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Optical Lenses Market Trends

ID: MRFR//3032-HCR | 100 Pages | Author: Shubham Munde| July 2024

Optical Lenses Market Size and Overview

Globally, the size of optical lenses market is set to grow at a CAGR of 7.33%, estimated to reach USD 27.4 Billion by 2032 driven by the Optical Lenses Market is the growing demand for weekly disposable demands of contact lenses.In developing and emerging economies, visual dysfunction has increased. Patient counts for myopia, hyperopia, astigmatism, presbyopia, and cataracts have increased globally. The vision care market is largely impacted through factors like low-cost eyeglasses, high-product enhancement, and low- side effects.  The growing demands have prompted lenses producing firms for inventing sustainable solutions with higher vision correction efficacy.  

It is expected that ophthalmologic lenses are being adopted more by younger populations which will also lead to the growth of the optical lenses market. This is because there has been a substantial rise in a photography career, high availability of affordable cameras, and high demand for HD videos and images. There has been increasing demand for optical lenses as professions like blogging, video making, and creating other types of content has increased. Also, the camera quality of smartphones has increased which has been assisting in the rising demand for optical lenses. Visual dysfunctions and photography-related professions have increased due to which investments in optical lenses market have improved.

COVID-19 Analysis

COVID-19 has impacted business in the optical lenses market. Most of the countries have put restrictions on travel and supply for restricting the spread of the virus. Some of the countries are under lockdowns as they are severely impacted by the pandemic. Thus, the supply of raw materials, as well as finished products in the high-demand markets, is restricted.

Optical lens manufacturers are facing high costs of production which has increased the prices of final products. In addition to this, many of the content creators are alternating the use of cameras with phone image clicking functions. This has also reduced the demand in the current times. Also, investments in the optical lenses market have currently declined as many organizations are not being to generate higher revenues.

Market Dynamics

Market Drivers

Optical lenses are used in many areas like correcting vision along with their high use in cameras.  One of the drivers for the Optical Lenses Market is the growing demands for weekly disposable demands of contact lenses. As changing trends are influencing younger populations to change their optical more frequently. Another driving factor is increasing demand from emerging and developing markets due to increasing vision dysfunction.

In addition to this, an increase in science and research has also improved the demand for microscopes that are made of optical lenses. Advancement in science and scientific research can be considered as secondary driving factors.  In the age of social media,  video creation and photography have increased, due to which demand for affordable devices has increased. Many individuals are taking up photography as full-time jobs which have contributed to increased optical lenses market share.

Market Opportunities

Growing demand for finished products has improved requests for optical lenses around the globe. Hence, many companies are reaping opportunities for introducing low costs lenses that can be affordable by all. Since the demand from emerging markets for optical lenses is high hence durable and cost-efficient products need to be developed.

COVID-19 has also provided opportunities in this sector. As, research on the virus has been rigorously adapted by every nation for the development of drugs, vaccines, and therapies. Microscopes are also used in methods of histopathology that is the conduct of biological sampling for the diagnosing. In addition to this, laser technology has increased which will also fuel high optical lenses market share. The increasing demand for microscopes is also an opportunity that will drive investments.

Market Restraints

The manufacturing of glasses and contact lenses produces waste. Hence the companies are required to develop durable products that are safe to use and dispose of. Many companies have been facing issues in finding techniques for streamlining the waste from production. Since the online shopping and selling of glasses have increased, many small and big companies bear the cost of replacement due to disproportionate frames in transit. Glass manufacturing is an expensive and time-consuming process that increases the cost of final goods. This further impacts the growth of the Global Optical Lenses Market.

Market Challenges

Optical lenses are majorly used in glasses, cameras, microscopes, telescopes, and others. Despite its wider use and increasing demand, companies are often challenged in maintaining sustainability during the entire production cycle. Since government and global organizations are stressing environmental protection, companies face challenges in meeting the regulations due to a lack of appropriate processes. Also, even today glass making is done with traditional methods which are manually intensive, costly, and time-consuming. Hence, it is sold at a higher cost which impacts the demand for optical lenses.

Cumulative Growth

Improving visionary appeal has become a trend that has inflated demands for high-quality lenses. Companies are focusing on innovations for meeting the demand while also ensuring compliance with environmental standards. Environmentally safe products, thrift the demand. Thus, enabling optical lens companies to improve their market share. The rise in demand for cameras and fashion glasses is expected to thrift the growth of Optical Lenses Market.

Value Chain Analysis

Optical microscopy is used for inspecting minute blood cells and can be integrated with digital cameras for analysing and data storage. The converging lenses use for the cameras are compounded with varied individual glasses for effect. The growth of the Optical Lenses Market is dependent on a variety of factors.

One of which is the increasing demand for finished products. Cameras have become the most demanded products due to the growth of digital mediums. Many professionals are opting for a good camera of phones which are less expensive than DSLR or professional capturing devices. Hence, the value of optical lenses has increased in both camera and smartphone manufacturing markets.

Market Segment Overview

 The Optical Lenses Market can be segmented into types, applications, and vertical.

  • By type- It includes two types that are converging and diverging lenses. In this view, diverging lens market holds a higher market share due to its high usage in phones, eyeglasses, telescopes, and binoculars. The manufacturers of binoculars and telescopes usually use the concave lens for letting the viewer get a view of the images.

  • Optical lenses market by application- It involves four applications that are microscopy, laser processing, imaging, and ophthalmic. In recent years, optical lenses in microscopy have increased the demand which will fuel the growth of the optical lenses market.

  • By verticals- Healthcare, life sciences, consumer experiences, defense, manufacturing, and others. There has been an increasing rise in optical instruments and lenses in the medical sector. As the majority of medical practitioners use instruments for body incisions.

Regional analysis

The optical lenses market is majorly divided into four regions like North America, Asia -Pacific, Europe, and other parts of the world. North America has the highest market share due to the presence of key players.  In this view, lens technology is evolving in this region which will increase the growth of the optical lens market.  In the North American region, the US and Canada have the highest market share. In addition to this, Asia- Pacific is expected to grow with the highest CAGR due to the presence of small and large manufacturers.

Competitive Landscape

Kery players in the market include Nikon Corporation- Japan, Schott- Germany, Olympus Corporation of America (U.S), Bausch +Lomb – US. Menicon Co. Ltd- Japan, Cosina Ltd- Japan, Carl Zeiss Ag- Germany, Cyberoptics Corporation- US, Meade Instruments – US.

Recent Developments

  • April 2024- Shares of Yash Optics & Lens were priced at Rs 93.45 on the NSE, an exceptional 15.37% compared with the issue price of Rs 81. The scrip was recorded at Rs 90, a premium of 11.11% in comparison with the initial public offer (IPO) price. The stock is currently up 3.63% over its listing price.

  • January 2024- A prominent provider of smart glasses and Augmented Reality (AR) technology and products, Vuzix® Corporation, disclosed that it can now supply optical waveguides with incorporated vision correction prescriptions, further growing the applicability for real-world ease of use for individuals needing vision correction when wearing AR smart glasses and HMD solutions. The brand has already started displaying this capability to its potential OEM customers. The solution can be generated in high volume at a competitive price along with the removal of external eye glow via its recently launched Incognito waveguide technology, two critical developments to the final success and acceptance of AR smart glasses. Vuzix is currently building the infrastructure to support the manufacturing of prescription-based integrated waveguide lens compilations with a roadmap set to scale production substantially after that. Several patents and patents pending are in place about the system processes and incorporating scripts or optical power for smart glasses eyewear.

  • July 2023- Zeiss Group, the Global optical lenses major, has announced that they will invest nearly Rs 2,500 crore in India on a new plant in Karnataka, primarily to enhance its spectacle glasses manufacturing capacity, as per the senior company official. The group's arm in the country, Carl Zeiss India, anticipates employing about 5,000 people when the new plant becomes fully operational. The organization, which has completed 25 years of operations in India, is aiming to achieve a turnover of Rs 5,000 crore by 2027.

  • In the last few years, companies are innovating premium lenses for meeting the demands of the optical lens market. Nikon Corporation has designed a wide range of optical lenses with increasing and changing demand of the broader customer base. Nikon Corporation owns the manufacturing of See Series optical lenses which is also a premium product of ophthalmic lens and coatings.

  • Other developments by the company include singular vision lens, progressive lens, focus lens which are extendable, and others. Another key player that is Cosina Ltd has developed premium quality optical lens usable in cameras.

Report Overview

  • Study Period-2024-2032

  • Base Year- 2023

  • Forecast Period-2024-2032

  • Historical Period- 2020

Optical Lenses Market Report has been prepared with secondary and primary research. It includes market overview, COVID-19 impacts, market dynamics that includes drivers, opportunities, challenges, restraints & cumulative growth, value chain analysis, an overview of optical lens market through various segments, analysis region wise and competitive landscape.

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