product before purchasing. In contrast, the current generation has started to move towards the online platform. The online stores segment is projected to register a CAGR of 5.52% during 2021-2027.
Europe dominates the global progressive lenses market with a market share of around 30.70%. In the European region, there has been a significant increase in presbyopia patients requiring lens correction or treatment, estimated to grow during the forecast period. The awareness among ophthalmologists in Europe is lower compared to the market like the United States. Increasing awareness regarding the new products and advancements will increase the adoption of progressive lenses in the region.
The APAC region dominates the global progressive lenses market and is projected to grow at a CAGR of 5.97%. The region is witnessing rapid growth in the aging population. The population above 65 years is set to increase by more than two-fold, from 547 million in 2016 to nearly 1.3 billion by 2050. Such a demographic shift will accompany a high demand for progressive lenses.
North America ranks third in the global progressive lenses market. North America has the presence of all major vendors in the market. A few vendors also maintain their company-operated retail stores in this region to sustain their presence and increase their profitability. For instance, EssilorLuxottica, one of the key vendors in the global progressive lenses market, operates retail stores under the names LensCrafters and Pearle Vision in North America.
The global progressive lenses market is an oligopoly market with international, regional, and local players offering various products. The leading players in the progressive lenses market are ZEISS, EssilorLuxottica, HOYA, and Shamir. The competition is intense among tier I/II vendors as many local players are available in the market in every country and pose a significant threat to regional and global players.
In recent years, the global eyeglasses market has witnessed many strategic initiatives by key and prominent vendors, intensifying market competitiveness. The strategic merger of major Essilor and Luxottica Group resulted in the formation of EssilorLuxottica, thereby increasing the merged entity’s market share significantly over that of its competitors. Vendors compete based on product variety, pricing, quality, technological leadership and innovation, and the efficacy of progressive lenses.