Transparency Market Research (TMR) has published a new report titled, “Photochromic Lenses Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global photochromic lenses market was valued at US$ 8.0 Bn in 2017 and is projected to expand at a CAGR of over 2.5% from 2018 to 2026. Europe is expected to dominate the global photochromic lenses market during 2018-2026 due to rise in geriatric population, presence of key market players in the region, etc. in Asia Pacific, emerging economies, such as China and India, are likely to drive the growth of the photochromic lenses market during the forecast period. The photochromic lenses market in Asia Pacific is expected to expand at a CAGR of more than 2.8% from 2018 to 2026.
Adoption rate of online sales of photochromic lenses is significantly higher than in retail sales, globally. Despite competition from optical retailers and independent eye care providers, the online platform has registered robust growth during the past years. Demand for online retail has been propelled by factors, such as, competitive pricing, availability of a broad range of products, and quick delivery services. Growth in aging population worldwide and rise in demand for photochromic lenses among the older population are expected to drive the photochromic lenses market during the forecast period. According to the United Nations, by 2050, the number of older people is expected to be more than double, rising from 962 million in 2017 to 2.1 billion in 2050.
The plastic segment is a rapidly growing segment of the photochromic lenses market. The segment is expected to expand at a CAGR of around 3.0% during the forecast period. Factors, such as, quick-darkening and quick-clearing effect, product innovation i.e. availability of different colors in plastic material category, and rise in awareness among people about eye care are the key fueling factors of the plastic material segment. The glass material segment is the dominating segment of the photochromic lenses market, constituting 50.0% share of the market in 2017. Technological advancement and rise in demand for unique eyewear products are likely to accelerate the growth of the polycarbonate segment during the forecast period.
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In terms of technology, the global photochromic lenses market has been classified into in-mass, imbibing & trans-bonding, UV & visible light, and others. The UV & visible light segment held a major share of the photochromic lenses market in 2017. It is projected to be the fastest growing segment, expanding at a CAGR of 2.5%, during the forecast period. High health care expenditure, increase in prevalence of eye diseases, and rise in awareness among people regarding eye care are expected to accelerate the growth of the segment. According to the American Association of Ophthalmology, eye-related disorders, such as, glaucoma, blindness, cataract, and diabetic retinopathy are on the rise. Cataract affects almost 24 million people in the U.S. every year.
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