U.S. Eyewear Market Size, Share & COVID-19 Impact Analysis, By Product Type (Spectacles {Frames and Lens}, Sunglasses {Plano and Prescription}, and Contact Lens {Toric, Multifocal, and Sphere}), By Distribution Channel (Retail Stores, Online Stores, and Ophthalmic Clinics), and Country Forecast, 2023-2030

The U.S. eyewear market size was worth USD 41.55 billion in 2022 and is projected to grow at a CAGR of 4.9% during the forecast period.

Eyewear includes products, such as sunglasses, contact lenses, and spectacles. The market is strongly favored by changing customer preferences and the growing adoption of luxurious accessories among the adult population. In addition, the high prevalence of vision abnormalities and rising awareness regarding ocular diseases leading to the need for vision correction have increased the demand for eyewear among the U.S. population.

• For instance, according to the data published by the Centers for Disease Control and Prevention in December 2022, around 12 million people aged 40 years and above in the U.S. suffer from vision impairment. Additionally, around 6.8% of children below 18 years are suffering from eye and vision conditions in the U.S. Such instances are projected to increase the demand for eyewear over the forecast period.

However, in 2020, the sales of spectacles, sunglasses, and contact lenses were negatively impacted due to the COVID-19 pandemic. The decline was attributed to the imposition of strict lockdowns, which resulted in the temporary closure of ophthalmic clinics and retail shops.

U.S. Eyewear Market Trends

Increased Impact of Social Media is an Emerging Market Trend

The eyewear industry has undergone a tremendous transformation with the advent of the internet and boom in social media. Platforms, such as Instagram, Snapchat, and Facebook have become the new runway for eyewear fashion. Celebrities, influencers, and the youth are using these platforms to showcase their style, thereby influencing the sales of these products. Moreover, companies in the market are collaborating with influencers for product promotions.

This strategy has proven to be effective in driving the sales of eyewear brands and influencing consumer behavior. For instance, in February 2022, Zyloware Corporation announced a partnership with iconic fashion brand HALSTON to launch the H Halston Eyewear Collection in the market.

U.S. Eyewear Market Growth Factors

Rising Incidence of Eye Disorders to Drive Market Growth

As per a report published by the Centers for Disease Control and Prevention (CDC), refractive errors are the most common eye disorders in the U.S. In addition, age-related macular degeneration in adults is the major cause of blindness. Moreover, cataracts, diabetic retinopathy, and glaucoma can cause visual impairment or blindness.

This factor is expected to increase the volume of eye exams. For instance, according to the data published by the American Academy of Ophthalmology, more than 2.7 million Americans above the age of 40 are suffering from glaucoma. An increasing proportion of the population suffering from eye disorders is projected to be a major diver for the U.S. eyewear market growth. Furthermore, rise in the adoption of multifocal lenses over the years among the elderly population is estimated to drive the product’s demand.

It was estimated that around 4,035,400 people aged between 21-64 years were suffering from visual disability in the U.S.

RESTRAINING FACTORS

Stringent Regulatory Laws Might Restrain Market Growth

The U.S. FDA has classified spectacle frames, sunglasses, spectacle lenses, and magnifying spectacles as Class 1 medical devices. These products are manufactured, imported, and sold in the U.S. should comply with all the guidelines of the FDA 21 CFR. However, if the requirements are not fulfilled, it may result in the detention of the device at the U.S. port of entry.

Furthermore, certain errors while choosing the right strength for OTC glasses and presence of alternative treatment options, such as eye drops can reduce the adoption rate of the eyewear in the U.S. to a certain extent.

U.S. Eyewear Market Segmentation Analysis

By Product Type Analysis

Based on product type, the market is divided into spectacles, sunglasses, and contact lenses. The spectacles segment is further sub-segmented into frames and lens. The sunglasses segment is categorized into plano and prescription. The contact lens segment is further trifurcated into toric, sphere, and multifocal.

The spectacles segment accounted for the majority of the U.S. eyewear market share in 2022 due to the growing prevalence of myopia and hypermetropia and rising product offerings by prominent players in the market. For instance, in May 2023, Hoya Vision Care (Hoya) announced new additions to its MiYOSMART sun range of photochromic spectacle lenses. The products are called the MiYOSMART Chameleon and the MiYOSMART Sunbird and designed to delay the progression of myopia in pediatric patients.

Moreover, the contact lenses segment is projected to record a robust growth rate over the forecast period. The emergence of technologically advanced products, such as light-adaptive lenses and multifocal toric lenses, which reduce dryness and irritation that are often caused by normal contact lenses, is the major factor projected to drive the segment’s growth in the future.

By Distribution Channel Analysis

The U.S. eyewear market is classified into online stores, retail stores, and ophthalmic clinics based on the distribution channel.

The retail stores segment held a larger market share in 2022 due to the high accessibility of eyewear products in brick and mortar stores and retail stores of reputed brands at various locations, such as shopping malls.

Nevertheless, currently, there is a rising trend of purchasing these products through online channels. This trend is projected to drive the sales of the product on the online stores over the forecast period of 2023-2030. Furthermore, players in the optical industry are focused on launching online sales channels to provide consumers with a new and more thoughtful way to shop for these products. For instance, in November 2021, Eyeleos, a compassion-driven brand, announced its launch in the U.S. market, offering consumers a new way of shopping for these products online.

List of Key Companies in U.S. Eyewear Market

In terms of the competitive landscape, the U.S. eyewear market is highly fragmented, with the presence of several players. In 2022, Johnson and Johnson Services, Inc. and Alcon were some of the key companies in the market with strong market shares owing to investments in R&D activities and launch of new products with high-end functionalities. Some other companies operating in the market are SAFILO GROUP S.P.A, Essilor Luxottica, and ZEISS. These companies also engage in adopting new technologies, such as 3D printing to capture the maximum market share.

In addition, strategic collaborations and partnerships are among the few strategies undertaken by market players to improve their product offerings. For instance, in July 2023, Kering Eyewear, a luxury eyewear company, completed the acquisition of Usinage & Nouvelles Technologies (UNT), a manufacturer of metal and mechanical components for luxury products, to expand its portfolio.

LIST OF KEY COMPANIES PROFILED:

• Johnson & Johnson Vision Care, Inc. (Johnson & Johnson Services, Inc.) (U.S.)


• Alcon (Switzerland)


• Fielmann AG (Germany)


• EssilorLuxottica (France)


• SAFILO GROUP S.P.A. (Italy)


• CooperVision (U.S.)


• LUXOTTICA GROUP (Italy)


• Bausch & Lomb Incorporated (U.S.)


• ZEISS (Germany)

KEY INDUSTRY DEVELOPMENTS: 

• June 2023 - Fielmann Group AG acquired SVS Vision Holding Company and Befitting, making an entry into the optical retail business in the U.S.


• September 2022 – Johnson & Johnson Vision Care announced the launch of its new contact lens product called the ACUVUE OASYS MAX 1-Day. The product is available in the U.S.


• June 2020 - Alphabet, Inc. announced that it had acquired North, a manufacturer of smart glasses.

REPORT COVERAGE

The report provides a comprehensive overview and analysis of the market. It focuses on key aspects, such as a statistical overview of epidemiology of ocular diseases and new product launches. Furthermore, it includes insights on the key industry developments, new product launches, and impact of the COVID-19 pandemic on the market. Furthermore, it also analyzes the market dynamics and other key industry trends. The report also studies the various factors that have contributed to the market’s growth in recent times.

Report Scope & Segmentation