Pune, India, Nov. 01, 2021 (GLOBE NEWSWIRE) -- The global eyewear market size was USD 105.56 billion in 2020. The market is projected to grow from USD 114.95 billion in 2021 to USD 172.42 billion in 2028 at a CAGR of 6.0% in the 2021-2028 period. This information is published by Fortune Business Insights™ in its report titled, “Eyewear Market, 2021-2028.” As per our expert analysts, in the present situation, people desire to utilize eyeglasses owing to the increasing consciousness about optical conditions, pooled with the rising occurrence of vision irregularity. For example, in 2020, as per the Lancet Global Health, it is anticipated that approximately 43.3 million people were blind, out of which 23.9 million were evaluated to be female.
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Buying Rate of Glasses and Sunglasses Sternly Affected by COVID-19 Pandemic
The regional spread of the coronavirus has considerably impacted the sales of eyewear, such as sunglasses, contact lenses, and prescribed eyeglasses, and sunglasses. Moreover, government organizations across the world had inflicted stringent lockdown regulations in the early phase of the pandemic spread. This resulted in the shutdown of ophthalmic clinics, as well as retail stores selling glasses for a prolonged period. These factors have hampered the demand for eyewear amid the pandemic.
Segmentation
On the basis of product type, the market can be segregated into spectacles, sunglasses, and contact lenses. The spectacles segment was anticipated to hold the largest share in the overall market in 2020. The segment is estimated to uphold its dominating position at the end of the forecast period. It generated 79.1% in terms of share in 2020.
By distribution channel, the market is classified into retail stores, online stores, and ophthalmic clinics. In terms of region, the market is categorized into North America, Asia Pacific, Latin America, the Middle East & Africa, and Europe.
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Rising Occurrence of Eye Health Concerns to Bolster Market Growth
On a global foundation, there is an upsurge in the alertness linked with optical conditions in emerging nations, which is anticipated to inflate the acceptance of eyeglass products. A greater population of individuals undergoing ocular ailments is projected to be one of the significant factors impacting the eyewear market growth.
On the basis of predictions given by the World Health Organization in the year 2015, by 2020, there will be around 2.2 billion novel frequencies of myopia worldwide. In nations such as South Korea, Japan, and China, individuals embrace colored contact lenses for augmented aesthetic intention.
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North America to Lead Backed by Surging Approval of Vision Care Products
North America held the maximum eyewear market shares and formed an income worth USD 30.87 billion in 2020. The growing approval of vision care products is assessed to increase the growth of the market in this region.
Europe held the second-largest market share. Aspects such as the inclination towards superior eye care products, greater consciousness of ocular conditions, and surging ability to buy exclusive sunglasses are expected to fuel the market in European nations.
On the contrary, Asia Pacific is expected to follow the lead after North America in the global market for eyewear in terms of income by 2028.
List of the Companies Operating in the Market:
- Alcon (Part of Novartis AG) (Switzerland)
- EssilorLuxottica (France)
- CooperVision (U.S.)
- Johnson & Johnson Services, Inc. (U.S.)
- Bausch Health Companies Inc. (U.S.)
- Carl Zeiss (Germany)
- Fielmann AG (Germany)
- Safilo Group S.p.A (Italy)
- Other Prominent Players
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 6% |
| 2028 Value Projection | USD 172.42 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 114.95 billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 120 |
| Segments covered | Product Type, Distribution Channel, and Geography |
| Growth Drivers | Rising Incidence of Eye Health Issues to Propel Market Growth |
| Increasing Awareness among People Regarding Harmful Effects of Ultraviolet Rays to Augment Growth |
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Global Eyewear Market Segmentation:
By Product Type:
- Spectacles
- Sunglasses
- Contact Lens
By Distribution Channel:
- Retail Store
- Online Store
- Ophthalmic Clinics
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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