Market Trends of Photochromic Lenses Industry
Corrective Lens are Expected to Hold a Significant Market Share During the Forecast Period
Corrective photochromic lenses, also known as prescription photochromic lenses, combine prescription eyeglasses' benefits with photochromic lenses' light-adaptive properties. These lenses are designed to correct refractive errors such as nearsightedness (myopia), farsightedness (hyperopia), astigmatism, or presbyopia while providing the added benefit of automatic tint adjustment in response to UV light. Factors such as the increasing incidences of eye-related disorders and initiatives by key market players are expected to increase the growth of the market during the forecast period.
The major factors that contribute to the growth of the market include the increasing incidence and prevalence of eye-related disorders. For instance, according to a research article published in Ophthalmology Glaucoma Journal in August 2022, nearly 1 million glaucoma-related outpatient visits are made every year to hospital eye services in England, and glaucoma accounted for an estimated 20% of hospital eye service outpatient workload in the country during the forecast period. This burden of glaucoma is expected to increase the adoption of corrective photochromic lenses and contribute to the country鈥檚 market growth.
Initiatives such as agreements by companies are one of the key factors that aid growth as they lead to the addition of new and innovative products in the market. For instance, in March 2022, EssilorLuxottica signed a joint venture agreement with CooperCompanies for SightGlass Vision. SightGlass Vision's Diffusion Optics Technology softly scatters light by incorporating thousands of micro-dots into the lens to minimize the growth of myopia in children. This accelerates the commercialization of novel spectacle lens technologies to expand the myopia management category.
Product launches are another factor that aids in the growth of the market. For instance, in April 2023, HOYA Vision Care launched the MiYOSMART sun range. The photochromic spectacle lenses, MiYOSMART Chameleon, polarised spectacle lenses, and MiYOSMART Sunbird protect from intense sunlight while correcting the myopic refractive error and slowing myopia progression.
Thus, the increasing incidences of eye-related disorders that highlight the advantages of photochromic lenses and initiatives by market players are expected to increase the growth of the market.
North America is Expected to Hold a Significant Market Share During the Forecast Period
North America is expected to hold a significant market share due to the high standards of healthcare infrastructure and the rising demand for photochromic lenses. In addition, as photochromic lenses automatically darken when exposed to the sun's ultraviolet (UV) rays, they protect the eyes of patients with glaucoma and other eye diseases from UV rays. Thus, the market demand in the United States is growing due to the rising prevalence of eye disorders among the target population.
Diabetic retinopathy (DR) is one of the major causes of concern among people with diabetes, which most often causes blurred vision, eye pain, and sudden vision loss. Hence, most people use preventive and corrective photochromic lenses for better vision. With rising concerns about DR in the region, the demand for photochromic lenses is increasing and driving the growth of the market. For instance, according to data released by Jobson Healthcare Information LLC in June 2022, diabetes is one of the major causes of blindness in working-age adults. Nearly 11.7% of adults in the United States with diabetes have a vision disability, including blindness, and approximately half of the patients with diabetes are predicted to develop DR by 2030.
In addition, the growing geriatric population is more prone to develop eye-related disorders owing to the breakdown of protein in the lens as age increases, propelling the market growth. For instance, according to the data updated by the United Health Foundation in January 2023, the total number of adults ages 65 and older is projected to rise to an estimated 73.1 million by 2030 and 85.7 million by 2050 in the United States. As the number of older people is projected to rise, the demand for photochromic lenses is predicted to increase, which is further expected to create opportunities for the market growth of photochromic lenses across the region.
Also, the increasing number of product approvals, as well as launches by the key market players in the region, is another factor that is predicted to boost growth. For instance, in May 2024, HOYA Vision Care Canada unveiled the promising outcomes of its Early Experience Program. This initiative involved a post-marketing survey that gauged patient satisfaction with the MiYOSMART Chameleon photochromic lenses. Also, the company rolled out a promotion, offering eye care providers (ECPs) the opportunity to acquire the Chameleon and MiYOSMART Sunbird polarized lenses at a price equivalent to the clear MiYOSMART lenses. These strategic moves are poised to boost these advanced lenses' uptake significantly.
Similarly, in July 2022, Nikon Optical Canada launched its Transitions XTRActive New Generation lenses that protect against bright lights and provide 100% ultraviolet rays and blue light protection. This lens is the darkest photochromic and can be used in high temperatures in summer and inside a car.
Therefore, owing to factors such as the rising prevalence of various eye disorders among the target population and company activities, the photochromic lenses market is anticipated to witness significant growth in the region.
