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The U.S. Reading Glasses Market size was valued at USD 13,134 Million in 2018 and is projected to reach USD 17,959.2 Million by 2026, exhibiting a CAGR of 4.0% in the forecast period (2019-2026).
Corrective lenses correct the refractive errors by bending the light entering in to the eye in order to alleviate the effects of the conditions of hyperopia (farsightedness), presbyopia, and myopia (nearsightedness). Reading glasses are used to aid the vision in the conditions where a person is unable to focus on the near objects. With age, the eyesight becomes weak making the nearby objects appear blurry leading to the condition known as presbyopia.
Growing geriatric population, rise in the disposable income, decline in the number of refractive surgeries, and growing innovation in the technology of lenses are likely to boost the demand for reading glasses in the U.S. According to the Vision Council of America, about 31% need vision correction due to age related farsightedness (presbyopia).
Innovation in eye exams technology in the form of digital eye exam services, initiatives by leading players to increase awareness among the population for vision correction, and increase in production of effective & comfortable reading glasses are likely to drive the demand for reading glasses in the U.S. during the forecast period. For Instance, in April 2019, Alcon Vision LLC a division of Novartis AG conducted a presbyopia awareness project in the U.S. with the aim of educating consumers about the symptoms and early detection of presbyopia that occurs after the age 40 years.
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Continuous growth in the economy and growing customer base in optical care devices are likely to upsurge the demand for prescription reading glasses in the U.S during the forecast period. Some of the factors that are likely to fuel the prescription reading glasses growth in the U.S. during the forecast period are increase in the consciousness among consumers regarding the importance of healthy vision, growing geriatric population, and increase in new product launches designed considering the fashion trends and aesthetic preference of consumers for the colors and shapes of the frames
A growing number of comprehensive optical examination among American adults along with new product Launches in the market by many key players is another major factor poised to fuel the U.S. reading glasses market growth during the forecast period.
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"Prescription Reading Glasses Segment and Age Group between 18-64 years Dominated the U.S. Reading Glasses Market with The Significant Share in The Year 2018."
In terms of type, the U.S. reading glasses market segments include prescription reading glasses and OTC reading glasses. Growing prevalence of the conditions like presbyopia, hyperopia, and hyperopic astigmatism among the population in the U.S. has resulted in increase in the demand for prescription eyewear. Moreover, disadvantages of OTC readers such as same corrective strength for both eyes, headache from incorrect eyeglasses, and poor quality in terms of durability and scratch resistance contributed to the huge demand for prescription Reading Glasses in the year 2018. The segment is projected to continue its dominance throughout the forecast period.
In terms of age group, adults between 18-64 years are anticipated to hold the largest share of the U.S. reading glasses market during the forecast period. High prevalence of vision problems associated with prolonged exposure of blue light through the continuous usage of computers, laptops, and smartphones (computer vision syndrome (CVS)) among the population in this age group are some of the major factors likely to drive the market growth.
Other factors such as growing prevalence of presbyopia among the middle-aged and senior citizens in the U.S. is likely to drive the growth of the reading glasses market in U.S. In terms of corrective strength, +2.25 to +3 power reading glasses segment dominates the U.S. reading glasses market owing to the high demand for vision correction among the population of middle age group who are mostly prescribed with the corrective strength +2.25 to +3.
"Strategic mergers with the aim to strengthen their product portfolio and growing innovations in reading glasses in the form of high quality lenses are anticipated to propel the growth of reading glasses market in the U.S. by 2026"
Presence of strong key players engaged in vision care devices development and launch in U.S. including CooperVision, Bausch & Lomb Incorporated, Thinoptics, Inc. among others; growing strategic partnerships among them for expansion of footprints across the country, and strong product portfolio to serve growing demand for the reading glasses are some of the major factors supposed to account for the reading glasses market growth in the U.S. Bausch & Lomb Incorporated is one of the leading player in the U.S. reading glasses market. Other players operating in the U.S. reading glasses market include Johnson & Johnson Services, Inc. Thinoptics, Inc. Transitions Optical, Inc., ABB OPTICAL GROUP, Vision Service Plan and other prominent players.
The report provides qualitative and quantitative insights on the U.S. reading glasses market trends and detailed analysis of market size and growth rate for all possible segments in the market. The market is segmented by age group, by corrective strength, and by the type. On the basis of the age group, U.S. reading glasses market is segmented into Less than 18 years, 18-64 years, and 65 years and greater. In terms of corrective strength U.S. reading glasses market is segmented into +1 to +2, +2.25 to +3, and Greater than +3 power reading glasses. Further based on type U.S. reading glasses market is segmented into prescription reading glasses and OTC reading glasses.
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Along with this, the report provides elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are prevalence of presbyopia, hyperopia, hyperopic astigmatism by country/ region, U.S. population distribution by Age Group (Mn) 2018, estimated number of people using reading glasses (Mn) 2018 by age group, and distribution of people that use reading glasses by corrective strength of lens (%) for population age group 18-64 years.
By Age Group
· Less than 18 years
· 18-64 years
· 65 years and greater
By Corrective Strength
· +1 to +2
· +2.25 to +3
· Greater than +3
· Prescription Reading Glasses
· OTC Reading Glasses
Fortune Business Insights says that the value of the global U.S. Reading Glasses Market was USD 13,134 Million in 2018.
The U.S. Reading Glasses Market is projected to reach USD 17,959.2 Million by 2026.
The U.S. Reading Glasses Market will grow at the rate of 4.0% CAGR.