The technical advancements for instance, See Series developed by Nikon are anticipated to increase the market growth. The See Series lens are custom made lens that have double side aspheric design with advanced features to fit the requirement of the wearer. The application of thiourethane in the lens technology as in case of MRTM has made it possible to produce thin, light weight, high impact resistant, durable and safe eyeglass lenses. The production of smart glasses that are made up of glycerin has made it possible to change the curvature by changing the membranes mechanically. Additionally, these glasses have smartphone app so that the lenses are calibrated via Bluetooth in accordance to the wearer’s eyeglass prescription data. The wide range of applications and various types of lens available has increased the lens usage made of different materials. The possibility of using and disposing lens daily and their regular replacement is anticipated to drive the market growth.
The global optical lens material market is anticipated to record a CAGR of around 8% over the forecast period i.e. 2019-2027 owing to growing demand for lens and optics. The rise in usage of electronic gadgets for instance mobiles, laptops, desktops are anticipated to increase the market growth. With the advent of industrialization and urbanization, the use of electronics is anticipated to expand owing to which the increase in eye defects and disorders are anticipated. The increase in the geriatric population coupled with increase in awareness of people regarding the use of better-quality lens and the materials used in production of lens are anticipated to boost the market growth. The wide range of application for instance microscope, contact lens, binoculars, cameras and telescope coupled with availability of variety in lens for instance plastic lens, glass lens, lens of different shapes and sizes, lens with different material property is anticipated to increase the market growth. The expanding tourism sector has resulted in increased sales of cameras which is anticipated to increase the material consumption pertaining to lens.
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The market is segmented by lens type, material type, application type, type and design type. The lens type is further segmented into soft lens and gas permeable lens, out of which, the gas permeable lens segment is anticipated to have leading shares on the back of increased usage of scleral lens. These are used to treat the problems for instance light sensitivity and pain in case of injured eye or eye disorders such as dry eye syndrome, corneal ectasia and anesthetic corneas. On the basis of material type, the market is segmented into silicone hydrogel, flourosilicone acrylate, hydrogel and PMMA, out of which the silicone hydrogel is anticipated to witness largest market growth on the back of the ability of these lens to pass more oxygen through cornea as compared to regular soft lens. The spherical lens design is anticipated to have largest market share owing to their use in both myopia and presbyopia eye conditions.
The increase in the number of optical surgeries that could treat the vision problems coupled with risks associated with the use of lens for instance, corneal ulcers, eye infections and sometimes blindness are anticipated to hinder the growth of optical lens material market. Additionally, the limitations of lens material for instance, no UV protection by AC lens even though they are cheap, the glass lens have excellent optical property but are highly are anticipated to hinder the market growth.
Our-in depth analysis of the global optical lens materials market includes the following segments:
On the basis of regional analysis, the global optical lens material market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is anticipated to witness significant growth owing to presence of numerous manufacturers, eye care specialists, technological advancements, general awareness and government initiatives. The Europe region is also projected to have significant growth during the forecast period on the back of availability of high product range and acceptance by the people. Additionally, the ability of people to afford the high brand lenses and convenience to use them is anticipated to increase the market growth. Asia-Pacific is anticipated to witness significant growth in the market owing to presence of geriatric population especially in China and Japan which will lead to increase the consumption of lens. Additionally, increase in urbanization and industrialization in the region has resulted in changing lifestyle of population with people adopting lens according to their lifestyle and preferences. The increase in number of lens manufactures is anticipated to increase the market growth.
The global optical lens material market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.