Photochromic Lenses Market 2018- Applications, Challenges, Growth, Shares, Trends, Top Players and Forecast to 2024
The main objective of this report is to define, describe, and forecast the global “Photochromic Lenses” market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market. According to report the global photochromic lenses market is projected to grow at a CAGR of 3.7% over the forecast period of 2018-2024.
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Essilor-Luxottica merger acquisition will create a global spectacles giant
In January 2017, Essilor International S.A. is a French-based international ophthalmic optics company that designs, manufactures and markets lenses to correct or protect eyesight. Milan French lens maker Essilor International has agreed to buy Luxottica Group, the maker of Ray-Ban sunglasses, for about €22.8bn in stock, combining the largest manufacturer and retailer in eyewear. This acquisition will help Essilor to become the leading player in the ophthalmic industry. Apart from this , this acquisition will also help Essilor to expand its product portfoilio and customer base.
Acquisition of Luxottica Group S.p.A. by Essilor International
In March 2018, Essilor is a leading designer and manufacturer of ophthalmic lenses and is the largest provider of wholesale laboratory services in the United States. Luxottica is a leading designer, manufacturer, and distributor of optical frames and sunglasses. The Commission appreciates that the price, quality, and availability of eye-care products have a significant impact on American consumers’ healthcare costs nationwide.
Growing awareness related to eye disorder to promote growth in the Photochromic Lenses Market
According to the latest assessment of World Health Organization, cataract is responsible for 51% of world blindness, that represents about 20 million people. Growing aged population across the world along increasing the prevalence of eye diseases and rising the awareness related to eye diseases are driving the growth of Photochromic Lenses Market. Moreover, Photochromic lenses are used for the vision correction among the older people and introduction of improved quality of Photochromic Lenses are likely to have positive impact on the market. However, the discomfort related to use of Photochromic Lenses market hampers the growth of photochromic lenses market. Moreover, Rapid growing population among the world and more technological advancement are anticipated to create growth opportunities for the Photochromic Lenses Market in near future.
Europe to dominate the global Photochromic Lenses Market worldwide through 2018-2024
Among the Geographies, Europe was the leading region for the photochromic market followed by the North America. The focus on research and development activities in the photochromic lenses and growing aged population are expected to create a demand for this market in this region. North America is the second largest region for the Photochromic Lenses Market. Rising merger and acquisition among the leading manufacturers and increasing the prevelaves of chronic eye diseases are the major factor, anticipated to boost the market in this region. The Asia pacific region is projected grow at the high growth rate in Photochromic Lenses Market over the forecast period. The countries such as china and India are the fastest growing region in this market.
Carl Zeiss Meditec AG, Corning Incorporated, Essilor International S.A., Vision Dynamics LLC, SEIKO OPTICAL PRODUCTS CO., LTD., TOKAI OPTICAL CO., LTD., Optiswiss AG, Transitions Optical Limited, HOYA Corporation are leading key players in the Photochromic Lenses Market.
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