The
global Spectacle Market size is expected to reach USD
92.96 billion by 2025, according to a new report by Grand View Research, Inc.
It is projected to expand at a CAGR of 2.4% during the forecast period. Rising
incidences of refractive errors, especially among younger population is
anticipated to boost the product demand. Furthermore, preference for
prescription glasses over contact lenses for effective vision correction is
expected to positively influence the growth. Rise in aging population is
anticipated to further drive the growth. Increasing prominence of computer
glasses to reduce eye strain and headaches is also anticipated to fuel the
product demand.
Vision
problems are prevalent among younger generation owing to technological
disadvantages of extended usage of computers, smartphones, televisions, and
other digital devices. Increased risk of Computer Vision Syndrome (CVS) is
anticipated to drive the demand for anti-glare glasses and in turn fuel the
spectacles market.
Currently,
around 30% of global population is myopic. Around 80% to 90% young population
of Asian countries such as China, Japan, Singapore, and South Korea suffers
from myopia. According to the Journal of Ophthalmology, by 2050, around 50% of
the global population will be myopic. According to the National Health
Commission, in 2018, around 53% of mainland Chinese children and adolescents
were suffering from myopia. Such high prevalence of nearsightedness is a
prominent factor driving the demand for spectacles from Asia Pacific.
Commoditization
of eye wear industry, influence of media and entertainment personalities, and
willingness to splurge on fashionable spectacles are some of the factors
driving the product demand. Rising fashion consciousness among millennials
coupled with availability of a wide range of fashionable spectacles is
anticipated to propel the market. Furthermore, rising demand for vision
correction lenses among aging population from Asian and Latin American
countries is anticipated to fuel the market growth.
Lens
segment held the largest market share of 56.2% in 2018, owing to the rising
occurrence of vision problems. Rising demand for plastic frames owing to their
improved durability and ease of repairing is anticipated to impel the growth of
this segment. Manufacturers constantly innovate lens material and add new
features to the product. For instance, Crizal lenses by Essilor Ltd. are
manufactured using hydrophobic coating that prevents water droplets from
sticking to the surface of the lens.
Online
distribution channel is expected to witness the fastest CAGR of 3.2% from 2019
to 2025 owing to increasing prominence of online shopping for spectacles. The
ease of shopping with customization and configuration options coupled with
doorstep delivery is anticipated to fuel the growth of the segment. Prominent
players in the segment include Warby Parker and ZENNI OPTICAL, INC.
North
America held the largest market share of 32.6% in terms of revenue in 2018.
Rise in aging population in U.S. and Canada is expected to drive the regional
demand for spectacles. According to the Vision Council of America, 75% adults
from U.S. use vision correction measures, of which around 64% use eyeglasses.
This factor is anticipated to propel the regional market over the forecast
period.
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https://www.grandviewresearch.com/industry-analysis/spectacle-market
Further key
findings from the report suggest:
- North America held the largest revenue
share of the spectacles market in 2018 and is anticipated to continue its
dominance over the forecast period
- Frames segment is expected to expand at
the fastest CAGR of 2.7% from 2019 to 2025 due to rise in demand as a
result of increased commoditization
- In 2018, offline distribution channel
held the largest market share of about 84.9% in terms of revenue
- The market is highly competitive in
nature with the presence of key players including Essilor, Ltd.; Johnson
& Johnson Vision; CIBA VISION; ZEISS International; HOYA Corporation;
ZENNI OPTICAL, INC.; Warby Parker; Lenskart; Titan Company Limited; and
MODO
About Us:
Grand View Research, Inc.
is a U.S. based market research and consulting company, registered in the State
of California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, the company offers
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range of industries including technology, chemicals, materials, healthcare and
energy.
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