LONDON--(BUSINESS WIRE)--The latest report by Technavio on the global glass lens market estimate the market to grow at a CAGR of approximately 4% during the forecast period, 2018-2022.
Technavio’s new research report on the global glass lens market provides an in-depth analysis of the most important trends expected to impact the market outlook over the next four years. Technavio predicts an emerging trend as a key factor that has the potential to impact the market substantially and contribute to its growth or decline.
In addition to this, another key factor driving the market’s growth is the rising elderly population. The increase in the median age because of rising life expectancy or longevity has resulted in a growth in the elderly population. The cause of death has shifted from acute to chronic diseases such as arthritis, diabetes, high cholesterol, and hypertension, which has increased the life expectancy of the elderly population. Improved medicines have also decreased the incidence of disability. These two factors reflect the change in a country’s demographics toward a growing elderly population. The rise in elderly population has resulted in an increase in expenditure on healthcare for health checkups, disease diagnosis, and treatment.
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In this report, Technavio has highlighted the availability of products through online distribution channels as one of the key trends in the global glass lens market:
Availability of products through online distribution channels
Several major vendors have websites for sales and informational purposes. With retailers' concentrating on improving the online shopping experience through targeted marketing and effective online education, there will be an exponential improvement in the online sales during the forecast period. This has increased the comfort level for consumers to buy products online. Numerous sites now have live chat options to instantly address queries. This was not possible earlier during online purchases. Vendors are interacting with consumers frequently. The advent of Internet has reduced the time involved in physical buying and selling of products and services.
“The success of online retail can be credited to factors such as quick delivery services, availability of a broad range of products, and highly competitive prices. In addition, lucrative offers and discounts are also promoting the sales of vision care products such as glass lens through online distribution channels. Using online channels, the sellers can increase their product penetration through third-party distribution channels. The use of online sales and third-party distribution channels helps sellers to make products available to home-based end users,” says a senior research analyst at Technavio.
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Global glass lens market segmentation
This market research report segments the global glass lens market into the following products (progressive glass lenses, single glass vision lenses, and bifocal glass lenses) and key regions (the Americas, APAC, and EMEA).
The progressive glass lenses product segment held the largest market share in 2017, accounting for more than 64% of the market. The segment is expected to grow steadily, and the market share contributed by this segment is expected to increase by almost 2% by 2022.
In 2017, the global glass lens market was dominated by the Americas with a share of approximately 41%. It was followed by EMEA and APAC respectively. The Americas was the largest revenue contributor because of the presence of developed countries such as the US and Canada that have advanced healthcare infrastructure.
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