by The aspheric lenses market has been growing rapidly over the past decade owing to increased demand for ophthalmic lenses with better vision correction capabilities. Aspheric lenses are precision engineered optical lenses that have a surface profile that departs from simple rotational asymmetry. This aspheric contour increases its ability to reduce or eliminate spherical and other aberrations. Aspheric lenses deliver sharper vision, less distortion and a wider field of view. These lenses are preferred by opticians while designing progressive or multifocal lenses as they help provide smooth, distortion-free vision throughout their focal range. With a steadily growing geriatric population suffering from age-related presbyopia and other vision problems, the demand for aspheric multifocal lenses has experienced strong growth globally.
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.
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 demand for Aspheric Lenses Market Growth is growing rapidly driven by the rising prevalence of vision disorders among the geriatric population globally. Aspheric lenses help correct vision problems easily and provide excellent visual acuity compared to spherical lenses.
The aspheric lenses market is expanding globally with leading players focusing on geographical expansion plans to strengthen their product reach in emerging markets including Asia Pacific, Latin America, and Middle East & Africa.
Market key trends
One of the key trends in the aspheric lenses market is the increasing adoption of progressive lenses and digital grinding technologies. Progressive lenses use aspheric lens geometry to provide a seamless vision transition between distance, intermediate and near vision ranges. Digital lens grinding technologies help design and produce aspheric lenses customized for each individual’s vision more precisely. This is increasing the preference for aspheric lenses among consumers and eye care professionals globally.
Porter’s Analysis
Threat of new entrants: New companies want to enter the aspheric lenses market due to its high growth rate. However, established players have strong brand recognition and supply chain that makes difficult for new players.
Bargaining power of buyers: Buyers have moderate bargaining power. Aspheric lenses are relatively inexpensive medical devices and buyers can easily switch to other substitutes and brands.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to low switching costs and availability of substitutes. Key raw materials include plastic and glass.
Threat of new substitutes: Threat from new substitutes is low as aspheric lenses have unique optical properties compared to regular spherical lenses.
Competitive rivalry: Market is highly competitive due to presence of major players and new technology additions regularly.
Geographical Regions
North America accounts for the largest share of the aspheric lenses market owing to high prevalence of myopia and presence of major players. According to a recent study, over 50% of U.S. and European population wear corrective lenses.
Asia Pacific is expected to grow at the highest CAGR during the forecast period. Increasing disposable income, growing elderly population and rising awareness about advanced vision correction procedures are driving the market in the region. China, India and Japan are witnessing increasing demand for premium vision care products.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.
