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Strong Market Growth

• Current Market Size: The prescription lens market has shown robust growth, increasing from $43.46 billion in 2023 to $46.09 billion in 2024, reflecting a CAGR of 6.1%.
• Historical Growth Drivers: This growth is attributed to:
  • Increased awareness and diagnosis of vision problems.
  • Higher demand due to the rise of computers and smartphones.
  • Growing popularity of fashion and designer eyewear.
  • Emergence of online retailers and direct-to-consumer brands.

Future Market Projections

• Expected Market Size: The market is projected to reach $58.62 billion by 2028, with a CAGR of 6.2%.
• Forecasted Growth Drivers: Future growth will be driven by:
  • Enhanced public awareness and education about eye health.
  • Expansion of online retail channels.
  • Improved economic conditions and disposable income.
  • Better insurance coverage for vision care and eyewear.
  • Increased urbanization and prolonged digital screen use.

Key Trends in Prescription Lens Market

• Technological Integration: Incorporation of AR and VR technologies.
• Blue Light Filtering: Rising demand for lenses that protect against blue light from screens.
• Photochromic Lenses: Advancements in lenses that adapt to changing light conditions.
• Anti-Fog Technologies: Improvements to prevent lens fogging.
• Diagnostics and 3D Printing: Use of digital eye strain diagnostics and 3D printing for custom lenses.

Read More On The Prescription Lens Market Report 2024 – https://www.thebusinessresearchcompany.com/report/prescription-lens-global-market-report

Rising Ophthalmic Disorders Propel Market Growth

• Vision Impairment: Increasing incidence due to screen time, digital device usage, and aging populations.
  • Common Conditions: Myopia, hyperopia, astigmatism, and presbyopia.
  • Statistics: According to a 2023 NCBI report, 200 million people had age-related macular degeneration (AMD) in 2020, expected to rise to 288 million by 2040.
• Market Impact: Growing vision impairment drives the need for corrective lenses, boosting market growth.

Major Companies and Innovations

• Leading Companies: Johnson And Johnson Inc., Essilor Luxottica S.A., Carl Zeiss AG, Seiko Optical Products, and more.
• Innovative Solutions: Companies are developing myopia management lenses for children.
  • Example: In November 2023, Shamir Optical Industry launched Shamir Optimee, a myopia management lens for children, incorporating advanced defocus technology.

Strategic Acquisitions

• Meta’s Acquisition of Luxexcel: In December 2022, Meta Platforms Inc. acquired Luxexcel to enhance AR and VR wearables with 3D-printed prescription lenses, aiming for an optimal user experience in smart glasses.

Market Segmentation

• By Type: Single Vision, Bifocal, Trifocal, Progressive, Active, Other Types.
• By Coating: Anti-Reflective, Scratch Resistant, Anti-Fog, Ultraviolet Treatment.
• By Application: Myopia, Hyperopia, Astigmatism, Presbyopia.

Regional Insights

• Largest Market: North America led the prescription lens market in 2023.
• Fastest Growing Region: Asia-Pacific is expected to see the fastest growth in the forecast period.

The prescription lens market is poised for significant growth, driven by technological advancements, increasing awareness of eye health, and rising incidences of vision impairment. Major companies continue to innovate and expand, ensuring a dynamic and evolving market landscape.

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