Research 2022 eyewear market size is expected to reach

Pune, India, Aug. 02, 2022 (GLOBE NEWSWIRE) — The world eyewear market size was USD 105.56 billion in 2020. The market is expected to grow from USD 114.95 billion in 2021 to USD 172.42 billion in 2028 with a CAGR of 6.0% over the period 2021-2028. This information is published by Fortune Business Insights™ in its report titled “Eyewear Market, 2021-2028”.

According to our expert analysts, in the current situation, people want to use glasses due to the growing awareness of optical conditions, combined with the increasing frequency of vision irregularities. For example, in 2020, according to the Lancet Global Health, an estimated 43.3 million people were expected to be blind, of which 23.9 million were women.

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eyewear market Report Scope:

Report cover Details
Forecast period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 6.0%
2028 value projection $172.42 billion
Year of reference 2020
Market size in 2020 $105.56 billion
Historical data for 2017 to 2019
Number of pages 120

Drivers and Constraints

Growing Occurrence of Eye Health Problems to Support Market Growth

On a global basis, there is an upsurge in vigilance related to optical conditions in emerging countries, which should inflate the acceptance of eyewear products. Larger population of people suffering from eye diseases is expected to be one of the significant factors impacting the growth of the eyewear market.

Based on predictions given by the World Health Organization in 2015, by 2020 there will be approximately 2.2 billion new frequencies of myopia worldwide. In countries like South Korea, Japan, and China, individuals are adopting colored contact lenses for increased aesthetic intent.

Report cover

We provide reports that are conducted with a comprehensive review approach that primarily focuses on providing accurate material. Our researchers have applied a data triangulation method which further helps us to come up with reliable estimates and accurately test the dynamics of this market. Additionally, our analysts have been admitted to numerous international and regional funded registries to provide up-to-date material so that stakeholders and professionals only invest in critical areas.

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Frequently Asked Questions:

  1. Is the eyewear industry growing?

Eyewear Market size was USD 105.56 Billion in 2020. The market is expected to grow from USD 114.95 Billion in 2021 to USD 172.42 Billion in 2028 with a CAGR of 6.0% during the period 2021- 2028.

  1. Who are the main players in the eyewear market?

Alcon (subsidiary of Novartis AG) (Switzerland) , EssilorLuxottica (France) , CooperVision (United States) , Johnson & Johnson Services, Inc. (United States) , Bausch Health Companies Inc. (United States) , Carl Zeiss ( Germany), Fielmann AG (Germany), Safilo Group SpA (Italy)

  1. What are the key factors increasing the market?

Eyewear Market to Reach USD 172.42 Billion by 2028; JINS launches JINS&SUN in the United States with 29 different shapes and 84 styles

The purchase rate of eyeglasses and sunglasses severely affected by the COVID-19 pandemic

The regional spread of the coronavirus has significantly impacted sales of eyewear, such as sunglasses, contact lenses, prescription glasses, and sunglasses. Additionally, government organizations around the world had imposed strict lockdown regulations early in the spread of the pandemic. This resulted in the closure of eye clinics, as well as retail stores selling eyewear for an extended period. These factors have hampered the demand for eyeglasses amid the pandemic.

Segmentation

Based on product type, the market can be divided into eyeglasses, sunglasses, and contact lenses. The eyewear segment was expected to hold the largest share of the overall market in 2020. The segment is expected to maintain its dominant position by the end of the forecast period. He generated 79.1% in terms of share in 2020.

By distribution channel, the market is categorized into retail stores, online stores, and eye clinics. In terms of region, the market is categorized into North America, Asia-Pacific, Latin America, Middle East & Africa, and Europe.

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Regional outlook

North America to Lead on Growing Approval of Eye Care Products

North America held the maximum eyewear market shares and generated revenue worth USD 30.87 billion in 2020. Rising approval of eye care products is expected to increase market growth in this region.

Europe held the second largest market share. Aspects such as the inclination towards premium eye care products, greater awareness of eye conditions, and the growing ability to purchase exclusive sunglasses are expected to drive the market in European countries.

On the contrary, Asia-Pacific is expected to follow North America in the global eyewear market in terms of revenue by 2028.

Competitive landscape

Key players such as Johnson and Johnson Services, Inc. and Alcon hold large market shares

The market is highly fragmented due to the existence of regional and international players. The major companies are in the contact lens market and in the glasses and sunglasses market. Additionally, Johnson and Johnson Services, Inc. holds the maximum share of the global contact lens market, followed by Alcon.

industry development

March 2021: JINS eyewear announced the unveiling of JINS&SUN sunglasses brands, especially in the United States, with 29 different models as well as 84 styles.

List of Key Players Covered in the Report

  • Alcon (part of Novartis AG) (Switzerland)
  • EssilorLuxottica (France)
  • Cooper Vision (USA)
  • Johnson & Johnson Services, Inc. (USA)
  • Bausch Health Companies Inc. (USA)
  • Carl Zeiss (Germany)
  • Fielmann AG (Germany)
  • Safilo SpA Group (Italy)
  • Other top players

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Contents :

  • Introduction
    • Search scope
    • Market segmentation
    • Research Methodology
    • Definitions and assumptions
  • Summary
  • Market dynamics
  • key ideas
    • New Product Introduction / Approvals (by Major Players)
    • Eye Disease Epidemiology – For Key Countries
    • Key Industry Developments – Mergers, Acquisitions and Partnerships
    • Snapshot: U.S. Reading Glasses Market
    • Main eyewear market trends
    • Impact of COVID-19 on the global market
  • Global Eyewear Market Analysis, Outlook and Forecast, 2017-2028
    • Main results/summary
    • Market Analysis, Outlook and Forecast – By Product Type
      • Eyeglasses
      • Sun glasses
      • Contact lenses
    • Market Analysis, Outlook and Forecast – By Distribution Channel
      • Retail store
      • Online Store
      • Ophthalmic clinics
    • Market Analysis, Outlook and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East and Africa
  • North America Eyewear Market Analysis, Outlook and Forecast, 2017-2028
    • Main results/summary
    • Market Analysis – By Product Type
      • Eyeglasses
      • Sun glasses
      • Contact lenses
    • Market Analysis – By Distribution Channel
      • Retail store
      • Online Store
      • Ophthalmic clinics
    • Market analysis – by country

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