Hyperopia Glasses Market: Current Analysis and Forecast (2023-2030)

Report Description

The Hyperopia Glasses Market was valued at USD 5422.67 Million and is expected to grow at a strong CAGR of around 4.7% during the forecast period (2023-2030) owing to rising prevalence of hyperopia. The growing prevalence of hyperopia, also known as farsightedness, has been a significant driver in the hyperopia glasses market. Hyperopia is a refractive error that causes distant objects to appear clearer than nearby objects. This condition affects people of all ages and can lead to difficulties in tasks such as reading, writing, and using digital devices. The surge in the prevalence of hyperopia is one of the major factor driving the growth of the market during the forthcoming years. Overall prevalence of hyperopia is around 10%, approximately 14 million people, in the United States.

Some of the major players operating in the market EssilorLuxottica; Essilor Ltd; Nikon; TAG Heuer; Carl Zeiss AG; Rodenstock GmbH; Oakley, Inc.; Guccio Gucci S.p.A.; JIANGSU HONGCHEN OPTICAL CO,LTD.; and Eastman Kodak Company. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst type, the high hyperopia glasses category to grow with significant CAGR during the forecast period”

On the basis of type, the market is categorized into low hyperopia glasses, moderate hyperopia glasses, and high hyperopia glasses. The high hyperopia glass is anticipated to grow with a high CAGR during the forthcoming period. The high hyperopia glasses segment is designed to provide these individuals with lenses that can effectively correct their refractive error and improve their visual acuity. The high hyperopia glasses segment offers a wide variety of frame styles and materials, allowing people with severe hyperopia to choose a pair that suits their personal preferences and complements their facial features. Advancements in lens technology, such as high-index lenses, have greatly improved the weight and appearance of high hyperopia glasses. High-index lenses are thinner and lighter than traditional lenses, making them a more preferred choice for individuals with higher prescriptions.

“Amongst end-user, the hospitals category to grow with significant CAGR during the forecast period”

On the basis of end user, the market is segmented into hospitals, retail, and others. The hospitals held a significant share of the market in 2022. The hospital segment in the hyperopia glasses market is an essential component of eye care services offered to patients suffering from hyperopia, commonly known as farsightedness. Hyperopia is a refractive error where individuals have difficulty focusing on objects near to them but can see distant objects clearly. It is a prevalent vision problem that affects people of all ages. In hospitals, eye care professionals, including optometrists and ophthalmologists, play a crucial role in diagnosing, treating, and managing hyperopia. Regular eye examinations are conducted to measure the extent of hyperopia and determine the appropriate prescription for hyperopia glasses. These professionals also identify any accompanying eye conditions that may require additional treatment.

“APAC to grow with high CAGR during forthcoming ”

APAC is anticipated to grow with high CAGR during the forthcoming period. According to the government data sourced from the Ministry of Health, the prevalence of hyperopia in the Asia Pacific is estimated to be around 10%. This indicates a substantial market potential for hyperopia glasses. In terms of recent developments, Global Vision, a leading eyewear company, announced a collaboration with a prominent healthcare organization in the region. The collaboration aims to provide affordable and accessible hyperopia glasses to underserved communities.

Hyperopia Glasses Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global hyperopia glasses market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Hyperopia Glasses Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global hyperopia glasses market were the three major steps undertaken to create and analyze the adoption of hyperopia glasses in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global hyperopia glasses market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the hyperopia glasses market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the hyperopia glasses market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the hyperopia glasses market. Further, we conducted factor analysis using dependent and independent variables such as type, and end-user of the hyperopia glasses market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the hyperopia glasses market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global hyperopia glasses market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the hyperopia glasses market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global hyperopia glasses market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global hyperopia glasses market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type, and end-user in the global hyperopia glasses market.

The main objective of the Global Hyperopia Glasses Market Study

The current & future market trends of the global hyperopia glasses market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the hyperopia glasses market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the type, and end-user
• Define and analysis of the regulatory framework for the hyperopia glasses industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the hyperopia glasses market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the hyperopia glasses market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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