Digital Lens is projected to reach US$ 11,777.13 million by 2025

The Digital Lenses is projected to reach US$ 11,777.13 million by 2025, at a CAGR of 3.27% during the forecast period. The factors contributing towards the growth of market are the increasing fashion and functionality features of several lenses to meet the ever changing fashion trend of customers will fuel the market for digital lenses in the future. This is associated with the increasing awareness about eye health and rising disposable income of people in developing countries.

The market for digital lenses was dominated by single vision lenses in terms of units consumed in 2018. However, progressive digital lenses held the largest share of the revenue accounting followed by the market for digital camera lenses. The higher cost of progressive lenses and considerably rising demand for progressive lenses has resulted in the increased market revenue in 2018.
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The market for digital lenses has been growing considerably over the past decade. Europe has accounted for the largest market and the U.S. the largest market by country. Asia-Pacific has accounted for the major manufacturing destination of digital lenses, especially Japan and China for camera lenses as well as eye care lenses. Europe accounted for one-third of the lenses produced across the globe, with Italy being the major producer of ophthalmic lenses.

Eye care accounted for the largest market for digital lenses in 2019 with a share of 77%, led by the increasing demand for digital progressive lenses across the globe. The market for progressive lenses is expected to be fuelled by the increasing awareness about the eye health and rising disposable income in the developing countries. The market for digital lenses is also fuelled by the demand for interchangeable camera lenses and lenses for automotive cameras.

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The market for digital lenses used in eye care and camera applications is highly concentrated among top five players which accounted for about three-fourth of the global market in 2016, 2017 and 2018. Acquisitions, strategic partnerships and collaborations, value chain mix and expansion across the globe have been the major strategies by these companies.

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