Europe Prescription Spectacles Market Size, Share & Covid-19 Impact Analysis, By Age Group (Less than 18 Years, 18-45 Years, and 45-55 Years, more than 55 Years), By Product {Lenses (Single Vision, Bifocal, and Progressive)} and Frames (Total Metal, Combination, Plastic, Rimless, and Others), By Application (Myopia, Presbyopia, Others), By Distribution Channel (Ophthalmic Clinics, Retail Store, and Online Stores) Forecast, 2020-2027

The Europe prescription spectacles market size was USD 23.92 billion in 2019 and is projected to reach USD 31.89 billion by 2027, exhibiting a CAGR of 5.2% during the forecast period.

A refractive error is a prevalent disease condition of the eye which results in poor vision. According to the World Health Organization (WHO), globally, about 153 million people more than five years of age suffer from vision impairment, and among them, about 8 million are completely blind. The population with impaired vision is majorly located in the developed world due to the high prevalence of ophthalmic diseases such as myopia, presbyopia, hyperopia, etc., among a huge geriatric population base.

According to the Council of Europe Development Bank, aging is highest in European countries compared to the globe. This increases the population base of vision-impaired individuals driving the demand for prescription spectacles.

The prescription spectacles market in Europe is mainly driven by the factors such as the presence of many people over 45 years, high diagnosis rate of ocular disorders, health insurance coverage of the majority of the population, and developed economy to afford luxury vision care products. Additionally, the rising geriatric population, growing use of screens such as mobiles, laptops, TV, etc., and significant innovations in lens materials are poised to drive the demand for prescription eyeglasses during the forecast period

Shutdown of Optic Stores amid COVID-19 to Hamper Product Sales in Europe

In response to the COVID-19 pandemic, the lockdown was imposed in the European countries to curb infection spread. However, this showed a negative impact on the eyewear industry. This was mainly due to disturbed economies, challenges posed by disturbed supply chains, closure of the retail stores, ophthalmic clinics, optometry centers, and postponement of all the non-essential procedures.

People are avoiding visits to the opticians due to fear of getting infected. Moreover, decreased spending on luxury spectacle brands has led to lower sales revenues of major spectacle firms. For instance, Essilor Luxottica, one of the major players in the prescription spectacles segment, witnessed a decline of 5.1% in its operating segment lenses and optical instruments in the first quarter and a decline of 41% in the second quarter of 2020. However, the growing emphasis on online sales and increased telemedicine adoption will help market players bring the sales back to normal by 2021 first quarter.

LATEST TRENDS

Growing Demand for Anti-Reflective and UV Protective Lenses to Aid Revenue Generation

Lens coatings can enhance the durability, performance, and appearance of any lenses (single vision, bifocal or progressive lenses). Anti-reflective (AR) coating eliminates glare caused due to the light reflecting from the lenses and is becoming a popular choice these days.

With reflections eliminated, AR coated lenses offer better vision during night driving and comfort while using the computer or reading books. Similarly, UV protective lenses prevent the eyes from the damage caused by the harmful UV rays coming from the sun. These benefits are contributing to their growing demand and thus driving the Europe prescription spectacles market.

DRIVING FACTORS

Increasing Prevalence of Vision Impairments to Drive Growth

The usage of visual aids such as glasses and contact lenses among the population grows considerably with age. According to the Association of Research in Vision and Ophthalmology, around 70% of people in the UK and 63% in Germany wear glasses. The proportion of the population aged 60 years and over wearing corrective eyewear is almost 100%. In comparison, less than 50% of the population aged 20-40 use reading or visual aids.

In the UK, people aged 65 years and over are projected to increase from 12.5 million in 2019 to 15.2 million in 2030. Similarly, in Germany, people aged 65 years and over are projected to increase from 18.0 million in 2019 to 21.8 million in 2030.

Thus, an upward trend in prescription spectacle use is likely to be observed due to the aging population and underlying ophthalmic disorders in these two countries.

RESTRAINING FACTORS

Growing Adoption of LASER based Refractive Surgeries to Restrain Market Growth 

The increasing number of surgical procedures such as refractive surgery or LASER vision correction to correct visual impairments has been witnessed in Europe over the past few years. The growing penetration of minimally invasive advanced surgical products, high availability of skilled surgeons, and favorable reimbursement are anticipated to drive the growth of these procedures in these countries. Thus, the growing preference for surgical vision correction is likely to hamper the Europe prescription eyeglasses market during the forecast period.

SEGMENTATION

By Age Group Analysis

High Prevalence of Refractive Errors in Population Aged more than 55 Years to Drive Segment Growth

The age group segment with more than 55 years of age held the largest share of the market in 2019. The segment is projected to expand at a significant growth rate due to the higher proportion of population under this age group in Europe that is prone to refractive error during the forecast period.

For instance, according to a research article published by the Federal Statistical Office of Germany, by the end of 2014, approximately 81.2 million people were living in Germany, of whom 22.2 million were aged 60 and over. In 2050, this figure will rise to more than one-third of the population.

By Product Analysis

Lenses Segment to Dominate the Market

Based on the product, the market has been categorized into lenses and frames.

Among them, the lenses segment held a significant share of the market due to the high cost of the lenses compared to frames.  Technological advances in the lens types, the growing use of progressive and bifocal lenses, and the high demand for advanced coatings on the lenses are likely to drive the segment growth during the study period.

The frames segment is projected to showcase a remarkable growth during the forecast period due to the increasing adoption of trendy and fashion appropriate frames, a rise in new product launches, and growing spending on the premium category of eyewear products.

By Application Analysis

Spectacles Use for Presbyopia Vision Correction to Lead to Segment Dominance

Based on application, the market has been categorized into myopia, presbyopia, and others.

The presbyopia segment is likely to hold a dominant share of the market driven by the growing population in the age group of above 40 years and associated near vision disturbances experienced by this age group. The spectacle lenses used in this category are progressive lenses that are costlier than other lenses. This contributes to a high revenue share of the segment. The segment will continue its dominance by expanding at the highest growth rate during the forecast period.

By Distribution Channel Analysis

Increasing Adoption of Internet Services to Drive Online Stores Sales

Based on the distribution channel, the market is segmented into ophthalmic clinics, retail stores, and online stores.

The retail stores segment is anticipated to hold the lion’s share in the market due to the large number of spectacles purchased from the retail outlets and more reliance on purchasing spectacles by trying physically in the store.

With the evolving consumer buying pattern, ease of technology, and high penetration of the internet in European countries, the online sale of the spectacles is likely to be escalated, supported by the pandemic restrictions to move outside home.

COUNTRY INSIGHTS

Germany stood at USD 5.24 billion in the year 2019. The dominance is attributable to the huge population base, high spending on luxury brands, the growing introduction of advanced frames and lenses in the country, and many geriatric people in need of high-cost progressive lenses.

Followed by Germany, France held a significant proportion of the market due to the high cost of the spectacles in the country. The high disposable income of the population further propels the demand for premium spectacles in the country.

The market in Italy is expected to grow at high speed due to large unmet needs, the significant presence of eyewear giants, and increasing eye care awareness in the country.

The market in the rest of the European Countries is likely to grow at a considerable growth rate owing to the increasing spending on luxury brands, growing population, high penetration of the technologically advanced lens types, and strategic expansion of the leading players in these countries.

KEY INDUSTRY PLAYERS

Strong Product Offerings by Key Players to Propel Prescription Spectacle Industry Growth

The Europe prescription spectacles market is fragmented, with multiple players offering lenses and frames of different materials and types. Players such as Essilorluxottica, Fielmann, Safilo Group, and RODENSTOCK GMBH contribute a considerable share of the market. Essilorluxottica is reinforcing its strategic position in the market by emphasizing the production of various lenses and frames in the market.

In October 2020, Essilor launched Stellest lens, a new generation of spectacle lens solutions, in its fight against myopia. Other prominent players involved in the market include Hoya Corporation, Safilo Group, Nikon Corporation 

LIST OF KEY MARKET PLAYERS PROFILED:

• Essilor Luxottica (California, U.S.)


• RODENSTOCK GMBH (Munich, Germany)


• Safilo Group S.p.A. (Padua, Italy)


• Younger Optics (Torrance, U.S.)


• Fielmann AG (Hamburg, Germany)


• Nikon Optical UK. LTD (Nikon Corporation) (Tokyo, Japan)


• Carl Zeiss Meditec Group (Oberkochen, Germany)


• Hoya Corporation (Tokyo, Japan)


• Other Prominent Players

KEY INDUSTRY DEVELOPMENTS:

• September 2020: Carl Zeiss Meditec AG announced the launch of the ZEISS UVClean technology, an optometry-specific UV-C disinfecting device designed for eye care professionals for lenses and frames.


• October 2020: Essilor announced the launch of Stellest lens, a new-generation of spectacle lens solutions in the fight against myopia.

REPORT COVERAGE

The Europe prescription spectacles market research report provides detailed information regarding various insights into the market. Some of them are growth drivers, restraints, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of the market trends and estimations to illustrate the forthcoming investment strategies. The information gathered in the report has been taken from several primary and secondary sources.

Report Scope & Segmentation