Eyewear Market size is poised to cross USD 200 Billion by the end of 2033, growing at a CAGR of 7% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of eyewear was over USD 100 Billion. 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.
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.
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 |
Growth Drivers
Challenges
Product Type (Spectacles, Sunglasses, Contact Lens)
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.
Our in-depth analysis of the global eyewear market includes the following segments:
By Product Type |
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By Distribution Channel |
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By End User |
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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.
Author Credits: Radhika Gupta, Shivam Bhutani
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