The global Eyewear Market is expected to witness a substantial growth due to the growing prevalence of eye diseases and growing awareness regarding eye health. Increasing dependency on smartphones, tablets and TVs has led to prevalence of eye-based diseases, thereby driving market growth in past few years. Rising geriatric population, highly susceptible towards optical deficiencies, is expected to foster the market growth of eyewear over the forecast period. Globally, the eyewear industry is predicted to grow at a moderate CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.
Other factors responsible for the growth of eyewear market are rising disposable income and growing in health consciousness among general population, and increasing in adoption of vision care products. In addition, current lifestyle changes such as increasing use of computers, television are leading to rise in number of patient pool that are suffering from various eye diseases. Increasing adoption of promotional campaign and implementation of aggressive market strategies by the major industry players in order to generate additional revenue, thus fostering market growth in the upcoming years.
However, growing competition among market players is leading to the presence of counterfeit products in the market, thus hampering market growth to a certain extent. Additionally, rise in the number of the domestic market players and higher cost associated with research and development of eye care products are substantially obstructing marker progress, in recent years. Increasing prevalence of the various eye disorders due to prolonged exposure to electronic devices like TV, mobile phones or computers, and pollution, are propelling demand of the various eye care products in the market.
However, growing demand for vision correction procedures and surgeries like that of LASIK (Laser-Assisted In Situ Keratomileusis) and PRK (Photorefractive Keratectomy) are expected to limit market progress to a certain extent. Rising sale of premium eyeglasses and sunglasses and growing popularity in the European countries such as Germany, U.K., France, and Spain is expected to favor industry expansion over the next seven years. In addition, development of broad range of eyewear with new styles, shapes, and sizes is projected to boost market demand worldwide. Availability of variety of options in market is driving more number of customers in the past few years.
The eyewear industry is broadly categorized into three major segments based on the products type such as contact lenses, spectacles and plano sunglasses. The spectacles segment is growing rapidly in the eyewear market with substantial revenue generation in the last few years. Growing popularity of the spectacles segment is attributed to the growing prevalence of eye disorders and rising aging population across the globe. The plano sunglasses segment has also witnessed substantial growth owing to the growing popularity of polarized sunglasses. The plano sunglasses segment is further subcategorized based on material type such as CR-39, polycarbonate and polyurethane.
The eyewear industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies, rise in awareness level among general population, upsurge in number of research & development activities and existence of well-established manufacturing infrastructure in the region.
Asia-Pacific region is estimated to hold major share in the eyewear market with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with growing geriatric population, growing health consciousness among individuals, rising disposable income, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the eyewear industry are Cooper Vision, Inc., Luxottica Group S.p.A., Bausch + Lomb, Inc., Zeiss International, Inc., Johnson & Johnson Vision Care, Inc., HOYA Co., De Rigo S.p.A., Fielmann AG, and Safilo Group S.p.A.
Eyewear Product Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2024)
• Contact lenses
• Spectacle frames
• Spectacle lenses
• Plano sunglasses
• By product
• By material,
Eyewear Regional Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2024)
• North America
• Asia Pacific
• South America
Research Support Specialist, USA