Optical Lens Market is Anticipated to Touch a CAGR of 8.5% During the Forecast Period (2023-2031). An optical lens is an optically transparent device designed to transmit and refract light which produces a specific and controlled optical result. They are made from Acrylate, Silicone Hydrogel, Fluoro-silicone Hydrogel, and PMMA. Optical lenses are used in a wide range of applications, from mobile phones to microscopes. Industries such as life sciences, imaging, industrial and defense industries, use optical lenses.
Optic lenses improve the object's efficiency and accuracy by providing better optical performance, aesthetics and comfort. They are widely used in microscopy, contact lenses, binocular imaging, laser processing, and others. Optic lenses are available in various forms, ranging from spherical, achromatic, objective, meniscus, aspheric, to cylindrical, based on the requirement. The increased demand for quality lenses is anticipated to project market growth. The optical lens industry is expected to grow at a high CAGR owing to huge industrialization, rapid urbanization, technological advancement, increasing vision problems, increasing customer demand, increasing elderly population, changing lifestyles, and increasing awareness.
Overuse of smart technology has contributed to surging in vision issues, which in turn, is guiding the market growth. The availability of higher-quality contact lenses led to change in consumers' lifestyles, which facilitate expanded sales of new innovative contact lenses. Furthermore, the production of optical instruments is also encouraged by increased investment in astronomical science. However, the high equipment costs, such as in telescopes, and microscopes limit their widespread use by testing laboratories and organizations owing to budgetary constraints. Rapid advances in optical technology and innovation are providing new prospects for manufacturers. The manufacturers are introducing various strategies, such as partnerships, acquisitions, and joint ventures, ultimately contributing towards inorganic market growth.
Nikon Corporation, a major player in the optical lens industry, has produced a variety of optical lenses. It has made innovation in lens technology. Its “See” optical lens collection forms the top-of-the-line luxury of ophthalmic lenses and coatings. Several optical lenses are produced, including the component, single-view lenses, extended focal lenses, incremental lenses, and lens care. The company manufactures progressive lenses that are the optimal for treatment of presbyopia. It provides various choices and offers superior optical performance, improved aesthetics, and convenience. Extended lenses have been created to provide simple, seamless, and concise indoor vision. Also, Cosina Co., Ltd, one of the industry's biggest optical lens leader, has manufactured optical lenses that can be used in camera applications.
The COVID-19 induced lockdown and government restricted movement across the world, which has significantly affected the market. The healthcare, manufacturing, consumer electronics, and defense sector were also hit hard by the situation. Some industries were affected by the lack of manpower and some by reduced demand for optical lenses. Nevertheless, after the ease of restrictions, the optical lens market is expected to gain traction surge the market growth during the forecast period.
Between 1961 and 2011, the overall elderly population increased from 5.6% to 8.6%globally. According to the U.S. Census Bureau statistics, of the world's7.3 billion population, an estimated 8.5% or 617.1 million were 65 years of age or older in 2015. As of 2018, 125 million people aged 80 or older. According to the WHO, people now have a high life expectancy. By 2050, the world's population aged 60 and above is expected to reach 2 billion. It is also estimated that China’s population will reach almost 120 million by 2050. The market growth can be induced by an increase in the number of cases of eye conditions, such as cataracts and diabetic retinopathy, worldwide.
According to the National Eye Institute, the United States has recorded 7.7 million diabetic retinopathy cases and 24 million cataracts cases, which are expected to reach 11.3 million and 38 million by 2030, respectively. These factors are expected to stimulate market growth during the forecast period.
The demand for optical instruments and lenses from the medical sector is also increasing steadily. These instruments are used by most medical practitioners to reduce the number of incisions in the body. Moreover, the rising demand for optical lens in optical microscopy is projected to fuel the market’s growth. These microscopes are primarily used for pharmaceutical research and microbiology. They are also used for histopathology, a method for biological sampling for diagnosis. The rising adoption of laser technology in medical procedures is another key factor for the increasing demand for optical lenses.
Based on type, the diverging lens segment held the largest market share in 2019 owing to a wide range of uses such as, in phones, eyeglasses, and binoculars. Binoculars and telescope dealers mount concave lenses in and before eye parts so that images can be more clearly viewed by the user. The growing tourism sector is bolstering the camera sale, which in turn, boosts the market growth.
Based on vertical, the healthcare segment held the largest market share in 2019, due to a wide range of applications. The medical technology industry has advanced enormously. People are more aware of their health and have a longer life expectancy. The newly developed state-of-the-art optics help prevent, detect and treat disease at an early stage. For example, in ophthalmology, dental technology, or dermatology, objective lenses for medical technology can be used to focus laser beams or to achieve targeted deflection.
Advances in microscopic procedures combined with surgical technologies, increasing ophthalmic and spinal operations and the increased usage of surgical microscopy in neurological surgeries are driving the demand for surgical microscopes. Around 28 million Americans have neuropathy experience, and 16% of Americans have a brain injury. As per the Federal Interagency Forum on Aging-Related Information, about 35.3% of the population aged 85 years and over, have mild to extreme memory loss. Ophthalmic optical microscopes are rapidly gaining traction owing to new advances that help surgeons with better illumination during operations. The potential of optics and lasers to obtain tissue information for use in either clinical diagnosis or feedback control of surgical laser systems is also gaining traction leading to market growth.
Based on applications, the market is divided into, microscopy, laser processing, imaging, and ophthalmic. Optical microscopy dominated the market in 2019 and is expected to grow further during the forecast period. Optical microscopy is used for the inspection of micro-particles and blood cells. A sample is normally mounted on a motorized stage and illuminated by a diffuse light source. The sample picture is replicated using a condenser lens system on an image structure such as an eye, film, or charge-coupling unit. Point artifacts are shown as fuzzy discs with diffraction circles called airy discs on a very large lens. The resolution capacity of the air microscope is used to differentiate between two nearly opposite air discs. Particles of any kind, such as solids, liquids, and gas, may be viewed. It can be easily integrated with digital camera systems for analysis and data storage.
Laser beams are used by various kinds of diagnostic instruments, CD players, and scanners. They are often scattered as they are extremely concentrated, in order to operate correctly. The laser beam can be precisely expanded across a given region by narrow concave lenses. In order to survive ultraviolet light source waves, laser-based concave lenses are constructed of fused silica. Laser beams are projected to grow at a significant pace throughout the forecast period.
North America has the highest market share in the optical lens market due to the presence of key players, product innovations, heavy production base, the emergence of a large international competitors,s and increased customer awareness. The adoption of advanced lens technology is bolstering the regional market. Countries such as the United States and Canada are contributing a significant optical lens revenue.
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On 15 Dec, 2020, a researcher from the University of Illinois created a 3D printed optical lens, which will be able to transfer data which created a new horizon for the key players.