The photochromic lenses Market mis valued at USD 5,950.99 million in 2021, and it is expected to reach USD 8,992.46 million by 2027 with a CAGR of 7.6% over the forecast period (2022-2027).
The significant factors attributing to the market’s growth are the growing adoption of the photochromic lens and the increasing demand for photochromic lenses among the elderly population is expected to drive the photochromic lens market.
According to the article published in the ARVO Journal in June 2021, by Konrad Pesudovs, in 2020, a total of 15.2 million (12.7-17.9%) individuals aged 50 and more were blind, with another 78.8 million (67.2-91.4) having moderate to severe visual impairment (MSVI) due to cataract. There has been a 29.7% growth in cataract blindness cases since 2000 and a 93.1% rise in MSVI cases. Over the same time period, the age-standardized prevalence of cataract blindness reduced by 28%, whereas MSVI increased by 7.2%. The photochromic lenses can be used to counteract changes in everyday lighting conditions and help eliminate cataract surgery, thereby boosting the photochromic lenses market.
Photochromic Lenses Market Trends
Corrective Lens Expected to Hold the Largest Market Share in the Photochromic Lenses Market
A corrective lens is a lens typically worn to improve vision. The corrective lens is commonly used to treat refractive errors. Dominant share is retained by the corrective lens segment owing to the attributes such as the growing geriatric population and adoption of the lens by the individuals who have gone through eye surgery to correct disorders such as diabetic retinopathy, cataract, and degenerative macula. In contrast to the growing number of people with optical problems, price benefits are likely to fuel the segment growth during the forecast period.
According to the Laser Eye Surgery Hub, in 2020, China and India accounted for 45% of all cases of blindness but only 36% of the world’s population. As per the American Association of Ophthalmology, every year, cataract impacts nearly 24 million people in the United States. As per the United Nations World Population Ageing 2019 highlights, in 2019, there were 703 million people in the world aged 65 or over. It is estimated that the number of older people will double to 1.5 billion in 2050. Overall, the proportion of the population aged 65 or older rose from 6% in 1990 to 9% in 2019. This percentage is projected to increase further to 16% by 2050 so that one in six people in the world will be 65 years of age or older.
Thus, owing to the above-mentioned factors, the segment is expected to show significant growth over the forecast period.