Eyewear Market Size & Share, by Product Type (Spectacles, Sunglasses, Contact Lens); Distribution Channel (Retail Store, Online Store, Ophthalmic Clinics); End-user (Men, Women) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 268
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

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.


Eyewear-Market
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Eyewear Sector: 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.

Eyewear Market: Key Insights

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

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Eyewear Segmentation

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

  • Spectacles
  • Sunglasses
  • Contact Lens

        By Distribution Channel

  • Retail Store
  • Online Store
  • Ophthalmic Clinics

         By End User

  • Men
  • Women

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Eyewear Industry - Regional Synopsis

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.

Research Nester
Eyewear-Market-Size
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Companies Dominating the Eyewear Landscape

top-features-companies
    • 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

In-the-news

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.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 268
  • Published Date: Feb 13, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are growing prevalence of cataract disease, growing geriatric population, high demand for sunglasses, and others.

The market is anticipated to attain a CAGR of 7% over the forecast period, i.e., 2023-2033.

High price of eyewear, presence of counterfeit products, and unavailability of eyewear in rural part are some of the major factors expected to hinder the growth of the market.

The market in Europe is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Johnson & Johnson Vision Care, Inc., EssilorLuxottica, CooperVision, Zeiss International, and more.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by product type, distribution channel, end user, and by region.

The spectacles segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Eyewear Market Report Scope
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