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Eyewear Market Size, Share & COVID-19 Impact Analysis, By Product Type (Spectacles, Sunglasses, Contact Lens), By Distribution Channel (Retail Store, Online Store, Ophthalmic Clinics), and Regional Forecast, 2021-2028

Region : Global | Format: PDF | Report ID: FBI101749



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The global eyewear market size was USD 105.56 billion in 2020 and is projected to grow from USD 114.95 billion in 2021 to USD 172.42 billion in 2028, exhibiting a CAGR of 6.0% in the 2021-2028 period. Based on our analysis, the global market exhibited a lower growth of -13.3% in 2020 compared to the average year-on-year growth during 2017-2019. The global impact of COVID-19 has been unprecedented and staggering, with eyewear products witnessing a negative impact on demand across all regions amid the pandemic. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

The market includes products such as spectacles, sunglasses, and contact lenses. The industry is highly fragmented, with many local and international players. These products offer vision correction and protection from harmful Ultraviolet A (UVA) and Ultraviolet B (UVB) sun rays. In the current scenario, people prefer using spectacles owing to the rising awareness regarding ocular diseases, combined with the increasing prevalence of vision abnormality. For instance, in 2020, according to Lancet Global Health, it is projected that around 43.3 million people were blind, out of which 23.9 million were assessed to be female.

Moreover, wearing spectacles is considered to be a fashion statement in both developing and developed nations. Globally, there is a surge in the incidence of ocular disorders such as myopia, hypermetropia, and astigmatism, among others. For example, in February 2021, as per World Health Organization (WHO), worldwide, there were at least 2.2 billion people who have a near or distance vision impairment. Therefore, a wide variety of product offerings by large and smaller players have propelled eyeglasses usage among the general public.

Purchase Rate of Spectacles and Sunglasses Severely Impacted by COVID-19 Pandemic

The coronavirus's geographic spread has significantly affected the sales of contact lenses, sunglasses, and prescription eyeglasses, and sunglasses. Government bodies across the globe had enforced strict lockdowns in the initial phase of the pandemic's spread. This led to the closure of ophthalmic clinics and retail stores for an extended period. For instance, according to BMC Ophthalmology, in May 2021, the volume of Retina clinic dropped by 62 % because of the COVID-19 health emergency.

The postponement of non-urgent eye examination appointments has also caused a dip in the sales revenue of many players operating in the market. For instance, Johnson and Johnson Services, Inc.’s vision care business segment witnessed a sales revenue decrease of 11.7% in 2020 when compared to 2019. Additionally, disruptions in the manufacturing and transportation of spectacle lenses, contact lenses, and sunglasses owing to the pandemic have also influenced the decline of the market for eyewear in 2020.


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Emergence of 3D Printing is a Prominent Trend in Market

The fashion industry significantly influences the trends in this business. The advent of 3-D printing has enabled quick and easy customization of eyeglasses. For instance, in July 2021, Luxexcel announced Luxexcel VisionPlatform 7, the company’s next-generation manufacturing platform, to assist businesses in integrating prescription lenses into the production of smart glasses in their manufacturing facilities. This technology combines objects such as waveguides and liquid crystal foils during the 3D printing process. Fast fashion changes in accessories such as sunglasses have gained traction from the increasing social media applications, namely, Instagram and TikTok. Companies are actively collaborating with social media influencers to increase their brand presence and customer reach across the globe. Combined with this, major players operating in the market for eyewear are focusing on mergers and acquisitions to improve their products' geographical presence.


Rising Incidence of Eye Health Issues to Propel Market Growth

On a worldwide basis, there is an increase in the awareness related to ocular disorders in developing countries, which is estimated to surge the eyeglass products' acceptance.  A higher population of individuals suffering from ocular diseases is estimated to be one of the key drivers influencing the key 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 adopt colored contact lenses for increased aesthetic value.

Additionally, the rising 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 further spurred the demand for higher-value sunglasses. The increasing brand consciousness is also projected to drive the market globally.

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

Increasing Awareness among People Regarding Harmful Effects of Ultraviolet Rays to Augment Growth

The sunglasses segment is anticipated to grow at the fastest CAGR in the market for eyewear due to the increasing awareness regarding the harmful effects of UVA and UVB rays on vision. Additionally, in developed countries, there is a surging acceptance of sportswear sunglasses among the general public. The wide product offering by manufacturers is bolstering the demand for sunglasses globally. Combined with this, the public is also adopting prescription sunglasses for vision correction and protection from UV rays.

The high unmet demand for sunglasses in emerging nations of Latin America and Asia Pacific is projected to impact the overall growth of the market for eyewear in the forthcoming years positively. Owing to the advanced sunray protection offered by 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, in 2021, around 70 percent of adult respondent’s wear sunglasses mostly for general use, and approximately 22 percent wear sunglasses for both specific sporting activities and general use. The same trend is followed by men and also by individuals.


Surging Use of Cheaper Frames and Sunglasses in Emerging Countries to Hamper Growth

Various local shops and manufacturers of eyewear produce cheaper and affordable frames and spectacles in developing countries. Additionally, the limited use of luxury sunglasses in countries such as India and Brazil is estimated to impact the market's sales revenue in the upcoming years. Higher costs of luxury sunglasses and contact lenses owed to costly import duties are the major factors attributed to the limited product acceptance in these emerging nations. These aforementioned factors combined with the lower penetration of contact lenses in developing countries are projected to restrain the market growth in the near future.


By Product Type Analysis

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Spectacles Segment to Dominate the Market in Terms of Share

Based on the product type, this market can be segmented into spectacles, sunglasses, and contact lenses. The spectacles segment is further bifurcated into frames and lenses. The sunglasses segment is divided into Plano and prescription sunglasses. The contact lenses segment is further segmented into toric, multifocal, and sphere.

The spectacles segment was estimated to hold the major share in the overall market in 2020. The segment is projected to maintain its dominating position at the end of the forecast period. This trend is owing to the increasing prevalence of myopia and hypermetropia. Additionally, the rising lucrative product offering by major players in the market is estimated to further augment the segment’s growth. In Asia Pacific and Latin America, there is an increasing demand for contact lenses which is estimated to boost the contact lens segment’s 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.

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 has increased in the past few years. There is also a surge in the adoption of trendy frames in developed countries as a fashion accessory. This trend is estimated to boost the value during the forecast period.

By Distribution Channel Analysis

Retail Stores Segment to Hold the Leading Position in the Market in the Near Future

The market is segregated into retail stores, online stores, and ophthalmic clinics based on the distribution channel.

The retail stores segment accounted for the highest eyewear market share and is further expected to continue dominating the market in the forecast period. The high accessibility of sunglasses and spectacle products in retail stores of shopping malls, branded stores, and others is a key factor driving the retail store segment in the industry. However, there is a rise in the popularity of purchasing eyeglass products through online stores and channels. This market trend is estimated to propel online store sales in the upcoming years. The ophthalmic clinics segment accounted for the lowest market revenue share owing to the lower preference of the population to purchase eyewear from clinics.


North America Eyewear Market Size, 2020 (USD Billion)

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North America generated a revenue of USD 30.87 billion in 2020 and is expected to hold the market's highest share throughout the forecast period. The increasing acceptance of vision care products is estimated to boost the growth rate of the market in this region.

In the current market landscape, the contact lens segment is estimated to experience an increase in acceptance in Asia Pacific and Latin American countries, owing to the aesthetic value offered by the product type. However, in developed countries of North America and Europe, the contact lens segment is estimated to witness a dip in the adoption rate due to the higher cost and maintenance associated with the product. Moreover, unfavorable reimbursement policies related to vision correction in these developed countries may affect the contact lens segment's growth during the forecast period.

Factors such as 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, namely, Germany, France, U.K., and others. The spurring trend of the adoption of spectacles and fashionable frames is also projected to propel market growth in Europe.

On the flip side, Asia Pacific is projected to follow the lead after North America in the global market in terms of revenue in 2028. This is attributed to the higher population of people who depend on eyeglasses products for vision correction in China, Japan, and India, which is owing to the higher prevalence 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 eyeglass products and increasing disposable incomes in developing countries of Asia Pacific and

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Latin America is estimated to drive the adoption of spectacle in the forecast years. The market in the Middle East and Africa is estimated to grow slowly 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 these products.


The Market is Highly Fragmented with Johnson and Johnson Services, Inc. and Alcon Holding Major Shares

The global market is highly fragmented due to the presence of both local and international players. Major eyewear companies are segmented into the 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. Other prominent players in the global spectacles market include companies, namely Essilor Luxottica, Safilo Group S.p. A, and Carl Zeiss. These companies are adopting newer technologies such as 3D printing to enhance the quality of spectacle lenses and capture more market share. The competition in price range is also one of the key eyewear market trends observed in this competitive market landscape. Strategic partnerships and collaborations are among the few of the many strategies adopted by key players to improve product offerings.


  • Alcon (Part of Novartis AG) (Switzerland)

  • EssilorLuxottica (France)

  • CooperVision (U.S.)

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

  • Bausch Health Companies Inc. (U.S.)

  • Carl Zeiss (Germany)

  • Fielmann AG (Germany)

  • Safilo Group S.p.A (Italy)

  • Other Prominent Players


  • March 2021 – JINS eyewear announced the launch of the JINS&SUN sunglasses brand in the U.S with 29 different shapes and 84 styles.

  • February 2021: Johnson and Johnson Services, Inc. announced that the company received a CE mark for ACUVUE OASYS MULTIFOCAL contact lens for individuals with presbyopia.

  • August 2020: Bausch Health Companies Inc. announced the launch of Bausch + Lomb INFUSE  silicone hydrogel (SiHy) daily disposable contact lens.


An Infographic Representation of Eyewear Market

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The global eyewear market 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. Along with this, the 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). It also provides the epidemiology of major ocular disorders - key countries, key trends in the market, and a snapshot of the global market.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



  Value (USD billion)


  Product Type; Distribution Channel; and Geography

By Product Type

  • Spectacles

    • Frames

    • Lenses

  • Sunglasses

    • Plano

    • Prescription

  • Contact Lenses

    • Toric

    • Multifocal

    • Sphere

By Distribution Channel

  • Online Store

  • Retail Store

  • Ophthalmic Clinics

By Region

  • North America (By Product Type, By Distribution Channel, and by Country)

    • U.S. (by Product Type)

    • Canada (by Product Type)

  • Europe (By Product Type, By Distribution Channel, and By Country)

    • U.K. (by Product Type)

    • Germany (by Product Type)

    • France (by Product Type)

    • Italy (by Product Type)

    • Spain (by Product Type)

    • Rest of Europe (by Product Type)

  • Asia Pacific (by Product Type, By Distribution Channel, and By Country)

    • China (by Product Type)

    • Japan (by Product Type)

    • India (by Product Type)

    • Australia (by Product)

    • Southeast Asia (by Product)

    • Rest of Asia Pacific (by Product)

  • Latin America (by Product Type, By Distribution Channel, and By Country)

    • Brazil (by Product)

    • Mexico (by Product)

    • Rest of Latin America (by Product)

  • The Middle East & Africa (By Product Type, By Distribution Channel, and By Country)

    • GCC (by Product)

    • South Africa (by Product)

    • Rest of  the Middle East & Africa (by Product)

Frequently Asked Questions

Fortune Business Insights says that the market stood at USD 105.56 billion in 2020 and is projected to be worth USD 172.42 billion by 2028.

In 2020, the market value stood at USD 105.56 billion.

The global market will exhibit steady growth with a CAGR of 6.0% during the forecast period (2021-2028)

The spectacles segment is expected to lead the market during the forecast period.

The 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 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 sun rays on the eyes are few factors driving the adoption of sunglasses.

The increasing adoption of daily disposable lenses, rising mergers and acquisitions of companies, and the high demand for quality sunglasses are major trends influencing the global market.

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