Visual inaccuracies and high renewal rate to drive corrective Eyewear Market growth: Global Market Insights, Inc.

“Global eyewear market size was 2.87 Billion units in 2014, with forecast pegged at 3.77 Billion units by 2022. Industry revenue is set to reach USD 165 Billion sales estimates by 2022, with 7% CAGR from 2015 to 2022.”
Global eyewear market size was 2.87 Billion units in 2014, which is expected to reach 3.77 Billion units by 2022, at a CAGR of 3.5% over the forecast period.

Global Eyewear Market size was 2.87 Billion units in 2014, with forecast pegged at 3.77 Billion units by 2022. Industry revenue is set to reach USD 165 Billion sales estimates by 2022, with 7% CAGR from 2015 to 2022.

Considerable number of visual deficiencies on a global scale will give impetus to the spectacles and prescription contact lenses market size. Changes in prescription of lenses, along with newer high-index lens development are responsible for the expected surge in terms of volume and revenue. Increasing eye examinations and awareness in emerging regions are also among growth drivers.

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U.S. eyewear market size will drive the North American industry to 6.4% CAGR revenue estimations over the forecast timeframe. Significant eyewear market price trend in Europe will drive the regional segment. There are a number of avenues and distribution channels for product purchase, with quality and cost being the deciding factors. Cost differs on a regional basis as well as across brands. Asia Pacific eyewear market accounted for over 30% of the global volume in 2015.

Soft contact lenses market was over 85% of the global share in 2015. Rigid gas permeable products are not as comfortable as soft lenses; however, they are less expensive and have higher durability. They also provide clearer vision and are mainly used to correct astigmatism and related corneal defects. The industry is consolidated, with brand loyalty playing a major role in establishing global presence. Major manufacturers include Johnson & Johnson, CooperVision, Bausch & Lomb, etc.

Growing propensity towards procedures including LASIK may act as a restraint to the prescription eyewear market. The use of cosmetics contact lenses to enhance aesthetic appeal has led to high adoption among the young demographic.

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Plano sunglasses market share is forecast to grow at 8% CAGR from 2015 to 2022, in terms of revenue. This can be attributed to increased adoption, awareness regarding eye protection, and high price trend. Luxottica dominates the plano sunglasses industry, and has a comprehensive portfolio of in-house and licensed brands. CR-39 will remain the leading material segment, with forecast of 4.8% CAGR in terms of shipments.

Polarized sunglasses market size will gain share in the coming years. They support glare reduction, and are ideal for outdoor activities. They are equipped with vertically aligned filters, thus preventing horizontal polarized light to enter the eye, and increase visual acuity. These are different from regular sunglasses, which only offer darkening of the view, without vision enhancement. Polarized sunglasses are more expensive as compared to their regular counterparts, which can be attributed to the high cost associated with their manufacturing process.   

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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