The Global Anti-blue Ray Myopia Lenses Market Anticipated to Generate a Revenue of $21,46,138.5 Thousand, Growing at a CAGR of 6.1% From 2020 to 2027
The global anti-blue ray myopia lenses market is estimated to be valued at $21,46,138.5 thousand by 2027, surging from $13,46,614.5 thousand in 2019 at a noteworthy CAGR of 6.1%.
Impact Analysis of COVID-19 on the Anti-blue Ray Myopia Lenses Market
The global market for anti-blue ray myopia lenses is estimated to experience a high growth amid the COVID-19 pandemic. This growth is the result of increased usage of mobiles, computer monitors, and tablet screens during the pandemic as people have been completely dependent on digital gadgets for working, teaching, learning, and connecting to the world during this work-from-home situation. Therefore, demand for anti-blue ray myopia lenses is also consequently projected to witness a rise.
Furthermore, certain key vendors operating in anti-blue ray myopia lenses, such as Essilor and Titan, are adopting certain strategies and innovations for staying upfront in the competitive environment. For instance, in August 2020, Titan Eyeplus, an eye-wear company in India, announced their launch of zero powered computer glasses. These glasses comprise anti-blue lenses that can be bought online as well as in offline stores. All such factors are predicted to positively impact the global anti-blue ray myopia lenses market amid the pandemic.
Due to the COVID-19 pandemic, people are stuck at home with limited sources of entertainment. Therefore, most of the people are spending more time on digital devices than ever before. These factors are anticipated to create lucrative investment opportunities in the market during the forecast period.
Global Anti-Blue Ray Myopia Lenses Market Analysis
The enormous growth of the global anti-blue ray myopia lenses market is mainly attributed to increasing ocular and other eye diseases such as refractive errors, age-related macular degeneration, cataracts, and dryness among people. Moreover, according to the Vision Council of America, more than 65% of American people using smart phones, computers and LED screens are affected by blue lights. The blue lights dry the eyes and disrupt the circadian rhythm and sleep patterns. These types of diseases are creating awareness among people to adopt anti-blue ray lenses and thus fueling the market growth.
There are side effects of anti-blue ray myopia lenses such as it increases the scotopic vision loss and blue light glasses change the appearance of the colors of everything one sees to a yellow tint. Such key issues may create a negative impact on the market during the forecast period.
The increasing adoption of fashion trends may create huge opportunities for the market in the future. Now-a-days, eyewear is a fashion statement and many people are using them according to the latest market trends. Moreover, rise of myopia among the young adults and children is expected to raise the demand for anti-blue ray myopia lenses.
Furthermore, the companies involved in the global anti-blue ray myopia lenses are following effective strategies and launch of innovative products to grow in the market. For instance, in February 2021, ZEISS, German based optical company, announced their launch of ZEISS BlueGuard, which is type of blue light blocking lens. The design of the lens provides clarity as well as blocks harmful blue rays up to 40%. Such technological advancements may further lead to lucrative market opportunities in the market in the upcoming years.
Global Anti-blue Ray Myopia Lenses Market, Segmentation
The global anti-blue ray myopia lenses market is segmented based on type, distribution channel and region.
The type segment is further classified into single, bifocal, trifocal, and others. Among these, the single type sub-segment is anticipated to have the fastest as well as dominant growth and surpass $10,33,763 thousand by 2027, with an increase from $6,17,046 thousand in 2019.
The market growth can be attributed to its low cost and also it is mainly for people that are under the age of 40 and facing issues such as nearsightedness (myopia) or other vision problems. Moreover, rising number of vision related defects in younger children due to prolonged exposure of electronic gadgets will compel children to wear anti-blue ray myopia lenses and these factors may create a positive impact on the segment throughout the forecast period.
The distribution channel segment is further divided into retail stores, hospitals & clinics, and e-commerce. The retail stores sub-segment is anticipated to have a dominating as well as fastest growing sub-segment in the global market and register a revenue of $12,20,505.6 thousand during the analysis timeframe.
This growth is projected to increase people’s preferences towards retail stores due to price differences between branded and non-branded eyewear. Also, there are many optical stores that offer low-cost or free check-ups from trained optometrists. Therefore, these stores are a preferred distribution channel according to customers for procuring eyeglasses. These aspects may aid in the generation of a lucrative revenue for the market throughout the forecast period.
The anti-blue ray myopia lenses market for the North American region is projected to witness rapid growth. This market generated a revenue of $3,68,972.4 thousand in 2019 and is further projected to reach up to $6,45,987.7 thousand by 2027.
The demand for anti-blue ray myopia lenses is surging in the North America region specifically because of factors such as increasing prevalence of eyesight related disorders along with increasing consumer spending on fashion trends such as trendy eye-glasses and frames. Moreover, the strong presence of leading anti-blue ray myopia lenses providers and manufacturers will be one of the key factors for the growth of market in the region. For instance, Essilor, an America international ophthalmic optics company, on May 2018 announced that they have launched new Essential Blue Series, which include blue light filtering glasses that provide higher combination of clarity and resistance towards harmful blue light all just in one lens. It has an ability to protect the eyes three times better than other type of lenses. All such factors are anticipated to boost the market in the North America region.
Key Players in the Global Anti-blue Ray Myopia Lenses Market
- HOYA GROUP
- RODENSTOCK GMBH
- Chemiglas Corp.
- Shamir Optical Industry Ltd
- Mingyue Glasses Co., Ltd.
- Shanghai Conant Optics Co., Ltd
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Anti-blue Ray Myopia Lenses Market
- Bargaining Power of Suppliers: The suppliers involved in the market are extensive in number. Thus, manufacturers and companies have several options and alternatives to handle expensive supplies. Moreover, unpredictable demands in supplier pricing may impact company profitability. Hence, there will be low threat from the supplier side.
Thus, the bargaining power of the suppliers is moderate.
- Bargaining Power of Buyers: Buyers have high bargaining power, primarily because of the huge number of anti-blue ray myopia lenses that are offered in low prices. The buyers can hence choose the lenses that best fits their preferences.
Hence, the bargaining power of buyers is high.
- Threat of New Entrants: Startups entering this market are providing innovative anti-blue ray myopia lenses to the customers. However, companies that are in the anti-blue ray myopia lenses are much more globalized.
Thus, the threat of the new entrants is moderate.
- Threat of Substitutes: There are different types of lenses available for treating myopia, but they do not offer the blockage of blue lights as anti-blue ray myopia lenses.
Therefore, the threat of substitutes is low.
- Competitive Rivalry in the Market: The ventures operating in the global anti-blue ray myopia lenses are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching their value-added services in the international market and strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is high.