Optical Lens Material Market Expected to Grow at a CAGR of 8% by 2027

According to a recently published report by Research Nester on “Optical Lens Material Market– Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global optical lens material market in terms of market segmentation by lens, material, application, type, design and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

The advancement of electronics and penetration of gadgets in day to day life have induced the demand for optical lens for focusing and diverging light at different angles. There are numerous materials available depending upon the application and end use for lens manufacturing. The research and development have made it possible to widen the scope of lens usage by providing innovations in conventional lens for instance, the photochromic lens material that darkens when in light and exposed to UV radiations. The increase in the geriatric population, rise in use of electronic gadgets, wide application area for lens and expanding tourism sector are anticipated to drive the global optical lens material market by a CAGR of 8% during forecast period i.e. 2019-2027. With the advent of industrialization and urbanization the use of electronics is anticipated to increase owing to which the increase in eye defects and disorders are anticipated.

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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. On the basis of material type, the market is segmented into silicone hydrogel, flour silicone 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 lenses to pass more oxygen through cornea.

Geographically, the global optical lens market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. North America is anticipated to witness significant growth owing to presence of numerous manufacturers, eye care specialists, technological advancements and government initiatives. The Europe region is also expected to have significant growth during the forecast period on the back of availability of high product range and acceptance by the people followed by Asia-Pacific which is anticipated to witness growth owing to presence of geriatric population especially in China and Japan coupled with rise in industrialization and urbanization.

Technical Advancements to Boost the Demand for Optical Lens

The technical advancements for instance, See Series developed by Nikon are anticipated to increase the market growth. 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 and their integration with smartphone app are anticipated to increase the application area.

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 limitations of lens material are anticipated to hinder the growth of global optical lens material market.

This report also provides the existing competitive scenario of some of the key players of the global optical lens material market which includes company profiling of Johnson and Johnson, Menicon Co. Ltd., OPRI Inc., PPG Opticals, X-Cel Optical Company, HOYA Corporation, Essilor International SA, ISP Optics Corporation and Optimax Systems Inc.

The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global optical lens material market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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