Global eyewear market was value at USD 100 billion in 2015; the market is anticipated to reach around USD 180 billion by the end of 2024 witnessing a compound annual growth rate of 7% over the forecast period i.e. 2017-2024. Eye wears are mainly used to correct eye vision. Now-a-days eye wear products are widely used for fashionable appearance.
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“Eyewear Market: Global Demand Analysis & Opportunity Outlook 2024”
Global Eye Wear Market Overview
Eye wears are mainly used to correct eye vision. Now-a-days eye wear products are widely used for fashionable appearance.
Spending more time in front of computer is leading to ophthalmic disorders in a significant way across the globe. Increasing aging population is another factor that increases the patient pool of ophthalmic disorders.
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Increasing instances of eye disorders is the major factor behind the strong growth of eye wear market. Government of underdeveloped countries are taking initiatives in collaboration with the market players to launch eye exams camps and to provide eye wearable’s to people suffering from vision disorders.
They also provide training to the local people to become eye care professionals in areas where eye care is limited or non-existent.
Eye frames cost is significantly less than the cost of contact lenses, however their replacement rate is lesser. Eye contact lenses are widely used in media and entertainment industry to develop different looks such as vampires, anime.
Launch of technological advanced contact lenses along with the increasing use of disposable lenses is fuelling the growth of eyewear market across the globe.
Market Size & Forecast
Global Eyewear Market was value at USD 100 billion in 2015; the market is anticipated to reach around USD 180 billion by the end of 2024 witnessing a compound annual growth rate of 7% over the forecast period i.e. 2017-2024. In terms of volume, the global market stood at around 2.7 billion unit sales in 2015 further the market is anticipated to reach 3.92 billion units by the end of 2024.
Europe region holds the largest consumer base of eye wear market; the region marked a dominant share of 45% in the global market in 2016. Asia Pacific region is anticipated to expand at a higher pace; the market is anticipated to reach USD 44 billion by the end of 2024 owing to the increasing demand for spectacles in the region.
Spectacles segment dominated the product segment of eye wear market owing to its long durability and safety in comparison to contact lenses, spectacles market is anticipated to expand with a compound annual growth rate of 7.2% over the forecast period.
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North America dominates the contact lens market followed by Europe and Asia Pacific. The market is anticipated to reach 19 billion by the end of 2024 owing to the increasing popularity of contact lenses in developed countries such as U.S and Canada.
Global Eye Wear Market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis
Middle East and Africa( GCC, South Africa, North Africa) Market size, Y-O-Y growth & Opportunity Analysis
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Growth Drivers and Challenges
With growing aging population, the count of people suffering from eye disorder has increased in a remarkable way. The increasing prevalence of age-related macular degeneration will further increase the demand for corrective eye wear across the globe.
Rising popularity of contact lenses among young generation coupled with increasing use of fashionable contact lenses is anticipated to fuel the sales of eyewear market across the globe. Gas permeable lenses hold out exceptional eye care factors as they are less likely to port bacteria compared to soft contact lenses.
Young generation is more vulnerable to ophthalmic disorder due to spending most of the time in front of screens; increasing prevalence of ophthalmic disorders among young generation will further boost the demand for eyewears in upcoming 5-6 years.
Emerging e-commerce companies such as lenskart.com are offering attractive cost-effective deals in order to grab the market; the increasing competition among key market players is anticipated to bring down the prices of eye wear, this will further impulse the demand for eyewear over the forecast period. Rising awareness towards refractive surgeries such as photorefractive keratectomy and LISIK that reduces individual dependency on corrective eyewears is expected to hamper the growth of market as these technologies are becoming more affordable due to advancement in medical sector which is anticipated to be the major factor restraining the market growth over the forecast period.
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