The latest market research report from research firm Technavio has predicted about a 3% CAGR growth in the global photochromatic lenses market during the forecast period.
The report segments the global photochromic lenses market according to the application – corrective photochromic lenses and preventive photochromic lenses and according to geography – the Americas, EMEA, and APAC.
According to the report the market drivers for the industry in the assessment period would be the convenience of purchase, availability of OTC products and the availability of various raw materials.
Customers have the choice of purchasing from home in the online segment of the photochromic lenses market which has enhanced demands. The needs of the customers are being fulfilled as multiple types of products are available online. Another factor is the price that is a driving factor for the online sales of photochromic lenses. Online products have relatively low-price tags compared to the prices of identical products available in optical dispensaries and retail outlets.
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.”
For corrective eyewear, contribution of the consumers, the ophthalmologists, and optics experts makes the process of getting the accurate lens somewhat complicated. Hence online purchase of eyewear is not always preferred by many customers. Such customers would rather make the purchase from a retail store after having visited an optical dispensary with a prescription from the ophthalmologist in hand. But for photochromatic lenses, the case is a bit different. Because of the fact that such lenses do not have the requirement for a prescription, therefore they can be purchased online.
There are variations in color, design, and type of material for the products which also increases the variety of options that are available online. Hence enhanced number of purchases via multiple sale channels has been possible.
Glass, polycarbonate, and plastic are the primary raw materials for heh production of photochromatic lenses. Therefore, the vendors dependency on a single material is reduced. Therefore, as a result, with respect to the raw materials, the product range can be easily expanded by the vendors. One single form of raw material like polycarbonate or plastic can be used by vendors to manufacture multiple designs like aviators and wayfarers. Therefore, the importance of the suppliers of raw materials and the dependency of vendors on them is further reduced
“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,” says Amber.
(Adapted from Businesswire.com)