Pune, April 09, 2020 (GLOBE NEWSWIRE) -- The global reading glasses market is expected to gain momentum from the ever-increasing demand for fashionable frames. Consumers nowadays are looking for frames designed with specific materials, such as fiber or wood or frames as per the shapes of their faces. Therefore, styles of frames are persistently going through revolution. It would affect the market positively in the coming years. This information is published by Fortune Business Insights™ in a recent report, titled, “Reading Glasses Market Size, Share & Industry Analysis, By Age Group (Less than 18 years, 18-64 years, and 65 years and above), By Type (Prescription Reading Glasses and OTC Reading Glasses), By Distribution Channel (Retail Stores, Online Sales Channels, Ophthalmology Clinics), and Regional Forecast, 2019-2026.” The report further states that the reading glasses market size was USD 34.92 billion in 2018 and is projected to reach USD 53.23 billion by 2026, exhibiting a CAGR of 5.4% during the forecast period.
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Highlights of This Report:
- Projected, current, and historical market size.
- Niche or potential regions and segments that may showcase promising growth.
- In-depth analysis of the reading glasses market trends, challenges, and opportunities.
- Competitive landscape consisting of innovative product launches, investments, mergers and acquisitions, partnerships, new contracts, and agreements.
- Changing market dynamics
An Overview of the Impact of COVID-19 on this Market:
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Drivers & Restraints-
Increasing Usage of Online Portals for Purchasing Glasses to Drive Growth
In the era of the internet, the sales of reading glasses are upsurging rapidly owing to the emergence of numerous e-commerce websites. Besides, consumers are inclining towards these online portals for purchasing the required products from the retail stores as they are providing more discounts. Coupled with this, the rising utilization of smartphones and high penetration of the internet are set to propel the reading glasses market growth in the near future. Also, many reputed manufacturers are redesigning their sales and marketing strategies to target larger consumer bases. However, high cost of eyeglass frames may obstruct the market growth.
Segment-
Increasing Prevalence of Visual Impairments to Augment 18 to 64 Years Segment
Based on age group, the market is divided into more than 65 years, 18 to 64 years, and less than 18 years. Out of these, the 18 to 64 years segment procured 65.26% reading glasses market share in 2018. This growth is attributable to the rising incidence of farsightedness, hyperopia, and presbyopia among the people belonging to this age group. These visual impairments cause difficulties in focusing on objects that are closer to the person. Apart from that, the surging usage of mobile phones and computers for entertainment, as well as work purposes would contribute to the growth of this segment.
Regional Analysis-
North America to Remain at the Forefront Backed by High Sales of Premium Products
In terms of geography, the market is classified into Asia Pacific, Europe, Latin America, the Middle East and Africa, and North America. Amongst these, in 2018, North America held USD 14.32 billion reading glasses market revenue. It is set to lead throughout the forecast period owing to the rising cases of presbyopia in the U.S. Also, the presence of reputed companies possessing wide distribution networks, high cost of products, and increasing sales of reading glasses manufactured by premium brands would contribute to the growth of this market in this region.
Asia Pacific, on the other hand, is anticipated to showcase robust growth because of the rising launch of low-cost and semi-premium products to cater to the needs of the masses belonging to developing countries. Europe is expected to remain in the second position after North America fueled by the rising geriatric population and existence of prominent companies in Germany, the U.K., and Italy.
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Competitive Landscape-
Key Companies Launch Innovative Products to Compete in Market
The market is highly fragmented with the presence of several small, medium, and big companies. They are mainly trying to boost their sales by investing huge sums in the research and development activities and launching novel products. Below are two of the industry developments:
- May 2018: Lenskart Solutions invested around $500,000 in Thinoptics Inc., a California-based reading glasses manufacturer. The latter being a state-of-the-art company, would aid Lenskart in fulfilling its goal of revolutionizing eyewear.
- April 2017: SlimViews, a manufacturer of contemporary eyeglasses, unveiled its range of reading glasses that are equipped with high-density TR90 material and are very lightweight.
List of the Key Companies operating in the Reading Glasses Market. They are as follows:
- De Rigo Vision S.p.A.
- EssilorLuxottica
- ZENNI OPTICAL, INC.
- Bausch & Lomb Incorporated
- ThinkOptic, Inc.
- Johnson & Johnson Services, Inc.
- Carl Zeiss
- Hoya Corporation
- 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
- Prevalence of Vision Disorders by Key Countries/Region
- Key Industry Developments – Mergers, Acquisitions, Partnerships & New Product Launch
- Overview of New Product Launches
- Regulatory and Reimbursement Scenario by Key Countries/Region
- Global Reading Glasses Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Age Group
- Less than 18 years
- 18 to 64 years
- 65 years and above
- Market Analysis, Insights and Forecast – By Type
- Prescription Reading Glasses
- OTC Reading Glasses
- Market Analysis, Insights and Forecast – By Distribution Channel
- Retail Stores
- Online Stores
- Ophthalmology Clinics
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Have a Look at Related Reports:
U.S. Reading Glasses Market Size, Share and Global Trend By Age Group (Less than 18 years,18-64 years, 65 years and greater), By Corrective Strength (+1 to +2, +2.25 to +3, Greater than +3), By Type (Prescription Reading Glasses, OTC Reading Glasses) and Geography Forecast till 2026
Spectacles Market Size, Share & Industry Analysis, By Product Type (Spectacles Frames and Spectacle Lenses), By Modality (Prescription and Over-the-counter) By Distribution Channel (Retail Store, Online Store, Ophthalmic Clinics), and Regional Forecast, 2019-2026
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
Vision Care Market Size, Share & Industry Analysis, By Product Type (Eyewear, Intraocular Lens, and Ocular Health), By Distribution Channel (Retail Store, Online Store, Hospital & Clinics), and Regional Forecast, 2019-2026
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