Optical Lenses Market Highlights:
The detailed report published by Market Research Future (MRFR) projects that the global optical lenses market is marked to exhibit noteworthy expansion at a CAGR of 7% during the forecast period of 2017-2023. The global optical lenses market is also anticipated to reach the market valuation of USD 6 Bn by the end of the review period. Rapid adoption of ophthalmologic lenses by the young population, rise in popularity of photography as a hobby as well as full-time carrier, increasing availability of professional digital cameras in affordable price range, and high demand of high definition videos and images that are shot by using high-quality optical lenses are majorly propelling the expansion of the global optical lenses market during the assessment period. . Rise in demand for high quality optical lenses that are available at affordable prices, increased production of optical lenses due to proliferation in the manufacturers of optical lenses and increased investments for the development of advanced optical lenses that can capture micro-details of a subject are also contributing to the growth of the global optical lenses market during the assessment period.
The global Optical Lenses Market is primarily driven by the growing demand for high-performance optical lenses in ophthalmic, military and defense, life science research, and other applications.
Optical Lenses Market Competitive Analysis:
Leading players in the global optical lenses market include Meade Instruments, Cyberoptics Corporation, Carl Zeiss AG, Cosina Co. Ltd., Menicon Co. Ltd., Bausch + Laumb, Olympus Corporation of the Americas, Schott, and Nikon Corporation. The latter has been the leading player in the global optical lenses market, coming up with numerous product innovations in the market and establishing a solid consumer base across North America and Europe, as well as Eastern and Southeastern Asia.
In July 2019, LightPath, a key emerging player in the optics and infrared fields, announced a new supply agreement for multiple infrared lenses with Seek Thermal.
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Optical Lenses Market Segmentation:
The global optical lenses market is segmented on the basis of application, type, vertical, and region.
- By application, the global optical lenses market is segmented into microscopy, laser processing, imaging, and ophthalmology.
- By type, the global optical lenses market is segmented into converging and diverging lenses.
- By end use, the global optical lenses market is segmented into healthcare, life sciences, consumer electronics, defense, manufacturing, and others.
Optical Lenses Market Regional Analysis:
Asia Pacific is likely to be the most promising region for the global optical lenses market over the forecast period due to the rising number of geriatrics in the region, which has led to a growing prevalence of presbyopia. This is likely to be a major driver for the optical lenses market in Asia Pacific over the forecast period, as the number of geriatric individuals is rising across the board in the Asia Pacific region, while their disposable income remains high due to the growing disposition of government pension schemes and other investment options in the growing economic powerhouse. This has allowed geriatrics in the region to invest in otherwise unaffordable implements such as advanced optical lenses, allowing for steady growth of the market over the forecast period. The rising medical devices industry in the region is also likely to be a vital driver for the optical lenses market over the forecast period, as the growing number of medical device manufacturers has enabled a steady channel for commercialization and monetization.
The Asia Pacific optical lenses market is expected to exhibit the highest growth rate over the forecast period, while North America is likely to remain the leader.
The North America optical lenses market is driven by the growing demand for optical lenses in medical as well as industrial and research operations, allowing for steady progress of the market in the highly economically developed region. The vast medical research industry in the region is likely to be a major driver for the optical lenses market in the region, as the market is likely to be presented with promising opportunities in the life sciences, microbiology, and other research fields over the forecast period. The U.S. and Canada are the leading regional markets for global optical lens manufacturers.
Europe is also likely to hold on steadily to a key share in the global optical lenses market over the forecast period. The widespread presence of government-sponsored geriatric care systems in the region, including in leading countries such as the UK, Germany, France, Italy, Austria, and the Netherlands, is a major driver for the optical lenses market in the healthcare sector in the region. The high number of geriatrics in the UK could become an influential factor for the optical lenses market in Europe over the forecast period, as the consequences of Brexit are likely to cast a shadow on the highly promising medical devices industry in the country.
Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Type
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
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List of Tables
Table 1 Optical Lenses Market, By Type
Table 2 Optical Lenses Market, By Application
Table 3 Optical Lenses Market, By Vertical
List of Figures
Figure 1 Research Type
Figure 2 Optical Lenses Market: By Type (%)
Figure 3 Optical Lenses Market: By Application (%)
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