Eyewear Market to Reach Value of USD 300.9 Million by 2031, Says Review by TMR

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Nov 01, 2022, 08:30 ET

The global eyewear market is projected to expand at a CAGR of 6.0% during 2022-2031
Surge in the cases of eye-related disorders among people worldwide is fueling demand opportunities in the global eyewear market
Improving spending power of populace in developed and developing nations drives the sales of eyewear

WILMINGTON, Del., Nov. 1, 2022 /PRNewswire/ -- The global eyewear market is estimated to gain a value of US$ 300.9 Mn by the end of 2031, states a study by Transparency Market Research (TMR). In addition, the study finds that the market for eyewear is expected to grow at a CAGR of 6.0% during the forecast period, from 2022 to 2031.

As per TMR's study on the trends in the eyewear market, players are anticipated to gain sizable business opportunities in the spectacles segment during the forecast period. The growth of the segment is ascribed to factors such as increase in the demand for blue light-blocking glasses and rise in the cases of eye diseases among people from all age groups globally. Moreover, the segment also expected to expand at significant pace owing to rise in the need for eye protection glasses as the screen time of population in developed and developing nations is being increasing.

The demand for sunglasses and contact lenses is being rising in the recent years as the trend of using them as fashion accessories is increasing. This factor, in turn, is prognosticated to lead to the expansion of the contact lenses and sunglasses segment during the forecast period, state analysts of a TMR review.

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Eyewear Market: Key Findings

The prevalence of different types of eye diseases such as hypermetropia or far-sightedness and myopia is being increasing among people from all age groups globally. As per the statistics by the Centers for Disease Control and Prevention (CDC), about 6.8% of US kids with age less than 18 are being diagnosed with vision or eye health condition. Approximately 3% of kids with less than 18 are visually impaired or blind, according to a TMR study on the eyewear market. These children with eye health issues are not able to see even after using contact lenses or glasses. Moreover, about 20.5 million people with 40 years or above age in the U.S. live with cataracts in both or one eyes. Hence, rise in the cases of eye disorders globally is estimated to drive the eyewear market expansion during the forecast period.
The trend of using contact lenses and sunglasses is being increasing in the recent as fashion accessories. Due to improving spending power and rising focus on visual appearance, people are inclining toward the use of trending eyewear. Besides, the adoption of sunglasses is being rising in order to provide protection to eyes from UV rays as well as a fashion statement, note researchers of a TMR eyewear market.
Contact lenses are available in different colors including aqua blue, hazel, grey, green, and brown. Professional athletes are increasing the demand for custom-tinted contact lenses in order to boost their visual performance. Such factors are creating lucrative prospects for key vendors in eyewear market, note analysts of a TMR study that delivers important insights on the marketing strategy for eyewear.

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Eyewear Market: Growth Boosters

Increase in the prevalence of various eye diseases among people globally is expected to boost the market demand for eyewear
Surge in the use of eyewear as fashion accessories worldwide is projected to drive the future of eyewear market growth

Eyewear Market: Key Players

Some of the key players profiled in the report are:

Bausch & Lomb Inc.
Johnson & Johnson Vision Care, Inc.
Fielmann AG
Marchon Eyewear, Inc.
Essilor International
Luxottica Group S.p.A.
Hoya Corporation
Zeiss International
De Rigo S.p.A.
Safilo Group S.p.A.

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Eyewear Market Segmentation

Product Type

Spectacles

Single Vision
Multifocal
Bifocal
Progressive
Reading Glasses
Safety Glasses
Others (Blue Light Glasses, etc.)

Contact Lenses

Soft Contact Lenses
Rigid Contact Lenses
Toric Contact Lenses
Others

Sunglasses

Polarized Sunglasses
Non-polarized Sunglasses

By Lens Material

Spectacles & Sunglasses

Glass
Organic Plastic
Polycarbonate
Others (Trivex, etc.)

Contact Lenses

Silicone Hydrogel
Hydrogel
Hybrid

By Consumer Group

Men
Women
Kids
Unisex

By Modality

Prescription
Non-prescription

By Price Range

Low
Medium
High

By Distribution Channel

Online

Company-owned Website
E-commerce Website

Offline

Hypermarkets/Supermarkets
Specialty Stores
Others

Region

North America
Europe
Asia Pacific
Middle East & Africa
South America

Consumer Goods Research Reports

Contact Lenses Market- Contact Lenses Market is expected to reach value of US$ 14.5 Bn by the end of 2031

Skin Care Products Market- Skin care products market is expected to reach the value of US$ 269.2 Bn by the end of 2031

Spas and Beauty Salons Market- Spas and Beauty Salons Market is expected to surpass the value of US$ 244.52 Bn by the end of 2031

Facial Care Market- Asia-Pacific Facial Care Market is expected to reach the value of US$ 88.4 Bn by the end of 2031

Cosmetic Skin Care Market- Cosmetic Skin Care Market is expected to reach US$ 154.7 Bn by the end of 2031

Hair Care Products Market- Hair Care Products Market is expected to cross the value of US$ 72 Bn by the end of 2031

Sun Care Market- Sun Care Market is expected to reach US$ 3 Bn by the end of 2031

Hand Dryer Market- Hand Dryer Market is expected to reach US$ 1.5 Billion by the end of 2031

About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market intelligence company provides syndicated research reports and business consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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