Deep Analysis and Development Trends of the Current Situation of China Eyeglass Lens Industry

Glasses are used to improve vision, protect the eyes, or for decorative purposes, and can correct various visual problems including nearsightedness, farsightedness, astigmatism, presbyopia, or strabismus. In recent years, with the continuous increase in per capita expenditure on eyewear products and the continuous expansion of population size in China, the market size of eyewear products in China has grown rapidly. Data shows that the retail market size of eyewear products in China increased from 70.9 billion yuan in 2017 to 80.2 billion yuan in 2020, with a CAGR of 4.2% during that period. It is expected that the overall market size of China's eyewear products will exceed 100 billion yuan and reach 107.6 billion yuan in 2024.

As the most important component of the eyewear product market, China's eyewear market has also been continuously developing. According to data, the retail volume of China's eyeglass lens market in 2020 was 248.14 million pieces, with a retail unit price of 114.5 yuan; The retail market size is 28.40 billion yuan; It is expected that the retail volume of China's eyeglass market will reach 310.22 million pieces by 2024, with a retail unit price of 133.1 yuan; The retail market size will reach 41.29 billion yuan.

According to market analysis, the factors that will continue to grow in China's eyeglass lens market in the future are as follows.

One is the large population base with visual problems. Bringing broad market demand. In recent years, with the penetration of electronic products in daily life and the increase in eye usage scenarios, vision problems have gradually become younger, which has also led to the gradual expansion of the population base for vision problems, leading to an increase in demand for glasses, which has also driven the demand for glasses. According to the latest national population statistics, as of the beginning of 2022, the total population of China has reached 1.44 billion, including 700 million people with myopia, accounting for almost 50% of the population. The prevalence of myopia among people over 5 years old exceeds 50%.

Secondly, the high myopia rate among children and adolescents and the demand for myopia prevention and control jointly support the development of the industry. From the research in the past decade, the incidence rate of juvenile myopia is getting higher and higher, and shows a trend of high incidence and younger age. In 2021, the age range of 10 to 18 is a severely affected area for myopia, with 10% of children, 50% of primary school students, 75% of middle school students, and 83% of high school students, over 90% of college students, and over 50% of teenagers experiencing myopia. In this environment, the Ministry of Education and the National Health Commission also plan to include the prevention and control of myopia in children and adolescents, overall myopia rate, and physical health status in local government performance evaluation indicators to control the growth of myopia rate. On the one hand, the high myopia rate has increased the demand for glasses and lenses; On the other hand, the vision problems of adolescents are increasingly receiving attention from government departments and various sectors of society. The demand for myopia prevention, control, and correction in children and adolescents will be further released, giving rise to a demand for functional lenses related to myopia prevention and control.

The third is to enhance the added value of glasses and lens products through technologies such as peripheral defocusing and progressive multifocal. It is understood that as the core functional part of glasses, lenses play an important role in protecting both eyes and correcting Refractive error. In recent years, in order to meet the gradually diversified needs of consumers, effectively optimize and improve the product structure of the industry, and promote industrial upgrading, technologies such as peripheral defocusing and progressive multifocal have been widely applied on the basis of traditional single beam lenses. At present, the core technologies used for myopia prevention and control lenses in the lens market mainly include progressive multifocal, peripheral defocus, multi-point myopia defocus, and so on.

Fourthly, product awareness is gradually releasing the market demand for adult progressive lenses. It is understood that the demand for adult glasses is mostly due to physiological reasons leading to a decrease in lens adjustment ability, resulting in a dual problem of both near and far vision, which is a normal physiological phenomenon among people over 40 years old. At present, the penetration rate of progressive lenses in the presbyopia glasses market is relatively low, but with changes in population structure and improved product awareness, the demand for adult multifocal progressive lenses market will be further released.

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