October 11, 2021 09:15 ET | Source: Verified Market Research Verified Market Research
Boonton, New Jersey, UNITED STATES
Jersey City, New Jersey, Oct. 11, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Optical Lens Market” By Type (Converging Lenses and Diverging Lenses), By Application (Ophthalmic, Microscopy, Laser Processing and Imaging), By End-User (Consumer Electronics, Defense, Healthcare, Life Sciences), and By Geography. According to Verified Market Research, the Global Optical Lens Market size was valued at USD 15,024.52 Million in 2020 and is projected to reach USD 25,868.81 Million by 2028, growing at a CAGR of 7.33% from 2021 to 2028.
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Global Optical Lens Market Overview
The growth of the market is mainly attributed to the growing demand for the optical lens in the medical sector owing to the growing use of contact lenses. The growing aged population in combination with a significant rise in optical diseases has increased sales of the contact lens, which in turn, favors the market growth. The application of these lenses is expanding for studying astronomy. The rising investments in research activities for astronomy are boosting the development of optical instruments. Also, various economies are putting their efforts to gain higher information beyond the Earth’s atmosphere, which is propelling the market growth. However, the high cost associated with the telescope and microscope is hampering the adoption of the optical lens.
The optical lens market is expected to strong growth in the years to follow mainly accountable to the growing adoption of convex and concave lenses in the automotive sector. Increasing sales of passenger vehicles, commercial cars, and off-road vehicles owing to soaring population, hike in the living standards, rise in disposable income, growing interstate trades, and growing construction and mining activities are pushing the market growth. Extensive use of the optical lens in automotive vehicles for manufacturing mirrors and headlights is paving the way for the optical lens market. Also, the market is expected to witness growth in the upcoming years mainly due to a hike in the demand for cameras and lens due to expanding tourism sector. Favorable initiatives by the governments of various nations to boost tourism is likely to promote the sales of cameras, which further boosts the optical lens market growth.
Key Developments in Optical Lens Market
• ZEISS expanded its Zeiss Supreme Prime Radiance product portfolio by introducing four new lenses of 18 millimeters, 135 millimeters, 40 millimeters, and 65 millimeter
• ZEISS has introduced Primostar 3, a new compact microscope for digital teaching and routine lab work Through this acquisition, Olympus expands its business line in offering in-office treatment for benign prostatic hyperplasia (BPH) treatment
The major players in the market are Carl Zeiss AG, Olympus Corporation, Nikon, Bausch & Lomb Incorporated, Cosina Co., Ltd., Meade Instruments Corp., Thorlabs Inc, MENICON CO., LTD., and others.
Verified Market Research has segmented the Global Optical Lens Market On the basis of Type, Application, End-User, and Geography.
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