Global Photochromic Lenses Market Size, Share, Growth Report 2023- 2030.

The research analyst predicts a 6.65% CAGR for photochromic lenses market with a global market size of USD 6.21 billion in 2022 and expected to reach USD 10.39 billion by 2030. The market is driven by healthcare technology and increasing demand among the elderly. North America dominates the market.

Global Photochromic Lenses Market: Overview

Photochromic lenses are the ones that turn dark when exposed to UV radiation. It avoids the harmful rays of sunlight reaching the human eye. Whereas, it can be easily used indoors too at times when there is no sunlight as it returns to its clear state. The level of tinting on glasses totally depends on the duration of exposure to UV radiation. In other words, the level of tinting is directly proportional to the extent of UV exposure. These glasses are available in several colors including grey, green, and brown. Such lenses are available in bifocal lenses, progressive lenses, and high index lenses. The photochromic lenses are also referred to as variant tinted lenses and light adaptive lenses.

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Key Insights

As per the analysis provided by our research analyst, the anticipated compound annual growth rate (CAGR) for photochromic lenses is 6.65% throughout the forecast period. In revenue terms, the global market size for photochromic lenses reached approximately USD 6.21 Billion in 2022 and is anticipated to achieve USD 10.39 Billion by 2030. The market’s growth is primarily propelled by advancing technology in the healthcare sector and an increasing demand for these lenses among the elderly population globally.

In 2022, the plastic category held a predominant position in the market concerning materials. Similarly, within the distribution channel, independent eye care professionals (ECPs) led the market in the same year. Geographically, North America emerged as the dominant region in the photochromic lenses market in 2022.

Global Photochromic Lenses Market: Growth Factors

The ophthalmology market has experienced consistent growth in recent years, primarily due to a significant rise in the global aging population. An increasing number of patients are seeking medical attention for eye-related ailments, creating a conducive environment for the exponential growth of the global photochromic lenses market. The heightened levels of ultraviolet radiation in the environment contribute to a growing prevalence of eye disorders worldwide. In response, market players are introducing advanced photochromic lenses of high quality at affordable prices. Companies are also allocating increased funds to enhance research and development efforts, aiming to launch innovative lenses utilizing cutting-edge technologies.

For example, the Drivewear photochromic lenses leverage nupolar polarization technology as part of their innovation. Furthermore, there is a noticeable uptick in the adoption of photochromic lenses as a fashion accessory, reflecting a unique sense of style. The expanding pediatric population globally is another factor positively impacting the market. A growing number of children experiencing acute eyesight disorders, requiring the use of photochromic lenses in their treatment, is expected to further drive the global photochromic lenses market’s growth in the forecast period.

Global Photochromic Lenses Market: Segmentation

The global photochromic lenses market can be segmented into application, technology, material, and region.

By application, the market can be segmented into preventive and corrective applications. The corrective lens segment accounts for the largest share in the global photochromic lenses market. The corrective lens is widely adopted to improve vision. The corrective lens effectively treats refractive errors. However, the segment is likely to dominate the global photochromic lenses market in the forthcoming years due to the growing adoption of these lenses by individuals who had eye surgeries to treat disorders like cataracts, retinopathy, and degenerative macular. However, it is highly worn by the geriatric population too.

By technology, the market can be segmented into in-mass, imbibing & trans bonding, UV & visible light, and others.

By material, the market can be segmented into plastic, polycarbonate, glass, and others.

Global Photochromic Lenses Market: Regional analysis

North America accounts for the largest share in the global photochromic lenses market due to the growing geriatric population in the region. The high prevalence of eye disorders along with the surge in demand for photochromic lenses to correct the vision is also fuelling the growth of the regional market. The constant innovations in the field of ophthalmology and eye lenses are likely to further drive the growth of the regional market in the forthcoming years. The presence of prominent market leaders in the region and the adoption of aggressive marketing strategies to deeply penetrate the product will further drive the regional market growth. However, the growing competition in the region is likely to lower the cost of such lenses, which in turn will accentuate the adoption rate of these lenses significantly.

Asia Pacific is expected to grow significantly with a high CAGR due to the presence of a strong customer base in the region. The regions with a high population base like India and China are posing huge demand for photochromic lenses. Also, the growing disposable income of the people in the region is opening several lucrative growth opportunities in the regional market. In addition, the growing popularity of these lenses along with constant innovations in the field of medicare will significantly support the growth of the regional market. Also, the market players in the region are adopting inorganic growth opportunities like collaboration and partnerships to expand their product portfolio and improve their position in the market.

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Global Photochromic Lenses Market: Competitive Players

Some of the significant players in the global photochromic lenses market are Carl Zeiss Meditec AG, Essilor International S.A., Optical Dynamics and Signet Armorlite, Inc., Vision Dynamics LLC., SEIKO OPTICAL PRODUCTS CO., LTD., Optiswiss AG, Transitions Optical Limited, Vision Service Plan, HOYA Corporation, Corning Incorporated, TOKAI OPTICAL CO., LTD., and Younger Optics, Inc.

Global Photochromic Lenses Market: Regional Segment Analysis