Global Market Research Company US Global Photochromic Lens Market Forecast and Oppor | Page 17

Industry Brief
According to TechSci Research report, “Global Photochromic Lens Market By Material, By Technology, By Application, By Distribution Channel, By Region,
Competition, Forecast & Opportunities, 2024”, global photochromic lens market is expected to register a CAGR of over 8.3% during 2019-2024, on the back of rising
popularity of these lenses, product innovations with enhanced technology and rising awareness towards eye care. Moreover, growing ageing population across the globe
and rising demand for photochromic lenses among older population is further anticipated to positively influence global photochromic lens market over the coming years.
In terms of material, global photochromic lens market is categorized into glass, polycarbonate and plastic, of which polycarbonate is the rapidly growing segment on
account of quick-darkening and quick-clearing effect of these lenses and product innovation, i.e., availability of different colors in polycarbonate lenses.
Based on the distribution channel, global photochromic lens market is segmented into online, optical chains, and independent eye care stores. Of all, online segment is
predicted to witness a significant growth during forecast period owing to the wide range of product offerings and various deals offered by the e-commerce vendors.
However, independent eye care stores segment is expected to continue its dominance during forecast period. Essilor International S.A., Carl Zeiss AG, Corning Inc.,
Seiko Optical Products Co., Ltd., Hoya Corporation, etc., were some of the leading players in global photochromic lenses market in 2018 and are expected to maintain
their position during forecast period as well. Among regions, North America dominated the market with 41% share in 2018. High discretionary expenditure and style
statement associated with photochromic lenses are some of the major factors that have driven the market in the region.
On the basis of manufacturing technology, global photochromic lenses market can be broadly categorized into in-mass technology and imbibed & trans-bonding
technology. In-mass technology is the most widely used technology for manufacturing photochromic lenses due to low operational cost for implementing the technology.
Moreover, this technology is applicable on all types of lens materials.
“Global photochromic lens market is anticipated to register a steady growth over the course of next five years. Technological advancements, increasing retail outlets and
comfort and style benefits offered by photochromatic lenses are the factors fueling growth in global photochromic lenses market. Moreover, global photochromic lenses
market is further anticipated to witness growth in the coming years owing to rising cases of eye diseases, increasing diagnostic procedures for ophthalmology and
growing awareness among consumers.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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