Driven by the increasing adoption of luxurious accessories among millennials, the surge in visual impairment among children, and the increasing geriatric population, the Global Eyewear Market is Forecasted to reach US$ 180 Bn by 2028 says Ken Research Study.
Demand and supply for eyewear are rising in different parts of the world as people become more aware of vision problems as well as various styles of spectacles, lenses, and sunglasses available. The growing accessibility of a wide variety of eyewear through both online and offline distribution channels is causing a healthy market growth rate.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
1. Technological Advancements have Increased the Market’s Growth Rate
According to Research estimates, the Global Eyewear Market – which was valued from around US$ 90 Bn in 2017 to nearly US$ 120 Bn by 2022 – is expected to grow further to more than US$ 180 Bn opportunity by 2028.
Innovations in technology and increased spending on R&D by eyewear makers have been major factors affecting the growth of companies that specialize in eyeglasses. It took centuries for glasses to be developed, but modern eyewear technologies are enabling perfect vision for those with vision impairments.
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2. Increasing Vision Problems in Children are Pushing up the Demand for Spectacles and Contact Lenses
As more schools embraced digital learning tools and virtual learning settings, children's screen usage increased dramatically over the past year. Routine activities for kids were cut back, which resulted in more time spent online chatting and playing games. Now that the effects are beginning to show, eye health has suffered significantly.
Many kids who spend a lot of time on screens develop eye strain, which exacerbates future vision problems. There is a direct link between greater screen time and less outdoor activity and the rise in children with myopia progression, or nearsightedness, during the pandemic. These rising issues are thus increasing the demand for power glasses and lenses to artificially correct the damage.
3. Low Acceptability and Stigma Around Glasses to Stagnate the Market Growth
Parents test their children to confirm the presence of vision loss and sought advice from other family and community members due to their beliefs regarding the benefits of treatment. The stigma associated with wearing glasses led parents to object to their child's treatment, believing that maintaining "normality" was frequently more essential than receiving medical counsel. Parents' choices are affected by a combination of their personal health beliefs, stigma, and the necessity of going to appointments with their children.
Uncorrected refractive error is a significant contributor to avoidable vision impairment. A significant number of individuals who are considered visually impaired because they lack access to corrective care are estimated to have refractive errors that cause poor vision. The chart below shows findings of a 2019 survey on reasons for unwillingness to use eyeglasses.
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Key Topics Covered in the Report
- Snapshot of the Global Eyewear Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Eyewear Market
- Historic Growth of the Overall Global Eyewear Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Eyewear Market
- Overview, Product Offerings, and SWOT Analysis of Key Competitors
- COVID-19 Impact on the Overall Global Eyewear Market
- Future Market Forecast and Growth Rates of the Total Global Eyewear Market and by Segments
- Market Size of Product/ End User Segments with Historical CAGR and Future Forecasts
- Analysis of the Eyewear Market in Major Regions
- Major Production / Consumption Hubs in the Major Regions
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Country
Major Players Mentioned in the report
- Johnson & Johnson Vision Care, Inc.
- EssilorLuxottica
- Bausch & Lomb Inc.
- CooperVision
- Carl Zeiss AG.
- CIBA VISION
- Safilo Group S.p.A.
- De Rigo Vision S.p.A
- Fielmann AG
- Marcolin SpA.
- HOYA Corporation.
Notable Emerging Companies Mentioned in the Report
- Allure Eyewear L.L.C.
- Eyeking, LLC
- Optical Express Ltd.
- Norville Optical
- Pearle Vision
- Mister Spex
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Spectacles Manufacturers
- Lenses Manufacturers
- Sunglasses Manufacturers
- Spectacles Frame Manufacturers
- Spectacles Frame Designers
- Sunglasses Frame Designers
- Health and Medical Authorities
- Environmental Protection Authorities
- Investors interested in Healthcare Industry
- Eyewear Exporters
- Optical Engineering Companies
- Lens Designer Companies
- Eyewear Brands Distributors
- Eyecare Research Institutes
- Government Ministries and Departments of Healthcare
Time Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
For More Information on the Research Report, refer to below links: –
Global Eyewear Market: Ken Research
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