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Eyewear Market, By Product Type (Spectacles, Sunglasses, Contact Lens), By Distribution Channel (Retail Store, Online Store, Ophthalmic Clinics), and Regional Forecast

2019-12-11 10:19:45

The global eyewear market size was USD 116 billion in 2018, and is projected to reach USD 179 billion by 2026, exhibiting a CAGR of 5.8% during the forecast period.

The eyewear market includes products like spectacles, sunglasses, and contact lenses. The eyewear industry is highly fragmented with many local and international players. Eyewear products offer vision correction and protection from harmful ultra violet A (UVA) and ultra violet B (UVB) sun rays. In the current scenario, people prefer using eyewear owing to rising awareness regarding ocular diseases, combined with the increasing prevalence of vision abnormality. Moreover, wearing spectacles is considered a fashion statement in both developing and developed nations. Globally, there is a surge in the incidence of ocular disorder such as myopia, hypermetropia, and astigmatism among others. A large variety of product offering by large and smaller players have propelled the usage of eyewear among the general public.

On worldwide basis, there is an increase in awareness related to ocular disorders in developing countries, which is estimated to increase the acceptance of eyewear products.  A higher population of individuals suffering from ocular diseases is estimated to one of the key drivers influencing the eyewear market trend. Based on the projections given by the World Health Organization (2015), by 2020 there will be around 2.2 billion new incidences of myopia globally. In countries such as Japan, South Korea, and China individuals are adopting colored contact lenses for increased aesthetic value.

Additionally, the increasing availability of spectacles and sunglasses in retail and online channels in developing and developed nations is anticipated to boost the market during the forecast period. The increasing disposable incomes of individuals in developing nations have enabled an increase in the demand for higher-value sunglasses. The increase in brand consciousness is also projected to drive the market globally

Furthermore, the increase in the geriatric population is estimated to augment the eyewear market growth during the forecast period. As people live longer, there is an increase in the risk of ocular disease in the geriatric population. This trend can be witnessed in developed as well as developing nations. The increase in geriatric population suffering from myopia and hypermetropia is anticipated to fuel the market growth. There is an increase in the adoption of multifocal lenses in the geriatric population over the years, and hence this trend is estimated to further propel the market growth.