Global Lens Monomer Market By Product Type (Clear Lenses, Photochromic Lenses, and Others), End-user (General Glasses Stores, Ophthalmology Hospitals, and Others) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa)

Market Outlook:

The global Lens Monomer market was valued at USD 1,322.5 Million in 2019 and is projected to reach USD 1,746.2 Million by 2027, expanding at a CAGR of 4.2% during the forecast period. Lens monomer are raw materials used for manufacturing lenses, spectacle lenses, and sunglasses. Group of monomers are known as polymers. These polymers are of various types, with different properties and are used in ophthalmic applications. Different types of monomers such as hydrophilic, neutral hydrophobic, high/low refractive index, ionic, and UV absorbing active monomers are used in lenses. These monomers have different properties, functionalities, refractive indices (RI), and features.

Manufacturers use these optical monomers for preparing safe and comfortable lenses with high clarity for clear vision. These lenses enable the use of adding external layers of coating to these lenses such as anti-glare coatings, fog resistance, UV rays protection, and anti-blue coatings. These coatings reduce the transmission of rays or light to a minimal level, thus preventing any harm to the wearer’s eyes. These lenses are easily available in optical stores, eye wear stores, malls, and ophthalmology hospitals.

Market Dynamics
The market is driven by factors such as high prevalence of vision problems, rising prevalence of myopia (nearsightedness), increasing risk of computer vision syndrome (CVS), rising consciousness about fashion and availability of a wide range of photochromic lens-based spectacles or sunglasses, growing geriatric population, and robust R&D activities by manufacturers to expand their product portfolio offering. Conversely, use of incorrect lenses without medical consultation are affecting the eye sight of people and high cost of glasses, lenses, and sunglasses used as fashionable accessory are key factors restraining growth of the market. Entering untapped markets in emerging economies and major players are adopting strategies to strengthen their position and expand product portfolio are boosting the market.

High Prevalence of vision problems
Excessive use of computers, mobile phones, television, and other digital devices increase the prevalence of vision problems such as vision impairment, blindness, and refractive error. Common type of visual impairment includes blurred vision, loss of central vision, loss of peripheral vision, night blindness, extreme light sensitivity, and generalized haze. Increasing prevalence of blurred vision and vision impairment among people boost the demand for lens monomers, which are used for making clear lenses. Monomers used for making clear lenses, help in enhancing the vision suffering from impairment issue. For instance, according to world health organization (WHO) October 2019, globally, around 2.2 billion people have vision impairment or blindness, out of these nearly 1 billion have vision impairment that could have been prevented. Moreover, the people suffering from impairment include moderate or severe blindness or distance vision impairment caused by unaddressed refractive error, and near vision impairment caused by unaddressed presbyopia. Myopia is a disorder associated with vision problem.

Rising Prevalence of Myopia (Nearsightedness)
Myopia is considered as vision disorder which can be corrected with contact lenses and spectacles. Rising geriatric population and increasing incidence of myopia leads to the rise in usage of ophthalmic products. For instance, according to the Global Epidemiology of Myopia in 2019 the reported prevalence of myopia was expected to increase to around 4758 million (49.8% of the global population) by 2050, from approximately 1950 million cases, (28.3% of the global population) in 2019. Increasing number of myopia cases in children has increased the usage of lenses and glasses due to the rise in the usage of electronic gadgets such as laptops and smart phones. Growing ophthalmic diseases such as myopia have increased the spending on ophthalmic products. For instance, in 2018, according to the Journal of Ophthalmology, the annual expenditure on correcting distance vision impairments was between USD 3.9 billion and USD 7.2 billion in the US.

Segmental Outlook

On the basis of product types, the global Lens Monomer market is segmented into clear lenses, photochromic lenses, and others segment. The clear lenses segment is anticipated to expand at a CAGR of 4.5% during the forecast period. A lens is a transmissive optical device focus on dispersion of a light beam by the means of refraction. Glasses or lens are used for correcting the vision when the eye sight is weakens and the individual faces issues seeing or reading, due to blurred vision or vision impairment. Different types of lenses are available in the market, which cater to the different ailments to improve the vision impairment. Lenses are used for different purposes and uses. Clear lenses are majorly used in glasses, while the photochromic lenses are widely used in sun glasses. The photochromic lenses segment is estimated to hold over one third share of the market in 2020 owing to its increasing demand for sunglasses.

Based on end-users, the market is segmented into general glass stores, ophthalmology hospitals, and others. The general glass stores segment is projected to hold a significant share of the market during the forecast period owing to the increasing incorporation of the lens monomer in a majority of optometry clinics globally. General glass stores include local or specialty stores located in urban areas and rural areas, providing lenses and eye wear products. Ophthalmology hospitals include general eye care hospitals, eye care clinics, and specialty clinics and hospitals. These hospitals and clinics provide several eye care services and facilities and offer different prescription and non-prescription eyewear products.

Regional Outlook

In terms of regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a promising region for the market. The region constituted over 51.2% share of the market in 2020. The market in the region is projected to expand at a CAGR of 4.9% during the forecast period due to increasing awareness of eye disorders, growing per capita spending, and market saturation in developed economies are encouraging the market players to expand their presence in emerging economies. The market in North America is projected to expand at a CAGR of 3.6% due growing prevalence of myopia in the region.

Competitive Landscape

• Key players in the market include Mitsubishi Gas Chemical, MITSUI CHEMICALS AMERICA, INC., and PPG Industry Inc. These companies are considered manufacturers of Lens Monomer based on their revenue, research development (R&D) activities, regional presence, and supply chain management system.
• These players are adopting strategies such as acquisition and geographical expansion where the potential opportunity for the lens monomer can add to the company’s revenue. For instance, on In March 4, 2020, MITSUBISHI GAS CHEMICAL COMPANY, INC. and Taoka Chemical Co., Ltd. entered into a joint venture. Taoka Chemical Co., Ltd. sells raw material such as monomers for the optical resin polymer, Upizeta EP. This joint venture helped MITSUBISHI GAS CHEMICAL COMPANY INC. increase its products portfolio in lens monomer segment.
•  In 2020, PPG Completes acquisition of Alpha Coating Technologies. This action of the company helps them to increase product portfolio in powder coatings for heat sensitive substrates and light industrial applications.

Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Lens Monomer Market
• Historical, Current and Projected Market Size in terms of Value and Volume
• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
• Industry Drivers, Restraints and Opportunities Covered in the Study
• Recent Industry Trends and Developments
• Competitive Landscape & Strategies of Key Players
• Neutral Perspective on Global Lens Monomer Market Performance