The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The single vision lenses market has shown steady growth in recent years and is projected to continue expanding. The market size grew from $6.74 billion in 2023 to $7.03 billion in 2024, reflecting a compound annual growth rate (CAGR) of 4.3%. Several factors have contributed to this growth:

• Development of New Materials: Innovations in materials have led to more durable and effective lenses.
• Introduction of Digital Lens Designs: Advanced designs offer enhanced visual quality and customization.
• Improvements in Surgical Techniques: Enhanced surgical methods have increased demand for vision correction.
• Research in Optics and Materials: Ongoing research has resulted in better products and technologies.
• Surge in Medical Tourism: More people are traveling for vision correction surgeries, boosting market growth.

Future Outlook: Continued Expansion
Looking ahead, the single vision lenses market is expected to reach $8.39 billion by 2028, growing at a CAGR of 4.5%. Key drivers of this growth include:

• Industrial Sector Growth: Increased demand for protective eyewear in industrial settings.
• Awareness of UV Protection and Blue Light Filtering: Rising awareness of eye protection drives demand.
• Improved Healthcare Facilities: Enhanced access to eyecare boosts market expansion.
• Globalization of Manufacturing: Expanding production capabilities across regions.

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Rising Prevalence of Myopia Fuels Market Growth
The increasing prevalence of myopia is a significant factor driving the single vision lenses market. Myopia, or nearsightedness, causes distant objects to appear blurry while close objects remain clear. Factors contributing to the rise in myopia include:

• Increased Screen Time: More time spent on digital devices has increased myopia rates.
• Aging Population: Older individuals are more likely to develop vision problems.
• Need for Corrective Lenses: Single vision lenses are commonly used to correct myopia.

For example, nearly 30% of the global population was affected by myopia in 2020, with projections indicating this could rise to 50% by 2050. Consequently, the demand for single vision lenses is expected to grow significantly.

Innovative Advances in Single Vision Lenses
Leading companies in the single vision lenses market are focusing on innovation to maintain a competitive edge. Recent developments include:

• 360° Visual Clarity Lenses: These lenses provide comprehensive focus and enhanced vision precision across all angles, ensuring seamless correction without compromising peripheral vision.
• Examples of Innovation: In September 2022, HOYA Corporation launched MySV single-vision lenses with 360° Visual Comfort, which enhance wearers’ visual experience in all situations.

Lenskart Expands Asian Market Presence
Strategic acquisitions are also shaping the market landscape. In July 2022, Lenskart acquired a majority stake in Owndays, a Japan-based eyewear company. This acquisition allows Lenskart to:

• Expand in the Asian Market: Leverage Owndays’ expertise and broaden its footprint.
• Enhance Customer Experience: Introduce technology-driven customer engagement in vision care.

Market Segmentation
The single vision lenses market can be segmented by:

• Type: Spherical, Aspherical, Freeform
• Material: Glass, Polycarbonate, Other Material Types
• Age Group: Less than 18 years, 18-39 years, 40 years and above
• Application: Hyperopia, Myopia, Astigmatism, Presbyopia

In 2023, North America emerged as the largest region in the single vision lenses market, reflecting strong demand and advanced healthcare infrastructure.

Conclusion
The single vision lenses market is poised for steady growth, driven by rising demand for corrective lenses, innovative product offerings, and strategic market expansions. With increasing awareness of vision health and technological advancements, the market is set to see continued expansion in the coming years.

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