Spectacle Market Product Overview, Share by Types and Region till 2025
The global Spectacle Market is projected to be USD 92.96 billion by the end 2025, according to a new report released by Million Insights. It is anticipated to grow with a CAGR of 2.4% during, 2019 to 2025. Increasing risk of refractive error particularly among youngsters is expected to drive the demand for the product. Moreover, people tend to prefer prescription glasses instead of contact lenses as they help in better correction of vision. This factor is anticipated to positively impact the growth of the market. Rising demand for glasses used specifically while working on computer to eliminate strain on eyes and reduce headache is expected to propel the demand for the product.
Disadvantages of
technology and high usage of devices such as smartphones, computers, and
televisions has adversely affected the eyesight of the younger population owing
to rising threat of Computer Vision Syndrome. These factors are expected to
proliferate the growth in demand of anti-glare glasses.
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As of now,
approximately 30% of the human population is suffering from myopia. Out of
total population, around 80-90% of people in countries like Japan, China, South
Korea, and Singapore suffer from nearsightedness or myopia. In accordance to
one of the most trusted reports (Journal of Ophthalmology), out of total human
population, 50% of the people will suffer from myopia by the end of 2050. In
2018, National Health Commission has reported that around 53% of children and
adults in mainland China were myopic. Such predominance of myopia in Asia
Pacific is one of the major factors proliferating the regional demand for
spectacles.
Factors such as
willingness to spend lavishly on fashionable spectacles, commoditization of
eyewear industry, and influence of celebrities are expected to proliferate the
demand for the product. Moreover, modern consumers tend to follow emerging
fashion trends, and there is wide variety of stylish and trendy spectacles
available. Additionally, there is high demand for bifocal lenses from Latin
American and Asian countries owing to rising incidences of presbyopia among
aging population. This factor is expected to propel the demand for spectacles,
thereby, boosting the market growth.
In 2018, the lens
segment had largest share of 56.2% in the spectacles market. The demand for
different types of lenses such as progressive, bifocal, trifocal, and single
vision lens has witnessed a significant growth during the forecast period.
Furthermore, plastic frames are gaining high popularity owing to ease of
repairing and improved durability which is expected to boost the growth of
frames segment from 2019 to 2025. Manufacturers focus on adding extra features
and frequently innovating the lens material. For example, Essilor Ltd. launched
Crizal Lenses which are coated with hydrophobic film that protects the lens
from water droplets that tend to stick to the lens’ surface.
Further key findings from the report suggest:
• In 2018, North
America dominated the market with the largest market share and is expected to
rule the market over the forecast period
• The frames segment is
projected to grow at a CAGR of 2.7% over the forecast period owing to high
demand for spectacles because of commoditization of eyewear industry.
• The segment of
offline distribution channel accounted for the largest revenue share of 84.9%,
in 2018.
• Presence of leading players in the industry such as Johnson &
Johnson Vision, Essilor, ZEISS International, CIBA VISION, ZENNI OPTICAL, INC.,
Titan Company Limited, Warby Parker, HOYA Corporation, MODO, and Lenskart made
the market highly competitive nature.
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Report with TOC @ https://www.millioninsights.com/industry-reports/global-spectacle-market
Spectacles Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• U.S.
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• India
• Central & South America
• Brazil
• Middle East & Africa
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