The North America Optical Lens Market would witness market growth of 7.2% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 29,980.1 thousand Units, showcasing a growth of 7.1% (2019-2022).
One of the most common and essential needs for optical lenses is vision correction. Refractive errors like myopia (nearsightedness), hyperopia (farsightedness), astigmatism, and presbyopia (age-related reading trouble) affect millions of people nationwide. Optical eyeglasses or contact lenses are used to correct these vision problems, enabling individuals to experience precise and focused vision. Optical lenses are integral to the field of ophthalmology and medical imaging. They are used in diagnostic instruments like ophthalmoscopes, slit lamps, and fundus cameras to visualize and assess the eye's health. In surgical procedures, specialized lenses are employed in microscopes and endoscopes to ensure precision and clarity, aiding surgeons in delicate operations.
The need for advanced surveillance and reconnaissance systems has driven the adoption of optical lenses in defense and security applications. These lenses are vital for enhancing situational awareness and target identification. In research and development, optical lenses are essential for scientists and engineers. Adopting specialized lenses has led to nanotechnology, materials science, and biophysics breakthroughs.
The rising prevalence of eye disorders in the United States highlights the importance of regular eye exams and vision correction. As per the National Eye Institute of the United States, the projected yearly economic cost of vision loss, eye conditions, and vision disorders in the United States is $139 billion. Additionally, 2.9 million Americans are thought to have limited vision (20/40), and this number is further expected to rise up to 5 million by 2030. The Centers for Disease Control and Prevention (CDC) estimates that 6.8% of American children under the age of 18 have an eye or vision issue that has been medically diagnosed. These factors will boost the demand for optical lenses in the North America region.
The US market dominated the North America Optical Lens Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $5,950.3 million by 2030. The Canada market is experiencing a CAGR of 9.7% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 8.7% during (2023 - 2030).
Based on Type, the market is segmented into Converging and Diverging. Based on Application, the market is segmented into Smartphones, Camera, Automotive, Medical Surgery, AR/VR/Headsets or Mounted Display and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Optical Lens Market is Predict to reach $30 Billion by 2030, at a CAGR of 8.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Sony Corporation (Sony Electronics, Inc.), Carl Zeiss AG, Sunny Optical Technology (Group) Company Limited, Tamron Co., Ltd., Canon, Inc., Fujifilm Holdings Corporation, Largan Precision Co., Ltd., Nikon Corporation, Genius Electronic Optical Co., Ltd and Sigma Corporation.
By Type (Volume, thousand Units, USD Million, 2019-2030)
By Application (Volume, thousand Units, USD Million, 2019-2030)
By Country (Volume, thousand Units, USD Million, 2019-2030)
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