Technavio market research analysts forecast the global photochromic lenses market to grow at a CAGR of close to 3% during the forecast period, according to their latest report.
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Technavio has published a new report on the global photochromic lenses market from 2017-2021. (Graphic: Business Wire)
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).
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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
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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.
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