Eye Glasses and Contact Lenses Market - Global Outlook and Forecast 2018-2023
This market research report on the eye glasses and contact lenses market offers analysis on market size and forecast, market share, industry trends, growth drivers, and vendor analysis. It also includes insights on segmentation by product type (eyeglasses, contact lens, intraocular lens, and others), distribution channels (retail stores, hospitals and clinics, and online stores), and geography (APAC, Europe, Latin America, MEA, and North America).
Eye Glasses and Contact Lenses Market - Overview
The rising prevalence of visual dysfunctions such as myopia, hyperopia, astigmatism, presbyopia, and cataracts in both developed and emerging countries is driving the demand for vision care products. The availability of low-cost eyeglasses, high product enhancement, and minimal side effects makes eyeglasses the largest segment in the vision care market. The growing demand for specialized vision care products across different regions in the globe will help vendors launch innovative products in the market. The development of innovative, specialized vision care products, which features advanced features and provides higher vision correction efficiency will help vendors to gain market share in the global eye glasses and contact lenses market. The growing popularity of other vision care products such as contact lens, intraocular lens (IOLs), and other such products will contribute to the sale revenue of the global market.
New business opportunities in APAC and MEA are helping leading companies to enhance their product portfolios and expand their businesses by establishing strong distribution networks and strategic partnerships. The introduction of multi-focal contact lens is likely to drive the demand for superior vision care products. The global eye glasses and contact lenses market is expected to generate revenue of $72.60 billion by 2023, growing at a CAGR of 3.6% during the forecast period.
Eye Glasses and Contact Lenses Market - Dynamics
The growing preference for disposability and the shrinking usage cycles of vision care products can be attributed to the growth of the global eye glasses and contact lenses market. The market is witnessing a growing inclination toward daily or weekly disposables contact lenses, which, is creating a demand for these products in the global market. The rapid improvement in the performance and attributes of frames and glasses in terms of weight, strength, and durability is encouraging end-users to replace eyeglasses sooner. Emerging fashion trends and attractive price points and buyback schemes are some of the factors attributing to the reduced lifecycle of various eye glasses and contact lenses that are available in the global market. Moreover, the ease of cleanup and reduced risks of contracting infections is propelling the demand for daily disposables in the global eye glasses and contact lenses market.
Eye Glasses and Contact Lenses Market Segmentation
This market research report includes a detailed segmentation of the market by product type, distribution channels, and geography.
Eye Glasses and Contact Lenses Market – By Product Type
Eyeglasses segment to dominate the vision care market segment during the forecast period
The vision care market by product type is segmented into eyeglasses, contact lenses, intraocular lenses, and others. The eyeglasses segment dominated the vision care market accounting for close to 76% of total market share in 2016 and is expected to reach $53.96 billion during the forecast period. The different types of eyeglasses available in the global vision care products market are single vision, bifocal eyeglasses, and progressive eyeglasses. The progressive eyeglasses were the largest product segment and captured more than 60% of the total eyeglasses market share in 2017. The additional benefits associated with eyeglasses such as UV protection, anti-glare, moisture resistance, and dust protection are propelling the growth of the eyeglasses segment in the global eye glasses and contact lenses market. Moreover, the introduction of the innovative lens with varied weight, thickness, and durability will fuel the growth of the global eye glasses and contact lenses market during the forecast period.
Eye Glasses and Contact Lenses Market – By Distribution Channel
Retail stores segment to occupy the largest market share in the vision care market during forecast period
The distribution channels segment in the eye glasses and contact lenses market is categorized into retail stores, hospitals and clinics, and online stores. The retail stores segment was the largest distribution channel, occupying more than 59% of the total vision care market share in 2017 and will generate revenue of $42.65 billion by 2023. The easy access to a wide customer base and the availability of personalized services to each of the consumer’s needs can be attributed to the popularity of retail stores in the global market. The trend of researching products online and purchasing offline is helping retailer leverage this opportunity and ensure last-minute fulfillment of orders. Such demand for retail store purchases will help generate high revenues in this market segment and promote the development of the global eye glasses and contact lenses market.
Eye Glasses and Contact Lenses Market – By Geography
North America to dominate the eye glasses and contact lenses market share during the forecast period
The market by geography consists of APAC, Europe, Latin America, MEA, and North America. North America was the largest geographical segment in the vision care market accounting for over 33% of the total market share in 2017 and is expected to reach $23.83 billion during the forecast period. Factors such as better access to vision care services, favorable reimbursement coverage, and the strong presence of all major market players are propelling the growth of the vision care market in North America. The US occupies more than 95% of the total eye glasses and contact lenses market share in North America. The leading vendors in the region are focusing on extensive research of innovative products and building a sophisticated healthcare delivery and distribution network to attract more consumers and expand their business operations. Enhanced product development and presence of several distribution channels will drive the demand for eye glasses and contact lenses in the North American market during the forecast period.
Key Countries Profiled
The key countries profiled in the report are:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook