CHICAGO, Nov. 29, 2022 /PRNewswire/ -- According to Arizton's latest research report, the progressive lenses market will grow at a CAGR of 4.37% from 2022-2027. The demand for eye care products is continually increasing with the growing prevalence of visual dysfunctions in developed and developing countries. PROGRESSIVE LENSES MARKET - ARIZTON
Earlier, the acceptance and demand for progressive lenses were majorly concentrated in developed countries such as the US, Japan, the UK, Germany, and France. However, developing Asian countries such as India and China are witnessing a high demand for progressive lenses due to the expanding target population with refractive error, visual impairment eye disorders, and aggressive retail optical stores marketing campaigns. Progressive lenses are complex multifocal lenses that require complex measurements. Therefore, patients prefer direct-to-doctor communication to place direct orders for progressive lenses through online channels. However, every eyewear segment is vastly increasing its sales through e-commerce platforms. The integration of virtual showrooming with online platforms allows users to try products online and redefines the shopping experience. Also, virtual "try-before-you-buy" experiences enable eyewear specialists to offer traditional in-store retail experiences online and reduce the frequency of returns. Similar options can also be given through 3D images and mimicking the showroom online. Research-online-purchase-offline and research-offline-purchase-online are other emerging trends wherein there has been an impeccable integration between online and offline channels to offer maximum convenience to consumers.
Most vendors started using the doctor-directed process to increase the sales of their progressive lenses in the global market. This doctor-directed process has proved to be a tremendous success for opticians that specialize in selling progressive lenses.
Progressive Lenses Market Report Scope
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
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Evolution of 3D-printed Progressive Lenses
In recent years, 3D printing is changing the way eyewear is designed and manufactured. 3D Printing is revolutionizing several industries, including the global progressive lenses market. Also, 3D printing technology has opened new avenues for eyewear manufacturers that offer progressive lenses. Printing technology is a unique platform for manufacturers of progressive lenses to increase their production volume. Moreover, 3D technology enables manufacturers to eliminate 30+ conventional processes to manufacture more efficient and customized products. 3D printing technology can also be used to create overly complex structures and, in some cases, designs that would have been unattainable without 3D printing due to limitations associated with conventional manufacturing processes. This technology is increasingly being used in the eyewear industry to produce 3D-printed eyewear. It opens a wide range of possibilities for creating completely 3D-printed eyewear frames.
Vendors also look forward to establishing new subsidiaries and signing distribution/sales partnerships with regional vendors and M&As to enhance their geographical footprint and global customer base. One of the most significant mergers witnessed in the vision care industry recently was the merger of two major vendors, Luxottica and Essilor. Together, these two companies formed EssilorLuxottica and increased their market share significantly. Brand identity determines initial and repeated customer purchases in developed markets. Vendors often resort to building a strong brand portfolio that is deeply connected to users. This is one of the reasons for the surge in collaborations between conventional eyeglass manufacturers and fashion houses to launch co-branded offerings. Further, there has been increased strategic cooperation between these players to achieve a more comprehensive geographical presence or strengthen their product and customer portfolios. Key Vendors Profiled in the Report
Learn more about the additional trends impacting the future of the market and the positive and negative consequences on the businesses, Download the free Sample Report. DEMOGRAPHIC SHIFT IN APAC REGION TO BOOST THE PROGRESSIVE LENSES MARKET DEMAND.
Europe dominates the global progressive lenses market with a market share of around 30.70%. In the European region, there has been a significant increase in presbyopia patients requiring lens correction or treatment, and it is estimated to grow during the forecast period. The awareness among ophthalmologists in Europe is lower compared to the market like the United States. Increasing awareness regarding new products and advancements will increase the adoption of progressive lenses in the region. The APAC region is the 2nd largest market in the global progressive lenses market and is projected to grow at a CAGR of 5.97%. The region is witnessing rapid growth in the aging population. The population above 65 years is set to increase by more than two-fold, from 547 million in 2016 to nearly 1.3 billion by 2050. Such a demographic shift will accompany a high demand for progressive lenses.
North America ranks third in the global progressive lenses market. North America has the presence of all major vendors in the market. A few vendors also maintain their company-operated retail stores in this region to sustain their presence and increase their profitability. For instance, EssilorLuxottica, one of the key vendors in the global progressive lenses market, operates retail stores under LensCrafters and Pearle Vision in North America. CHECK OUT TOP-SELLING RELATED REPORTS:
Ophthalmoscopes Market - Global Outlook & Forecast 2022-2027: The global ophthalmoscopes market is expected to reach USD 73.90 million by 2027, growing at a CAGR of 5.69%. Rising awareness among the patient population with increasing eye care services in developed countries and eye disorders prevalence & surgical procedures are some growth enablers in the ophthalmoscopes market. Ophthalmic Implants Market - Global Outlook & Forecast 2022-2027: The ophthalmic implants market size was valued at USD 4 billion in 2021 and is expected to reach USD 7 billion by 2027. The market is driven by an increase in the frequency of ophthalmic diseases and a steady rise in the geriatric population, who are more sensitive to eye ailments. The increasing number of regulatory approvals for ocular devices will help large companies to generate significant revenue in the ocular implant market. Disposable Contact Lenses Market - Global Outlook & Forecast 2022-2027: The global disposable contact lenses market is expected to grow at a CAGR of over 9% from 2022 to 2027. The demand for vision care products in the global disposable contact lens market will increase due to the rising emphasis on aesthetic appearance and the acceptance of colored contact lenses in the fashion industry. They are now simpler to use because disposable contact lenses require less upkeep and cleaning. These factors include new fashion trends, pollution, different levels of usage intensity, alluring pricing points, buyback cries, and the introduction of new product portfolios with value-added products.
Contact Lenses Market - Global Outlook & Forecast 2022-2027: The global contact lenses market is projected to grow at a CAGR of 5.97% from 2022 to 2027, to reach USD 13.1 billion by 2027 from USD 9.19 billion in 2021. Contact lenses commonly treat refractive errors such as myopia, hyperopia, astigmatism, and presbyopia. They are also often worn for additional reasons, such as aesthetic or cosmetic enhancement, to improve peripheral vision, or to achieve spectacle independence. The global contact lens market is segmented on material, application, design, usage, and distribution channel. 4.1.3 MARKET ESTIMATION CAVEATS
4.3.1 MARKET BY MATERIAL SEGMENTATION
4.3.2 MARKET BY APPLICATION SEGMENTATION
4.3.5 MARKET SEGMENTATION BY GEOGRAPHY
5 REPORT ASSUMPTIONS & CAVEATS
9 MARKET OPPORTUNITIES & TRENDS
9.1 EVOLUTION OF 3D-PRINTED PROGRESSIVE LENSES
9.2 ADVANCES IN PROGRESSIVE LENS TECHNOLOGIES
9.3 FOCUS ON OMNICHANNEL DISTRIBUTION APPROACH
10 MARKET GROWTH ENABLERS
10.2 RISE IN EXPOSURE TO DIGITAL CONTENT & CVS 10.3 PUBLIC AND PRIVATE INITIATIVES TO INCREASE VISION CARE AWARENESS
11.1 LIMITATIONS OF PROGRESSIVE LENSES
11.2 RISE IN LASIK PROCEDURES FOR VISION CORRECTION
11.3 EMERGENCE OF SMART CONTACT LENSES
12.2 MARKET SIZE & FORECAST
12.2.1 GEOGRAPHY INSIGHTS
12.2.2 MATERIAL SEGMENTATION INSIGHTS
12.2.3 APPLICATIONS SEGMENTATION INSIGHTS
12.3 FIVE FORCES ANALYSIS
12.3.1 THREAT OF NEW ENTRANTS
12.3.2 BARGAINING POWER OF SUPPLIERS
12.3.3 BARGAINING POWER OF BUYERS
12.3.4 THREAT OF SUBSTITUTES
12.3.5 COMPETITIVE RIVALRY
13.1 MARKET SNAPSHOT & GROWTH ENGINE
13.3.3 POLYCARBONATE SEGMENT BY GEOGRAPHY
14.1 MARKET SNAPSHOT & GROWTH ENGINE
14.4.3 PRESBYOPIA SEGMENT BY GEOGRAPHY
14.5.3 HYPEROPIA SEGMENT BY GEOGRAPHY
14.6.3 ASTIGMATISM SEGMENT BY GEOGRAPHY
15.3.3 60 & ABOVE SEGMENT BY GEOGRAPHY
16.1 MARKET SNAPSHOT & GROWTH ENGINE
16.4.3 EYECARE CLINICS SEGMENT BY GEOGRAPHY 17.1 MARKET SNAPSHOT & GROWTH ENGINE
18.3.1 GERMANY: MARKET SIZE & FORECAST
18.3.2 UK: MARKET SIZE & FORECAST
18.3.3 FRANCE: MARKET SIZE & FORECAST
18.3.4 SPAIN: MARKET SIZE & FORECAST
18.3.5 ITALY: MARKET SIZE & FORECAST
19.3.1 CHINA: MARKET SIZE & FORECAST
19.3.2 INDIA: MARKET SIZE & FORECAST
19.3.3 JAPAN: MARKET SIZE & FORECAST
19.3.4 SOUTH KOREA: MARKET SIZE & FORECAST
19.3.5 AUSTRALIA: MARKET SIZE & FORECAST
20.3.1 US: MARKET SIZE & FORECAST
20.3.2 CANADA: MARKET SIZE & FORECAST
21.3.1 BRAZIL: MARKET SIZE & FORECAST
21.3.2 MEXICO: MARKET SIZE & FORECAST
21.3.3 ARGENTINA: MARKET SIZE & FORECAST
22.3.1 TURKEY: MARKET SIZE & FORECAST
22.3.2 SOUTH AFRICA: MARKET SIZE & FORECAST
22.3.3 SAUDI ARABIA: MARKET SIZE & FORECAST
23.1 COMPETITION OVERVIEW
25 OTHER PROMINENT VENDORS
25.12 RUPP & HUBRACH GLASSES
25.14 SHANGHAI CONANT OPTICS
25.18 YASH OPTICS AND LENS
26.2 STRATEGIC RECOMMENDATIONS
27.1.1 EUROPE BY MATERIAL SEGMENTATION
27.1.2 APAC BY MATERIAL SEGMENTATION
27.1.3 NORTH AMERICA BY MATERIAL SEGMENTATION
27.1.4 LATIN AMERICA BY MATERIAL SEGMENTATION
27.1.5 MIDDLE EAST & AFRICA BY MATERIAL SEGMENTATION
27.2 MARKET BY APPLICATION
27.2.1 EUROPE BY APPLICATION SEGMENTATION
27.2.2 APAC BY APPLICATION SEGMENTATION
27.2.4 LATIN AMERICA BY APPLICATION SEGMENTATION
27.2.5 MIDDLE EAST & AFRICA BY APPLICATION SEGMENTATION
27.3.3 NORTH AMERICA BY AGE GROUP SEGMENTATION 27.3.4 LATIN AMERICA BY AGE GROUP SEGMENTATION 27.3.5 LATIN AMERICA BY AGE GROUP SEGMENTATION 27.4.2 APAC BY DISTRIBUTION CHANNEL SEGMENTATION 27.4.5 MIDDLE EAST & AFRICA BY DISTRIBUTION CHANNEL SEGMENTATION
27.5.1 POLYCARBONATE SEGMENT BY GEOGRAPHY
27.5.2 PLASTIC SEGMENT BY GEOGRAPHY
27.5.4 MYOPIA SEGMENT BY GEOGRAPHY
27.5.5 PRESBYOPIA SEGMENT BY GEOGRAPHY
27.5.7 ASTIGMATISM SEGMENT BY GEOGRAPHY
27.5.8 60 & ABOVE SEGMENT BY GEOGRAPHY
27.5.10 BELOW 30 SEGMENT BY GEOGRAPHY
27.5.12 EYE CARE CLINICS SEGMENT BY GEOGRAPHY 27.5.13 HOSPITALS SEGMENT BY GEOGRAPHY
27.5.14 ONLINE STORES SEGMENT BY GEOGRAPHY
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