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The global eyewear market size was valued at USD 115.90 billion in 2018, and is projected to reach USD 178.95 billion by 2026, exhibiting a CAGR of 5.7% during the forecast period.
The global 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.
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In the current market landscape, the contact lens segment is estimated to experience an increase in acceptance in countries of Asia Pacific and Latin America, owing to the aesthetic value offered by the product type. However, in the developed countries in North America and Europe, the contact lens segment is estimated to witness a dip in adoption rate due to higher cost and maintenance associated with the product. Moreover, unfavorable reimbursement policies related to vision correction in these developed countries may affect the market growth of contact lens segment during the forecast period.
“Rising Incidence of Eye Health Issues and Increasing Geriatric Population is Projected to Propel the Global Market in the Forthcoming Years”
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 trends. 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.
“Increasing Awareness in Emerging Countries Regarding the Harmful Effects of UV Rays is Estimated to Augment the Sunglasses Segment During the Forecast Period”
The sunglasses segment is anticipated to grow at the fastest CAGR owing to the increasing awareness regarding the harmful effects of UVA and UVB rays on vision. Additionally, in developed countries, there is an increasing acceptance of sportswear sunglasses among the general public. The wide product offering by manufacturers is increasing the demand for sunglasses globally. Combined with this, public is also adopting prescription sunglasses for vision correction as well as UV rays protection.
The high unmet demand for sunglasses in the emerging nations of Latin America and Asia Pacific is projected to positively impact the overall market growth in the forthcoming years. Owing to the advanced sunray protect offered by the polarized lenses, there is an increase in the adoption of sunglasses in countries of North America and Europe. Additionally, according to the analysis by the Vision Council (2015) there is a rise in usage of plano sunglasses among people between 18 - 34 years of age. The same trend is witnessed among men and also in individuals above 55 years of age.
“Spectacles Segment is Anticipated to Dominate the Eyewear Market in terms of Revenue and Projected to Grow at a Steady Rate during the Forecast Period”
Based on product type, the global market can be segmented into spectacles, sunglasses, and contact lenses. The spectacles segment is further bifurcated into frames and lens. Sunglasses are segmented into plano and prescription sunglasses. Contact lenses are bifurcated into toric, multifocal and sphere.
The spectacles segment is estimated to hold the major market share in the overall market in 2018. The spectacles segment is projected to maintain its dominating position at the end of the forecast period. This market trend is owed to the increasing prevalence of myopia and hypermetropia. Additionally, the increasing lucrative product offering by major players in the market is estimated to further augment the market growth. In Asia Pacific and Latin America, there is an increasing demand for contact lenses which is estimated to boost the contact lens market growth. There is also a high unmet demand for sunglasses in the countries of Latin America and the Middle East and Africa. The players operating in the sunglasses market are increasing their customer base by tapping into online channels and offering lucrative pricing.
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Due to the increasing population and declining number of people opting for LASIK and contact lenses in the United States, the total population of adults wearing prescription spectacles have increased in the past few years. There is also an increase in the adoption of trendy frames in developed countries as a fashion accessory. This trend is estimated to boost the market value during the forecast period.
“Retail Stores to Hold the Dominating Position in the global market in Terms of Revenue Generated during the Forecast Period”
Based on the distribution channel, the market is bifurcated into retail stores, online stores, and ophthalmic clinics.
The retail stores segment accounted for the highest eyewear market share and is further expected to continue dominating the market in the forecast period as well. High accessibility of eyewear products in retail stores of shopping malls, branded stores, and others is a key factor driving the retail store segment in the eyewear industry. However, there is a rise in popularity for purchasing eyewear products through online stores and channels. This market trend is estimated to propel online store sales in the coming years. Ophthalmic clinics accounted for the lowest share in the market.
North America generated a revenue of USD 35.60 billion in 2018 and is expected to hold the highest revenue share in the market throughout the forecast period. Increasing acceptance of vision care products is estimated to boost the growth of the market in North America. Factors like the preference for premium eye care products, higher awareness of ocular disorders, and increasing affordability to buy expensive sunglasses are projected to drive the market in European countries like Germany, France, UK, and others. In addition to this, the increasing trend in the adoption of spectacles and fashionable frames is also projected to propel the market growth in Europe.
North America Eyewear Market Size, 2018
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On the flip side, Asia Pacific is projected to follow the lead after North America in the global eyewear market revenue in 2026. This is attributed to the higher population of people who depend on eyewear products for vision correction in China, Japan, and India, which owed to the higher prevalent population of ocular diseases in the region. Hence, Asia Pacific is projected to grow at the highest CAGR during the forecast period. The higher availability of cheaper eyewear products and increasing disposable incomes in the developing countries of Asia Pacific and Latin America are estimated to drive the adoption of eyewear products in the forecast years. The market in the Middle East and Africa is estimated to grow at a slower rate compared to that of Asia Pacific and Latin America. Latin America is estimated to grow at a steady rate owing to the unmet demand for eyewear products.
“The Global Market is Highly Fragmented with Players like Johnson and Johnson Services, Inc. and Alcon Holding Major Share in Contact Lens Market”
The global market is highly fragmented due to the presence of both local and international players. The major market players are segmented into contact lens market and spectacles and sunglasses market. Johnson and Johnson Services, Inc. holds the highest share in the global contact lens market, followed by Alcon. Whereas, other prominent players in the global spectacles market includes, companies like Essilor Luxottica, Safilo Group S.p.A, and Carl Zeiss among others. The companies adopt newer technologies like 3D printing to enhance the quality of spectacles lenses and capture market share. The competition in price range is also one of the key trends observed in this competitive market landscape. Strategic partnerships and collaboration are one of the few of the many strategies adopted by eyewear companies to improve product offerings.
The report presents a comprehensive assessment of the global market by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views. Furthermore, the report offers a detailed analysis and information as per the market segments, helping our readers to get a comprehensive overview of the global market.
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Along with this, the eyewear market report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report include key industry developments - mergers, acquisitions, and partnerships introduction of new products / approvals (by major players). Combined with this the report also provides epidemiology of major ocular disorders - for key countries, key trends in the market, and snapshot of U.S. reading glasses market.
Value (USD billion)
By Product Type
By Distribution Channel
Fortune Business Insights says that the market was valued at USD 115.90 billion in 2018 and is projected to be worth USD 178.95 billion by 2026.
In 2018, the market was valued at USD 115.90 billion.
The global market will exhibit steady growth of 5.7% during the forecast period (2019-2026)
The spectacles segment is expected to be the leading segment in the market during the forecast period.
Increasing prevalence of ocular disorders worldwide will drive the growth of the market.
Alcon (a part of Novartis AG) and Johnson and Johnson Services, Inc. are the top players in the contact lens segment in the market.
North America is expected to hold the highest market share in the market.
Asia Pacific is anticipated to grow at a higher CAGR in the market.
New product launches and increasing awareness of the harmful effects of sunray to the eyes are few of the driving factors for sunglasses in the forthcoming years.
Increasing adoption of daily disposable lenses, increasing mergers and acquisition of companies, and demand for quality sunglasses are some of major trends influencing the global market.
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