October 03, 2022 15:55 ET | Source: Facts & Factors Facts & Factors

DUBLIN, Ireland, Oct. 03, 2022 (GLOBE NEWSWIRE) -- According to Facts and Factors has published a new research report titled “Photochromic Lenses Market Size, Share, Growth Analysis Report By Material (Glass, Polycarbonate, Plastic), By Technology Type (In-mass, Imbibing & Trans-bonding, UV & Visible Light, Others), By Distribution Channel (Online, Optical Chains, Independent Eye Care Professionals (ECPs)), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Photochromic Lenses Market size & share in terms of revenue was worth of USD 5,823.5 million in 2021and it is expected to surpass around USD 8788.62 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 7.10% during the forecast period 2022to 2028.”

U.V. rays cause photochromic glasses to darken. It blocks harmful U.V. rays from entering the human eye. In the absence of sunlight, it can also be used indoors because it quickly returns to being clear. The amount of time spent exposed to U.V. radiation determines how tinted the glasses are. Or, to put it another way, tinting is inversely correlated with U.V. exposure. These glasses are available in various hues, such as grey, green, and brown. These lenses come in high-index, progressive, and bifocal versions. Tinted lenses and light-adaptable lenses are other names for photochromic lenses.

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The rising prevalence of eye illnesses, lower costs, increased public awareness, and the development of photochromic lenses with enhanced features are projected to fuel the global photochromic lenses market growth during the forecast period. Additional factors such as technological advances, expanding retail locations, and improvements in comfort & style will drive the market for photochromic lenses over the projected period. Growing photochromic lens usage and increased demand for photochromic lenses among the elderly are expected to drive the market.

Product acceptability is increasing, and launches by the region's main industry competitors are creating prospects for market expansion. The market is expected to grow during the projected period due to increased product launches by key companies and factors such as an increase in eye issues & an aging population. The ongoing rise in the number of occurrences of eye disease, improved ophthalmology diagnostic procedures, and rising public awareness are all expected to boost the global market.

Pain and other issues associated with using photochromic glasses and the global economic downturn are limiting the global market.

Browse the full “Photochromic Lenses Market Size, Share, Growth Analysis Report By Material (Glass, Polycarbonate, Plastic), By Technology Type (In-mass, Imbibing & Trans-bonding, UV & Visible Light, Others), By Distribution Channel (Online, Optical Chains, Independent Eye Care Professionals (ECPs)), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/photochromic-lenses-market

Photochromic Lenses Market: COVID-19 Impact Analysis

At this time, COVID-19 represents a significant risk to the administrations of nations located all over the world. On a worldwide scale, significant companies' market capitalizations, as well as industrial production and other economic operations, have experienced a fall. Several companies have stopped doing business with countries outside of the country, placed limits on travel, and other similar actions. On the other hand, there is more and more evidence that myopia and other eye problems are getting worse because digital tools are being used more in the classroom and at work because of the shutdown. 

Photochromic Lenses Market: Segmentation Analysis

The global photochromic lenses market is segregated based on material, technology type, distribution channel, and region.

The market is divided into glass, polycarbonate, and plastic based on material. The plastic market is expanded significantly in the year 2021. Based on technology type, the market is divided into in-mass, imbibing & trans-bonding, U.V. & visible light, and others. In 2021, the U.V. & visible light segment held the most market share, and this trend is anticipated to continue. The distribution channel divides the market into online, optical chains, and independent eye care professionals (ECPs). Independent eye care providers dominated the market for photochromic lenses in terms of distribution channels in 2021.

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The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards. Some of the main competitors dominating the global Photochromic Lenses market include - 

Key Insights from Primary Research:

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The global photochromic lens market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. North America is expected to dominate the photochromic lens market by 2028. This is due to an increase in the prevalence of eye disorders and the number of older persons. During the projection period, the number of people in the region with diabetic retinopathy, cataracts, macular degeneration, and glaucoma is expected to rise, increasing demand and market share for photochromic lenses. Furthermore, increased product adoption and launches by significant regional market competitors drive regional market growth.

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The global Photochromic Lenses market is segmented as follows:

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