The aspheric lenses market has witnessed considerable growth in recent years attributed to the increasing prevalence of ocular disorders such as myopia, hyperopia and presbyopia. Aspheric lenses provide superior visual acuity and offer sharper vision by reducing peripheral light refraction and chromatic aberrations. Growing consumer preference for vision correction coupled with technological advancements in lens design is expected to drive the demand for aspheric lenses over the forecast period.
The Global Aspheric Lenses Market is estimated to be valued at US$ 2.73 BN in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 To 2031.
Aspheric lenses are optical lenses whose surfaces curve away from a perfect sphere in a precisely defined manner. They offer improved visual clarity and wider fields of vision when compared to spherical lenses. The increasing adoption of low vision devices such as smartphones, tablets and computers has led to a rise in eye strain and fatigue which in turn is boosting demand for advanced ophthalmic lenses like Aspheric Lenses Market Analysis that provide sharper vision. Technological advancements in aspheric lens manufacturing include the development of customized lens designs, thinner multifocal lenses, and lightweight, high performance lenses made of high refractive materials.
Key Takeaways
Key players operating in the aspheric lenses market are Essilor Group, Johnson & Johnson Vision, Zeiss, Nikon, Hoya Vision Care, Rodenstock, Shamir Optical Industry, Alcon, Bausch + Lomb, Abbott, Hanover Lens, EyeMed Technology, Menicon Co., Ltd., Seed Co., Ltd., CooperVision, and NIDEK CO., LTD.
The key opportunities in the market include rising geriatric population prone to eye-problems, increasing disposable income in developing countries allowing for better access to vision correction devices and growing demand for customized refractive correction solutions. Technological advancements such as the development of lifestyle-driven spectacle lenses, smart lenses integrated with advanced features and thinner multifocal aspheric lenses are expected to boost market growth.
Market drivers
A key driver for the aspheric lenses market is the rising prevalence of vision impairment disorders globally. According to WHO, it is estimated that over 2.2 billion people have near or distance vision impairment and around 1 billion people have preventable or untreated myopia and hyperopia. Increasing consumer awareness regarding the availability of advanced lens technologies for vision correction is also expected to contribute to the market growth over the forecast period.
Current challenges in Aspheric Lenses market
The aspheric lenses market is facing challenges due to increasing costs of production and raw materials which is putting pressure on profit margins. The complex manufacturing process of aspheric lenses involves advanced equipment and highly skilled labor which is driving up costs. Another challenge is intense competition from low cost manufacturers producing low quality lenses. This is hurting the brand image and demand for premium aspheric lenses. Maintaining consistent quality standards during large scale production is also a challenge for major players.
SWOT Analysis
Strength: Advanced optical technology and precision manufacturing capabilities of major players. Wide range of aspheric lens options catering to diverse vision correction needs.
Weakness: High R&D and capital investment requirements for innovating and maintaining cutting edge facilities. Dependence on few raw material suppliers increases supply chain risks.
Opportunity: Growing myopia epidemic worldwide indicates rising demand. Increasing adoption of digital devices fueling need for clearer vision. Emerging markets like Asia Pacific yet to reach maturity present scope for expansion.
Threats: Threat from inexpensive generic alternatives. Stringent regulations around product quality and safety. Vulnerability to economic slowdowns affecting discretionary spends.
Geographical regions of market concentration
North America currently dominates the aspheric lenses market in terms of value share attributed to high myopia rates and early technology adoption. According to estimates, the region accounted for over 30% market share in 2024. Asia Pacific is another major region concentrating large volume sales aided by large population base and improving access to eye care in India and China. Japan also has a sizeable aspheric lenses market supported by high percentage of nearsighted individuals.
Fastest growing region
Asia Pacific region is poised to be the fastest growing market for aspheric lenses during the forecast period from 2024 to 2031. This is owing to rising health awareness, rapid economic development and expanding middle class population in developing countries like India and China. Increasing government focus on affordable eye care initiatives will further support high growth momentum in the Asia Pacific aspheric lenses market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
