Global Eyewear Market to Remain Prolific—Projected to Reach worth USD 177.1 Billion in 2027
Published | 07 June 2021
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global eyewear market was worth USD 126.0 billion in 2020 and is expected to register exponential growth over the forecast period at a CAGR of 4.9% to reach USD 177.1 billion in 2027. The global eyewear market has grown as a result of increasing eye problems and growing awareness regarding eye health. Eyeglasses are an important accessory that can help correct numerous vision problems, including myopia and hyperopia. The global eyewear industry is also expected to grow because of factors such as acute myopia at a younger age and the popularity of eyewear as a fashionable accessory. Another factor driving the market is the increasing use of computers and smartphones, which has resulted in an increase in cases of computer vision syndrome (CVS), which is caused by focusing the eyes on a display device for long periods. This is further boosting the market growth of the global eyewear market.
High Cost Associated with Eye Treatments Driving the Market Growth
The high cost of myopia & presbyopia treatment is one of the key factors expected to drive the market growth of the global eyewear market in upcoming years. The cost of eye surgery, medications, or contact lenses varies depending on the patient’s condition. The annual direct average cost of myopia correction for Asian adults is projected to be USD 328 billion per year. The cost of care is also expected to rise substantially, compounded by an even bigger increase in the incidence of extreme myopia, which has propelled the global eyewear market's growth. In terms of surgery, the average cost of LASIK surgeries performed in the United States in 2019 was USD 2,246 per eye, which includes consultations, aftercare, and access to outstanding facilities. Additionally, patients aged 40 or older are unsuitable for LASIK surgery because they have presbyopia, a condition in which the lens of the eye stiffens and impairs close-up vision. These are the factors boosting the demand for eyewear across the globe, thereby propelling the global eyewear market.
The cost of contact lenses varies from between USD 150 and USD 1,500 a year, depending on the brand, type, and patient’s insurance coverage plan. Rigid gas permeable contacts with lenses are often more expensive than disposable contacts because they are approved to be reused every day for up to one year. RGP contacts typically cost around USD 100 per lens, for a total of USD 200 for a pair. Discount retailers may offer these lenses for as little as USD 30 per lens, and often offer incentives and lower prices for bulk purchases. Nevertheless, insurance could help offset those costs. Costs can also vary depending on the brand and the specialty of the lens. For instance, contacts intended for treating astigmatism or corneal refractive therapy cost more than those for myopia corrections. Thus, considering the above factors, it can be inferred that the high cost of eye treatment is driving the growth of the global eyewear market.
Adverse Effects of Excessive Use Of Mobile and Computer On Eyes
Adverse effects of excessive use of mobile and computer on eyes have driven the market growth of the global eyewear market. Mobile phones, tablets, television, laptops, and computers have become an essential part of our lives. People spend the major part of the day staring at a digital screen. Long-term exposure to the blue light emitted by these electronic devices is harmful to human eyes. Blue light is a type of visible light that the human eye can easily perceive. It has a wavelength in the range of 380-500 nanometers, the shortest wavelength, and it also means that it has the highest energy of all the colors falling in the visible light spectrum, as the wavelength is inversely proportional to the energy. The most common source of blue light is sunlight, although there are several artificial sources as well, such as fluorescent light, LEDs, compact fluorescent light (CFL) bulbs, and others. Long and continuous exposure to blue light can cause dry eye and eye strain as people also tend to blink less when using digital devices. Owing to which the eyes can lose their ability to see, which further drives the market growth of the global eyewear market.
Plastics accounted for the fastest-growing segment in the Material category of the Global Eyewear Market
Based on material, the market is segmented into glass, plastics, and metals. The plastic segment accounted for the second-largest share in the global eyewear market in 2020 and is expected to grow at the fastest CAGR during the forecast period. Plastic segmented is the most used material in today’s optic industry as plastic is used for manufacturing frames as well as lenses. Plastic's properties, which include durability, flexibility, and scratch resistance, are some of the primary drivers propelling the material's growth. Most of the end-users are using plastic-made eyewear due to which it is the highest revenue-generating material in the global eyewear market.
COVID-19 Impact Analysis
Soon after the coronavirus outbreak, except for the life support products or medical supplies, most sectors have been severely disrupted, and the eyewear industry has been particularly hard hit. Additionally, since the eyewear market is not a part of the essential services segment, the supply chain was severely impacted, thereby hampered the overall growth of the global eyewear market. In recent years, the world's eyewear brands have struggled to retain their share position (battling against LASIK surgeries and other types of surgeries and compete with other innovative products and companies). This war has continued for nearly a decade and the financial stability of the market has declined steadily as has their profitability, ability to raise resources, keep plants open and inspire workers.
Global Eyewear Market: Regional Insights
Geographically, the global eyewear market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. Among these regions, North America eyewear holds the largest share in the global eyewear market. According to the U.S. Bureau of Economic Analysis, consumer expenditure in the U.S. has been witnessing a rise. After several COVID-19-related restrictions were relaxed, the personal income of US individuals grew to USD 4.21 trillion in March 2021. As a result of this increased spending, the U.S and other North American citizens have increased their spending on consumer products, such as eyewear products, which has fueled the market growth of the global eyewear market in the region. Additionally, significant technological breakthroughs in the field of eye care technology have made people more aware of their vision. This is encouraging the citizens to incorporate eyewear in their daily lives, thereby fueling the growth of the global eyewear market.
Key players in the global eyewear market are EssilorLuxottica SA, Johnson & Johnson Vision, CooperVision, Charmant Group, Chemiglass Corporation, De Rigo SpA, Fielmann Group, Hoya Corporation, Marchon Eyewear, Inc., Rodenstock GmbH, Shamir Optical Industry Ltd., Silhouette International Schmied AG, Marchon Eyewear, Inc., Rodenstock GmbH, Shamir Optical Industry Ltd., Silhouette International Schmied AG, and other prominent players. The market players are continually launching ground-breaking eyewear products with enhanced lens clarity and other advancements to match changing customer tastes.
In April 2021, Johnson & Johnson (J&J) Vision announced a global collaboration with Menicon to bring forward therapeutic contact lenses to address the growing prevalence and progression of Myopia in children. Menicon is a global manufacturer of innovative contact lenses, and as part of the collaboration, it will develop and manufacture the contact lenses to help manage the progression of myopia in children, while J&J will focus on increasing the availability of these lenses around the world.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global eyewear market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the eyewear market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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