Photochromic Lenses Market

Global Photochromic Lenses Market Size (2023 to 2028)

The global photochromic lenses market is estimated to grow at a CAGR of 8.44% from 2023 to 2028 and be worth USD 11 billion by 2028 from USD 7.34 billion in 2023.

Photochromic lenses are eye lenses that darken automatically when exposed to ultraviolet rays in the sunshine. They return to a lighter shade once they are no longer exposed to ultraviolet rays. The level of UV radiation the glasses are exposed to is directly proportional to the tint of darkness. Previously, these glasses were only available in a few colors; however, they are now available in a wide range of colors, including green, blue, brown, gray, and other hues. In addition, they come in various lens types, including high-index, progressive, and bifocal. 'Variant tint lenses' and 'light adaptable lenses' are other names for photochromic lenses. Sunglasses and regular glasses commonly use photochromic lenses.

Impact of COVID-19 on the global photochromic lenses market:

COVID-19 is currently posing a significant danger to countries all over the world. As a result, several firms have halted trade with other nations, imposed travel restrictions, and other measures, resulting in a drop in significant company market capitalizations worldwide and a decline in industrial production and other economic activity. However, as a result of the lockout, there has been more evidence of the development of vision-related disorders such as myopia. This is due to the more significant usage of digital learning and work. As of these factors, the market is predicted to have moderate growth until the end of the pandemic.

MARKET DRIVERS:

Declining prices, the growing aging population worldwide and the growing popularity of these lenses majorly drive the growth of the worldwide photochromic lens market.

Due to a growth in the elderly population, photochromic lenses are favored for vision correction among older people compared to younger people with impaired eyesight. Additional factors such as technical advancements, increased retail locations, and improvements in comfort and style will enhance the market for photochromic lenses throughout the projected period. In addition, growth in the number of cases of eye disease, more ophthalmology diagnostic procedures, and increased public awareness would all help the photochromic lens market grow.

The global market for photochromic lenses is predicted to grow in popularity and innovation as products with more advanced technologies become more widespread. Firms' involvement in the R&D of new varieties of lenses using various technologies is one of the primary trends identified in the photochromic lenses market. In addition, anyone can use photochromic lenses for medical or non-medical purposes. As a result of these factors, the global market for photochromic lenses is rapidly expanding. Major drivers projected to propel this market in the near years include improved reaction in hot climates, availability of multicolor lenses, increased sensitivity to indirect light, and technological advancements.

MARKET RESTRAINTS:

Better technology in alternatives such as specialized sun wear restrains the photochromic lenses market. The market's expansion is hampered by high manufacturing costs and a scarcity of lenses. Furthermore, the growth of the global photochromic lenses market is being held back by discomfort and other inconveniences connected with the usage of photochromic lenses, as well as a slowing economy.

REPORT COVERAGE:

This research report on the global photochromic lenses market has been segmented and sub-segmented based on material, technology, application, and region.

Photochromic Lenses Market – By Material:

• Glass
• Polycarbonate
• Plastic

With the largest market share, plastic segments dominated the market in 2022. Quick-darkening and quick-clearing effects are fantastic benefits linked with the plastics material, promoting its acceptance in photochromic lenses. Silver halide crystals implanted in a glass substrate interact with the colorless silver cation to generate elemental silver when exposed to UV-A rays in these photochromic lenses composed of glass material. Because the elemental silver is visible, it seems darker and provides superior eye protection. Because of low cost, great demand, and more rigidity than glass, the plastic segment continues to rise.

Photochromic Lenses Market – By Application:

• Corrective
• Preventive

In the photochromic lenses market, corrective lenses are expected to have the largest share in the global market during the forecast period. A corrective lens is a type of eyeglass used to improve vision. The corrective lens is a type of corrective lens that is often used to treat refractive problems. The corrective lens sector continues to dominate because of the expanding senior population and the adoption of corrective lenses by people who have had eye surgery to correct illnesses such as diabetic retinopathy, cataracts, and degenerative macula. In contrast to the growing number of persons with vision issues, the segment will increase faster during the forecast period due to cost savings.

Photochromic Lenses Market – By Technology:

• Imbibing and Trans-Bonding
• UV and Visible Light
• In Mass

Based on technology, the UV and Visible Light segment is anticipated to play a dominating role in the global photochromic lenses market during the forecast period. This is because it provides UV rays protection, which protects your eyes. UV rays can damage cataracts and cause macular degeneration, leading to blindness. These diseases are widespread among the elderly, providing a solution for them to safeguard their eyes.

Photochromic Lenses Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America led the market in 2022 and is estimated to hold a promising occupancy in the global market during the forecast period. This is due to the growing senior population and the rising prevalence of eye problems. Moreover, throughout the forecast period, the increasing number of people suffering from diabetic retinopathy, cataract, macular degeneration, and glaucoma is likely to boost demand and market share for photochromic lenses in the region.

Due to an increase in the number of ophthalmologists, increased per capita health care expenditure, high prevalence of eye disorders, and increased knowledge about eye care in the region, the photochromic lenses market in the Asia Pacific is expected to grow at a quick rate over the forecast period. The photochromic lenses market in Asia is predicted to grow at the fastest pace in countries with significant populations, such as China and India. Increasing awareness and rising disposable incomes are two important driving reasons for the photochromic lens market in emerging countries.

Because of an increase in government-funded research and development and an increase in the district's senior population, Europe was the leading market next to the Asia Pacific for photochromic lenses.

KEY MARKET PARTICIPANTS:

Carl Zeiss Meditec AG, Corning Incorporated, Essilor International S.A., Vision Dynamics LLC, Seiko Optical Products Co., Ltd., Tokai Optical Co., Ltd., Optiswiss AG, Transitions Optical Limited, and Hoya Corporation are a few of the prominent companies operating in the global photochromic lenses market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• KOO Eyewear announced a new PHOTOCHROMIC Lens and Optical Clip in 2021.
• In 2021, EssilorLuxottica introduced its first commercial product, using the new Group's strength by strategically merging Essilor and Luxottica's experiences.
• HOYA Vision Care, a leader in ophthalmic lens technology and an ECP ALLY, announced the launch of Sensity Fast light-reactive lenses in 2020.