"We Envision Growth Strategies Most Suited
to Your Business"

Spectacles Market Size to Reach $141.54 Billion by 2026; Increasing Prevalence of Ocular Disorders Likely to Propel Market Growth

January 16, 2020 | Healthcare

The global spectacles market size is projected to reach USD 141.54 billion by 2026. The market is anticipated to grow steadily, backed by the rising incidence of vision abnormality. This information is available in a recent report by Fortune Business Insights™, titled, “Spectacles Market Size, Share & Industry Analysis, By Product Type (Spectacles Frames and Spectacle Lenses), By Modality (Prescription and Over-the-counter) By Distribution Channel (Retail Store, Online Store, Ophthalmic Clinics), and Regional Forecast, 2019-2026.” The report further states that the market stood at USD 91.56 billion in 2018. However, it is set to exhibit a CAGR of 5.7% during the forecast period between 2019 to 2026.


Rising Incidence of Ocular Disorders to Propel Market


Since the past few years, the dependency on technology, namely, mobile phones, laptops, and computers is increasing day by day. It is leading to a rise in the prevalence of ocular disorders associated with long term usage of these technologies. However, people have begun adopting spectacles equipped with reflective coatings on account of the increasing number of awareness campaigns regarding the side effects of prolonged use of technology. As per the Asia Pacific Journal of Ophthalmology, approximately 80% to 90% of adults in the East Asian countries are affected by myopia. All these factors are expected to augment the spectacles market growth in the near future.


To get a detailed report summary and research scope of this market, click here: https://www.fortunebusinessinsights.com/industry-reports/spectacles-market-101953


Key Segments of Spectacles Market



  • Product type: The market is bifurcated into spectacle lenses and spectacle frames. The spectacle lenses segment is set to lead the market owing to the rising prevalence of myopia and hypermetropia. But, the rising adoption of lightweight and enhanced spectacle frames is one of the significant spectacles market trends that is anticipated to drive the growth of this segment. Apart from that, the shift of the masses towards contact lenses has declined. In the U.S., the number of LASIK surgery has increased. Adults are opting for prescription spectacles and it would also contribute to the growth of the market.

  • Modality: The market is grouped into over-the-counter and prescription. The prescription segment is anticipated to showcase a considerable growth backed by increasing awareness about vision disorders and rising geriatric population. Besides, the acceptance of prescription sunglasses has been growing since the past few years because of the rising number of awareness programs regarding the harmful effects of ultraviolet sun rays. In the emerging economies, such as India, the stigma associated with the usage of spectacles is declining. Lastly, people belonging to various age groups are consulting ophthalmologists for correcting refractive errors. It would also fuel the growth of this segment.

  • Distribution channel: The market is segregated into ophthalmic clinic, online store, and retail store. Out of these, the retail stores segment is expected to acquire the highest spectacles market share in the coming years. This growth is attributable to the higher accessibility and availability of eyewear in wholesale stores, brand chains, and independent stores. Additionally, the online store segment would also exhibit considerable growth stoked by the rising rate of over-the-counter vision care products purchases from e-commerce websites. These websites also provide more discounts as compared to retailers.

  • Geography: The market is fragmented into Latin America, North America, the Middle East and Africa, Europe, and Asia Pacific. North America had acquired USD 27.59 billion spectacles market revenue in 2018 and is set to lead during the forthcoming years. This growth is attributable to the rising preference for premium eye care products, surging acceptance of vision care products, and higher awareness about the ocular disorders. Combined with these, the trend of purchasing fashionable frames and rising affordability to own premium-quality frames are anticipated to contribute to the growth in this region. Asia Pacific, on the other hand, is expected to remain in the second position owing to the rising aging population in countries, such as China and Japan. Moreover, increasing affordability of vision care products and the growing disposable income of the populaces would upsurge sales in this region. Lastly, the Middle East and Africa and Latin America would showcase moderate growth owing to the lower reach of prominent market players and lack of accessibility of vision care products.


Key Players Aim to Increase Product Portfolio Through Strategic Collaborations


The market consists of numerous local and international companies that are persistently striving to provide efficient services to their consumer bases by launching new products equipped with the latest technologies. Also, they are partnering up with other companies to broaden the product portfolio.


Fortune Business Insights™ profiles some of the organizations operating in the spectacles market. They are given below:



  • HOYA Corporation

  • Carl Zeiss

  • EssilorLuxottica

  • Warby Parker

  • Fielmann AG

  • Ciba Vision

  • Safilo Group S.p.A.

  • Johnson and Johnson Vision

  • Zenni Optical, Inc.

  • Other prominent players


The global spectacles market can be segmented in the following manner:











































ATTRIBUTES



 DETAILS



Study Period



2015-2026



Base Year



2018



Forecast Period



2019-2026



Historical Period



2015-2017



Unit



Value (USD billion)



Segmentation



By Product Type



  • Spectacle Frames

  • Spectacle Lenses



By Modality



  • Prescription

  • Over-the-counter



By Distribution Channel



  • Retail Store

  • Online Store

  • Ophthalmic Clinic



By Geography



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)



Key Industry Developments



  • October 2019: Titan Eyeplus, one of India’s largest optical brand, unveiled its first smart eyewear called Skyfly Mutrics by associating with Skyfly. This launch would help the company in enhancing its standards in technology and product design with Skyfly Mutrics smart audio sunglasses.

  • November 2019: Charmant Group, a manufacturer of optical spare parts, renewed its 25-year partnership with Esprit, a leading fashion brand, based in Hong Kong. The former would continue producing sunglasses and spectacles for the fashion brand.


 

Spectacles Market
  • PDF
  • 2018
  • 2015-2017
  • 120

    CHOOSE LICENSE TYPE

  • 4850
    5850
    6850

Our Clients

Fresenius
Edenred
Abb
BASF
Go daddy
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X