The global photochromic lenses market has further been segmented by application (corrective photochromic lenses and preventive photochromic lenses) and by geography (the Americas, EMEA, and APAC).
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.
Technavio analysts highlight the following three market drivers that are contributing to the growth of the global photochromic lenses market:
- Convenience of purchase
- Availability of OTC products
- Availability of various raw materials
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Convenience of purchase
The online shopping of photochromic lenses provides the convenience of purchase from home. Therefore, it is widely accepted by customers. The availability of various products over an array of online shops is fulfilling the needs of the people. A major factor driving the online sales of photochromic lenses is the price. The price here is relatively less than other products available in optical dispensaries and retail outlets. Vendors offer significant discounts to first-time buyers. This is influencing the purchase of these products.
According to Amber Chourasia, a lead analyst at Technavio for health and wellness research, “Online stores such as Lenskart, LensCrafters, and Amazon offer good discounts and therefore, the traffic to their websites in developing countries such as India is increasing. Apart from the pricing, the selection of products is also an important factor, which can influence the purchase of products by the customers. During the purchase of photochromic lenses, the selection of frames also plays a major role as it is perceived to be a style statement among users. The other value-added features influencing the growth of online sales are flexible payment options and product return policies.”
Availability of OTC products
The selection of corrective eyewear is a complicated process because it involves the collaboration of customers, ophthalmologists, and optics experts to obtain the required accuracy of the lenses. Therefore, many people do not prefer to buy the eyewear online. They prefer to visit an optical dispensary with a prescription from the ophthalmologist. However, the market scenario is not the same in the case of photochromic lenses. These lenses can be purchased from a retail outlet or from an online store as they do not require a prescription.
There are various options for the customers to choose from due to the availability of multiple products with variations in color, design, and type of material. This has led to increasing number of purchases through various sales channels. As a part of best practices and to obtain visual benefits, ophthalmologists or eye care professionals recommend the use of photochromic lenses along with prescription lenses for longer durations.
Availability of various raw materials
Photochromic lenses can be made from various raw materials such as glass, polycarbonate, and plastic. This reduces the vendors' dependency on a single raw material. Consequently, the vendors can expand their product offerings in terms of raw materials. Vendors can manufacture multiple designs of photochromic lenses such as aviators and wayfarers from single raw materials such as polycarbonate or plastic. This has further reduced the dependency of the vendors on raw material suppliers.
“The limited availability of a specific raw material in any geographic location is a major hindrance to the manufacturing process that can increase the cost of photochromic lenses in that region. But, because of the flexibility to choose raw materials, vendors can enter any regional market and set up their manufacturing facility. Therefore, the availability of multiple raw materials is assisting the vendors to increase their market penetration, which is fueling the growth of the global photochromic lenses market,” says Amber.
Browse Related Reports:
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at [email protected].
Powered by WPeMatico