Photochromic Lenses Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[236+ Pages Report] According to the report published by Facts Factors, the global photochromic lenses market size was worth USD 5,823.5 million in 2021 and is estimated to grow to USD 8788.62 million by 2028, with a compound annual growth rate (CAGR) of approximately 7.10% over the forecast period. The report analyzes the photochromic lens market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the photochromic lens market.

Market Overview

Photochromic lenses darken when exposed to U.V. rays. It prevents dangerous ultraviolet radiation from reaching the human eye. It can also be used indoors when there is no sunlight, as it recovers to its clear state. The tinting on glasses depends entirely on time exposed to U.V. radiation. To put it another way, the amount of tinting is proportionate to the amount of U.V. exposure. These glasses come in various colors, including grey, green, and brown. These lenses are available in bifocal, progressive, and high-index varieties. Photochromic lenses are also known as tinted lenses and light-adaptable lenses. The rising frequency of eye diseases, reduced costs, more public awareness, and the development of photochromic lenses with enhanced features are expected to drive market expansion during the forecast period. The ophthalmology market has been steadily growing in recent years, owing to a considerable increase in the world's aging population. However, discomfort and other problems connected with the usage of photochromic glasses and the worldwide economic slump are limiting the global photochromic lens market.

COVID-19 Impact:

COVID-19 is currently posing a severe threat to governments all over the world. Globally, important firm market capitalizations have declined, as have industrial production and other economic operations. Several corporations have suspended trade with foreign countries, imposed travel restrictions, and so forth. However, there is rising evidence that myopia and other vision-related difficulties are developing due to the lockdown's increased use of digital schooling and employment.

Key Insights

• As per the analysis shared by our research analyst, the market value of photochromic lenses is expected to grow at a CAGR of 7.10% over the forecast period.
• In terms of revenue, the global photochromic lenses market size was valued at around USD 5823.50 million in 2021 and is projected to reach USD 8788.62 million by 2028.
• The growing technological advancements in the healthcare industry, coupled with the rising demand for these lenses among the older population across the globe, are the major factors driving the market growth.
• By material, the plastic category dominated the market in 2021.
• By distribution channel, the independent eye care professionals (ECPs) category dominated the market in 2021.
• North America dominated the photochromic lenses market in 2021.

Growth Drivers

• Rising adoption of photochromic lenses amongst the older population to drive the market growth

Growing adoption of photochromic lenses and increased demand for photochromic lenses among the older population are projected to drive the market. For instance, Japan has the world's fastest-aging population. According to the World Ageing 2019 study, the population of people over 65 in Japan was estimated to be 35.524 million (28%) in 2019, with a predicted increase to 37.278 million (30.9%) in 2030. As the senior population grows in the next years, they are more prone to eye-related problems, accelerating market expansion. Other factors, such as technological advances, expanding retail locations, and gains in comfort & design, will boost the market for photochromic lenses over the forecast period.

Restraints

• High costs associated with the production of photochromic lenses may hamper the market growth

Production of top-quality transitional glasses can be very expensive; therefore, these lenses retail at 2-3 times the price of standard prescription glasses, so a cost decrease can significantly impact the market. Furthermore, better technology in alternatives such as specialized sun wears restrains the photochromic lenses industry.

Opportunities

• Increasing product approvals presents market opportunities

Increasing product acceptance and launches by the region's leading industry competitors create opportunities for global photochromic lenses market expansion. The market will likely rise during the forecast period due to rising product launches by key firms and factors such as an increase in eye problems and an aging population.

Segmentation Analysis

The global photochromic lens market is segregated based on material, technology type, distribution channel, and region.

Based on material, the market is divided into glass, polycarbonate, and plastic. The plastic market expanded significantly in 2021 due to low product prices, increased demand, the availability of items with cutting-edge technology, etc. Quick-darkening and quick-clearing effects are two great advantages of the plastic material and promote its use in photochromic lenses. Silver halide crystals are incorporated into the glass substrate of these photochromic lenses composed of glass. When exposed to UV-A rays, these crystals react with the colorless silver cation to generate elemental silver. Because the elemental silver can be seen, it seems darker and offers superior eye protection.

Based on technology type, the market is divided into in-mass, imbibing & trans-bonding, U.V. & visible light, and others. In 2021, the U.V. & visible light segment held the most market share, and this trend is anticipated to continue. It offers U.V. protection, which means protecting your eyes because  U.V. rays can harm your cataracts and cause macular degeneration, leading to blindness. Since these types of diseases are widespread in older adults, it gives them a solution to safeguard their eyes.

Based on distribution channels, the market is segmented into online, optical chains, and independent eye care professionals (ECPs). The independent eye care professionals (ECPs) segment dominated the market in 2021. During the forecast period, the segment is expected to maintain its lead over the other segments. The growing relevance of eye care among people is projected to propel market expansion.

Recent Developments

• November 2021: KOO Eyewear unveiled a new variable tint PHOTOCHROMIC lens designed to quickly adjust to changing light situations, as well as an Optical Clip for ophthalmic lens attachment, compatible with their existing DEMOS and SPECTRO models.

Report Scope

Regional Landscape

• North America dominated the photochromic lenses market in 2021

North America dominated the global photochromic lens market in 2021. This is because of the rising prevalence of eye conditions and the rise in the number of older adults. The increased use of photochromic lenses and the increasing demand for photochromic lenses among the older population are important factors contributing to the market's growth. During the projected period, it is also anticipated that the number of people in the region dealing with diabetic retinopathy, cataracts, macular degeneration, and glaucoma will increase demand for and market share of photochromic lenses.

Competitive Landscape

• 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. 
• Vision Dynamics LLC. Merger & Acquisition

Photochromic Lenses Market is segmented as follows:

By Material

• Glass
• Polycarbonate
• Plastic

Technology Type

• In-mass
• Imbibing & Trans-bonding
• UV & Visible Light
• Others

Distribution Channel

• Online
• Optical Chains
• Independent Eye Care Professionals (ECPs)

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America