Optical Lenses Market Size to Hit USD 27.4 Billion at a CAGR of 7.33% by 2030 - Report by Market Research Future (MRFR)
Burgeoning Demand for Weekly Disposable Contact Lenses to Boost Optical Lenses Market Growth
New York, US, March 27, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Optical Lenses Market, By Type, By Application, By Vertical - Forecast 2030, the market is anticipated to acquire a valuation of approximately USD 27.4 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 7.33% during the assessment timeframe.
Eminent industry players profiled in the global optical lenses market report include-
- Nikon Corporation- Japan
- Schott- Germany
- Olympus Corporation of America (U.S)
- Bausch +Lomb – US
- Menicon Co. Ltd- Japan
- Cosina Ltd- Japan
- Carl Zeiss Ag- Germany
- Cyberoptics Corporation- US
- Meade Instruments – US.
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Optical Lenses Market Report Scope:
|Revenue forecast in 2030||USD 27.4 Billion|
|Growth Rate||CAGR of 7.33% from 2022 to 2030|
|Key Market Opportunities||Growing demand for finished products|
|Key Market Drivers||Increasing demand from emerging and developing markets due to increasing vision dysfunction|
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Optical Lenses Market Drivers
Burgeoning Demand for Weekly Disposable Contact Lenses to Boost Market Growth
The burgeoning demand for weekly disposable contacts lenses will boost market growth in the forecast period. This is owing to the changing trends that is influencing the younger generation in changing their optical frequently.
Optical Lenses Market Opportunities
Growing Adoption of Concave and Convex Lenses in Auto Sector to offer Robust Opportunities
The growing adoption of concave and convex lenses in the auto sector will offer robust opportunities for the market over the forecast period. The automotive industry's extensive usage of optical lenses in the creation of mirrors & headlights is fostering the growth of the optical lens market.
Restraints and Challenges
High Microscope Cost to act as Market Restraint
The high microscope and telescope cost, the risk to damage optical lens, and high repair & maintenance cost may act as market restraints over the forecast period.
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Optical Lenses Market Segmentation
The global optical lenses market is bifurcated based on vertical, application, and type.
By type, diverging lens will lead the market over the forecast period.
By application, microscopy will domineer the market over the forecast period.
By vertical, healthcare will spearhead the market over the forecast period.
The global optical lenses market has been affected by COVID-19. To stop the virus from spreading, the majority of nations have imposed limitations on supplies and travel. Because of the pandemic's terrible effects, some of the nations are on lockdown. As a result, there is a limited supply of both completed goods and raw materials in the high-demand markets. The high production costs that optical lens producers are dealing with have driven up the cost of finished goods. In addition, a lot of content producers alternate between using cameras and the image-clicking features on their phones. The current demand has decreased as a result of this. Also, as fewer businesses are able to increase sales, investments in optical lenses industry have fallen recently. Moreover, COVID-19 has given this industry prospects. Every country has rigorously applied viral research to the creation of medicines, vaccines, and therapies. In the practice of histopathology, which involves taking biological samples for diagnosis, microscopes are also utilized. Moreover, laser technology has advanced, which will also support a large market share for optical lenses. The opportunity presented by the rising demand for microscopes will also spur investment.
Optical Lenses Market Regional Analysis
North America to Head Optical Lenses Market
For the presence of major players, North America has the largest market share. According to this perspective, the development of lens technology in this area will accelerate the market growth. The US & Canada have the largest market shares in North America. Due to improved network infrastructure, sophisticated equipment, and greater technological adoption, the North American area is responsible for the largest market share. Due to the presence of large players, the North American region is in the lead. Optical lenses are being used more and more in both military and healthcare. The optical lenses industry receives a sizable portion of income from nations like the US and Canada. The demand for optical lenses is rising in North America as a result of expanding end-user sectors like defense, aerospace, healthcare, & life sciences. For a variety of operations, like laser-assisted cataract surgery, medical/clinical diagnostics, and fluorescence image-guided surgery, moreover comprising microendoscopy or optical coherence tomography, the optical lens is typically utilized in high imaging medical equipment (OCT).
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APAC to Have Admirable Growth in Optical Lenses Market
For the presence of both small and major producers, Asia-Pacific is predicted to develop at the greatest CAGR. Due to ongoing investments in optical lens market research and development and expanding overseas trade, which is attracting more customers and boosting the region's optical lens market, Asia-Pacific is the fastest growing economies in the world. The market within the area is rising as a result of the region's expanding population and IT industry. Because they are inexpensive, optical lenses are being used in consumer electronics at a high rate in this region. Because of the rise in eye and ENT diseases as well as the widespread use of eye-straining tasks like staring at smartphones and other portable gadgets for extended periods of time, developing nations like India and China are embracing optical lenses on a huge scale. The region's expanding geriatric population, which is more susceptible to eye ailments, is causing an increase in eye problems, which is boosting the market's expansion. According to projections, the Asia-Pacific area will expand at the fastest rate in the next years, largely as a result of the expanding consumer electronics and healthcare industries in countries like China, Japan, India, Australia, and Korea. In the years ahead, it is predicted that rising defense and aerospace spending in the Asia-Pacific will increase demand for optical lenses. Another significant factor supporting the expansion of optical lenses is the substantial presence of electronics industries in Asian nations.
March 2023- The Ottoblad lens series has been developed by P+S Technik as a redesign of Zeiss Hasselblad T* C, CF & F series lenses with an optical tuner. High contrast, higher resolution, and extremely minimal distortion across the entire image region are notable attributes.
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