The latest research study “Eyewear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” Offers a comprehensive analysis of the industry, which comprises insights on the global eyewear market report.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Eyewear Market Overview:
The global eyewear market size reached US$ 140 Billion in 2021. Eyewear is used for vision correction or protecting the eyes from various external factors, including light, harmful radiation, debris, and extreme environmental changes. It comprises products such as sunglasses, contact lenses, spectacles, and other protective eyewear. It is manufactured using different lens materials like glass, plastic, and carbon fiber. It aids in improving visual acuity and protecting against ultraviolet (UV) rays from damaging the retina and lens of the human eyes. It also reduces eye strain and minimizes the risk of developing conditions, including myopia, hyperopia, astigmatism, and presbyopia. At present, product manufacturers are introducing novel variants that are incorporated with anti-fatigue, anti-glare, light-adaptive and multifocal lenses to enhance the experience of the user.
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List of Major Key Players:
The major players in the market are
Luxottica Group SpA ADR (LUXTY), Essilor International SA (ESLOY), Johnson & Johnson (JNJ) Vision Care, Inc., Safilo Group S.p.A. and Alcon Vision LLC.
Global Eyewear Industry Trends and Drivers:
The increasing prevalence of eye-related disorders, such as glaucoma, cataract, eye irritation, dry eyes, computer vision syndrome (CVS), and double vision, represents one of the major factors positively influencing the demand for eyewear around the world. It can also be attributed to the growing geriatric population, which is more prone to developing such diseases. The convenience of regular eye checkup facilities and the increasing awareness about early diagnosis of eye-related disorders are other growth-inducing factors. In addition, extended working hours, lack of exercise, sedentary lifestyles, and the rising number of working professionals and students that rely on laptops and smartphones for prolonged hours are contributing to the market growth.
Moreover, the growing sales of contact lenses and sunglasses for outdoor activities to prevent exposure to ultraviolet (UV) rays, are driving the market. Apart from this, initiatives undertaken by the government and non-government organizations of numerous countries for organizing informative programs and spreading awareness about the preventive measures and treatments available for these eyesight problems are creating a positive outlook for the market. Looking forward, IMARC Group expects the market to reach a value of US$ 209.5 Billion by 2027, exhibiting a CAGR of 6.96% during 2022-2027.
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Furthermore, product manufacturers are introducing polarized and omnifocal lenses. They are also launching light-adjustable intraocular lenses with optimization and customization features to achieve the desired vision. This, along with the launch of advanced technologies and extensive research and development (R&D) activities to introduce improved product variants, are other growth-inducing factors. Besides this, due to the increasing environmental concerns among individuals, along with the rising reliance on recycling solutions for reducing carbon footprints, several leading manufacturers are using recycled plastics for manufacturing eyewear products. This, in turn, is propelling the market growth. Additionally, the emerging trend of gifting unique items, such as sunglasses, in innovative packaging formats is anticipated to offer lucrative growth opportunities to industry investors.
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