Press Release / Technology / Optical Lenses Market Research, Market Share, Competitor Strategy, Trends, Forecast to 2023

Optical Lenses Market Research, Market Share, Competitor Strategy, Trends, Forecast to 2023

Optical Lenses Market Highlights:
Optical lenses are designed to focus or diverge light, which increases visibility. These found their applications in eyeglasses and contact lenses astronomical telescopes, binoculars, magnifying glasses, and microscopes among others. With the advancements in laser technology, the miniaturization of these lenses (micro-lenses) has been possible further availing the customized shapes and optical properties that are suitable for cameras, solar cells, microscopes, and others.
These microlenses are widely used in advanced smartphone cameras to increase sensitivity and imaging speed in low-light conditions. Increasing production and sale of smartphones is a key force driving the global optical lenses market. Advancements in ophthalmology is another key growth propeller of the market. Moreover, rapid adoption of ophthalmologic lenses by the young population escalates the market on the global platform.
According to Market Research Future (MRFR), the global Optical Lenses Market would reach over USD 6 BN by 2023, registering a CAGR of 7% throughout the forecast period (2017 – 2023).
Additional factors bolstering the growth of the market include the rise in popularity of photography as a hobby and full-time carrier and increasing availability of a range of cost-competitive professional digital cameras. Moreover, augmenting demand for high definition (HD) videos and images that are shot by using high-quality optical lenses are propelling the market growth, majorly.
Increased production of optical lenses by the increasing number of manufacturers and increased investments by them for the development of advanced optical lenses foster the growth of the market.
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Major Major Players:
Players leading the global optical lenses market include Schott (Germany), Nikon Corporation (Japan), Olympus Corporation Of The Americas (US), Menicon Co. Ltd. (Japan), Bausch + Lomb (US), Cosina Co., Ltd. (Japan), Cyberoptics Corporation (US), Carl Zeiss Ag (German), and Meade Instruments (US), among others.
Optical Lenses Market Segments:
For a better scope of understanding, the report has been segmented into four key dynamics:

By Type: Converging and Diverging.
By Application: Microscopy, Laser Processing, Imaging, and Ophthalmic.
By Vertical: Healthcare, Life Sciences, Defense, Manufacturing, and Consumer Electronics among others.
By Regions: Asia Pacific, Europe, North America, and the Rest-of-the-World.

Optical Lenses Market Regional Analysis:
Globally, North American region accounts for the largest share in the optical lenses market. The market is expected to grow at a substantial CAGR over the forecasted period. Factors such as the presence of a number of key players and the adoption of advanced lens technology are boosting the growth of the regional market.
The US and Canada contribute to the optical lenses market in the region, majorly.  Furthermore, the increasing government support for research & development activities in biotechnology and life science drive the regional market.
Europe is the second-largest market for optical lenses, which is expected to grow at a considerable CAGR during the projected period.  Rapid adoption of ophthalmologic lenses by the younger generation is a key factor driving the growth in the regional market.
Moreover, factors such as the rise in popularity of photography as a hobby and full-time carrier option alongside, the increasing availability of a range of cost-competitive professional digital cameras, and huge demand of high definition videos and images is propelling the growth of the optical lenses market.
The optical lenses market in the Asia Pacific region is emerging as a promising market globally. The presence of numerous small and large-scale lens manufacturers is impacting the growth of the regional market, positively. Factors such as the constant government support for R&D activities required for the development of microscopes and significant advancements in the field of biotechnology are fostering the growth of the regional market.
Rise in demand for high-quality optical lenses at affordable prices increased the production of optical lenses due to the presence of manufacturers of optical lenses and increased investments for the development of advanced optical lenses that can capture micro-details of a subject are fueling the growth of the regional market.
Optical Lenses Market Competitive Analysis:
The well-established optical lenses market appears to be highly competitive due to the presence of many key players. Those players compete on innovation, product features, quality, cost, and financial stability. Mergers & acquisitions, innovation, and brand reinforcement remain key trends of these players.  To maintain their market position, these players are focusing on developing their product portfolio utilizing advanced technologies.
Players are also investing hugely in internal R&D and, most of all, in acquiring other firms. Prominent manufacturers of optical lenses are targeting to invest more in technology and to bring betterment in their already existing products. Rising government funding is motivating key companies to manufacture new contact lenses that match the changing trends and needs of the patrons.
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Industry/ Innovation/ Related News:
June 12, 2019 --- A team of researchers from Istituto Italiano di Tecnologia (Italy) published their study describing a new laser-additive method they have developed for creating micro-lenses using a single laser pulse. In the study published in the Optical Society (OSA) journal Optical Materials Express, scientists mention that the technology also allows micro-lenses and microlens arrays to be fabricated directly on cameras or solar cells. This inexpensive, simple fabrication method poised to expand micro-lens applications.
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