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Eyewear Market Analysis by Product Type (Spectacles, Sunglasses, and Contact Lens); by Distribution Channel (Retail Store, Online Store, and Ophthalmic Clinics); and by End User (Men, and Women) – Global Supply& Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Johnson & Johnson Vision Care, Inc., a global leader in eye health and a division of Johnson & Johnson MedTech, has introduced its newest product, ACUVUE OASYS MAX 1-DAY contact lenses and ACUVUE OASYS MAX 1-DAY MULTIFOCAL contact lenses for presbyopia.
  • CooperVision announced the launch of MyDay Energys daily disposable contact lenses to its product portfolio, with digital device use putting higher demands on the eyes than ever before. MyDay Energys, which was first included in the company's ground-breaking Biofinity Energys, is the first 1-day contact lens with a revolutionary single vision aspheric lens design.

Global Eyewear Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~7%

Base Year Market Size (2022)

~USD 100 Billion

Forecast Year Market Size (2033)

~USD 200 Billion

The global eyewear market is estimated to garner a revenue of ~USD 200 billion by the end of 2033 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 100 billion in the year 2022. The growth of the market can be attributed to increasing prevalence of vision abnormality. According to the World Health Organization, near-sightedness or farsightedness affects at least 2.2 billion individuals worldwide. Vision impairment was either avoidable in at least 1 billion of these cases, or it has not yet been remedied.

Eyewear-Market-Insight-Growth

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Also people have become more aware about ocular disease. However, eyes abnormalities are most commonly seen in adults aged 40 or more. More than 4.2 million Americans over the age of 40 have impaired vision or are legally blind. Hence owing to this the market is expected to grow over the forecast period.

Global Eyewear Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Prevalence of Cataract Disease

The prevalence of cataract-related vision impairment increased worldwide by about 55% in 2019, from about 790 per 100,000 people to approximate 1250 per 100,000 people.

Eyewear is necessary after cataract surgery. However, many people experience significant vision improvement there are some which would require some form of eyeglasses. Even before surgery people experience some sort of discomfort. Hence to relive that discomfort, eyewear is being used. Therefore, this factor is estimated to boost the growth of the market in the forecast period. 

  • Growing Geriatric Population

According to the World Health Organization, one in six individuals on the planet would be 60 or older by 2030.

  • High Demand for Sunglasses

According to an estimate, approximate 160 million adults in the United States wear sunglasses on a regular basis. 

  • Increased in Disposable Income

In 2021, Americans' personal disposable income amounted to about USD 15 trillion.

  • Growing Urbanization

By 2050, 68% of the world's population, or more than half of all people, would reside in urban regions.

Challenges

  • High Price of Eyewear
  • Presence of Counterfeit Products
  • Unavailability of Eyewear in Rural Part

Usually eyewear carries huge price which makes difficult for customer having low income or those who belongs to low economic countries. Also higher cost of luxurious sunglasses is expected to restrain the growth of the market over the forecast period.

The eyewear market is segmented and analysed for demand and supply by product type into spectacles, sunglasses, and contact lens. Out of which, spectacles segment is anticipated to garner the largest revenue by the end of 2033, backed by increasing prevalence of myopia and hypermetropia. When compared to the previous five years, the prevalence of myopia increased by 1.4 to 3 times in 2020.

Major Macro-Economic Indicators Impacting the Market Growth

Healthcare-Expenditure-Per-Capita

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Eyewear Market Regional Synopsis

Eyewear-Market-Future-Scope

Regionally, the global eyewear market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Europe is projected to hold the largest market share by the end of 2033, owing to growing use of contact lens in this region. Also the demand for sunglasses is increasing which in turn is expected to boost the growth of the market in this region. The largest percentages of people wearing contacts, at around 29% each in 2020, were in Sweden and North Macedonia. The Netherlands and Cyprus came next, each with approximate 20% of their respective populations wearing contact lenses.

The global eyewear market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global eyewear market includes the following segments:

By Product Type

  • Spectacles
  • Sunglasses
  • Contact Lens

By Distribution Channel

  • Retail Store
  • Online Store
  • Ophthalmic Clinics

By End User

  • Men
  • Women

Top Featured Companies Dominating the Global Eyewear Market

  • Johnson & Johnson Vision Care, Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • EssilorLuxottica
  • CooperVision
  • Zeiss International
  • Bausch & Lomb Inc.
  • Safilo Group S.p.A.
  • Charmant Inc.
  • CHEMIGLAS Corp.
  • Alcon Vision LLC
  • De Rigo Vision S.p.A

 

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