Eyewear Market to Hit USD 178.95 Billion by 2026; COVID-19 Scare to Propel the Demand Exponentially Owing to Deteriorating Eye Health: Fortune Business Insights™

Key Companies Covered in the Eyewear Market Research Report are Alcon (Part of Novartis AG), EssilorLuxottica, CooperVision, Johnson & Johnson Services, Inc., Bausch Health, ompanies Inc., Carl Zeiss, Fielmann AG, Safilo Group S.p.A and other key market players.

Pune, May 22, 2020 (GLOBE NEWSWIRE) -- The global eyewear market size is expected to reach USD 178.95 Billion by 2026; owing to increasing cases of deteriorating eye health and trendsetting launch of eyewear products by the manufacturers across the globe. Fortune Business Insights, in its latest report, titled “Eyewear Market Size, Share & Industry Analysis, By Product Type (Spectacles, Sunglasses, Contact Lens), By Distribution Channel (Retail Store, Online Store, Ophthalmic Clinics), and Regional Forecast, 2019-2026.”, observes that the market was worth USD 115.90 Billion in 2018 and is likely to exhibit a promising CAGR of 5.7% between 2019 and 2026.

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Eyewear is an integral part of everybody’s life. Whether it is for that so-called nerdy look, or style statement, they have always been in demand across the consumers. Additionally, they are beneficial for enhancing one’s eyesight and protect against the harmful effects of pollution. The most common type of eyewear is the numbered glasses or the spectacles, contact lenses, and sunglasses, among others. Furthermore, there are googles too that protect the eyes from the harmful UV rays by offering a UV protection film. With celebrities advocating new fashion style by mounting several types of eyewear, the demand keeps on soaring among the people once it is witnessed as a fashion statement.

What does the Report Include?

The market report includes an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market between 2019 and 2026. Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market. Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the market has been included during the projected horizon.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

To get the short-term and long-term impact of COVID-19 on this Market.

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Drivers and Restraints:

Increasing Incidents of Eye Health to Foster Growth

According to the World Health Organization (WHO), around 2.2 Billion people are suffering from eye blindness and vision impairment. Additionally, over a billion people across the globe suffer from vision impairment owing to be deprived of the care they require to treat conditions such as cataracts, glaucoma, and short and far sightedness, among others. An increasing number of people suffering from ocular disorders is expected to boost the sales of eyewear products in the forthcoming years. Furthermore, the increasing number of geriatric population in developed and developing regions will bode well for the growth of the market during the forecast period.

COVID-19 Crisis to Surge Exponential Demand

Amid the mayhem caused by the novel coronavirus, COVID-19, the market is expected to witness a surge in the near future. Several government agencies have announced lockdown to contain the spread of the global pandemic that is resulting in increasing screen time by the people confined to their home spaces. Additionally, the digital overload is taking a toll on the eyes and people are therefore looking to invest in glasses that protect from the harmful blue light. According to a survey by a non-profit organization, Common Sense Media, amid coronavirus on an average the Americans will be spending over 13 hours and 35 minutes on several media platforms a day. Furthermore, several companies are coming forward to support frontline workers during the torrid time. For instance, in April 2020, Fitz, a direct-to-consumer eyewear brand, announced its support by introducing a custom-fit glass technology that facilitates to build protective and prescribed spectacles for the frontline workers.


Spectacles Segment with 79.0% Market Share to Bolster Growth

The segment Spectacles (By Product Type) generated maximum revenue and held a 79.0% market share in 2018. Additionally, the segment is likely to dominate owing to increasing cases of hypermetropia and myopia among the population across the globe. This is likely to be followed by the contact lenses and sunglasses segment owing to increasing consumer base across the developed and developing economies during the projected horizon.

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Regional Analysis:

Increasing Demand for Premium Eye Care Products in North America to Spur Demand

Among the regions, the market in North America is anticipated to remain dominant and generate high global eyewear market revenue in the forthcoming years. In addition to this, the region was worth USD 35.60 Billion in 2018 and is likely to foresee massive growth. This is ascribable to factors such as increasing acceptance for eye care products in the region. Europe, on the other hand, is expected to witness growth backed by increasing awareness for ocular disorders and high demand for premium eye care products. Furthermore, affordable sunglasses in countries such as the U.K., France, and Germany will contribute to the growth of the market in Europe.

The market in Asia-Pacific is likely to be the second-most leading region during the forecast period. This is attributable to factors such as increasing geriatric population in countries such as China, Japan, and India. Moreover, high disposable incomes and availability of cheaper eyewear products in Asia-Pacific will drive the market growth between 2019 and 2026.

Competitive Landscape:

Product Launches by the Companies to Stoke Demand

According to Fortune Business Insights, the market comprises of several small, medium, and large companies striving to gain maximum market share and maintain stronghold. They are cementing their position in the fiercely contested marketplace by adopting strategies such as novel product launches, merger and acquisition, and collaboration. Below is an industrial development for the market:

Industrial Development:

  • May 2020: FENTY, the famous singer Rihanna-held luxury brand, introduced its new range of sunglasses to heat up the style space for the days ahead. The 3 new editions of sunglasses are available in neutral colors such as Milky Way and Jet Black along with Fenty monogram inscribed on them.

List of the Key Companies Operating in the Eyewear Market are:

  • Alcon (Part of Novartis AG)
  • EssilorLuxottica
  • CooperVision
  • Johnson & Johnson Services, Inc.
  • Bausch Health Companies Inc.
  • Carl Zeiss
  • Fielmann AG
  • Safilo Group S.p.A
  • Other Prominent Players

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Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Introduction of New Products / Approvals (by Major Players)
    • Epidemiology of Ocular Disease - For Key Countries, 2018
    • Key Industry Developments - Mergers, Acquisitions, and Partnerships, 2018
    • Snapshot: U.S. Reading Glasses Market
    • Key Trends in the Eyewear Market
  • Global Eyewear Market Analysis, Insights and Forecast, 2015-2026
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Product Type
      • Spectacles
        • Frames
        • Lens
      • Sunglasses
        • Plano
        • Prescription
      • Contact Lens
        • Toric
        • Multifocal
        • Sphere
    • Market Analysis, Insights and Forecast – By Distribution Channel
      • Retail Store
      • Online Store
      • Ophthalmic Clinics
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East & Africa

TOC Continued...!!!

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