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, 2019-2032

The global spectacles market size was valued at USD 91.56 billion in 2018 and is projected to reach USD 208.53 billion by 2032, exhibiting a CAGR of 6.1% during the forecast period.

The spectacles industry is a highly competitive market with many international and regional players. The market includes products such as frames, spectacle lenses, prescription, and over-the-counter spectacles. Spectacles or eyeglasses offer vision correction for people suffering from ocular disorders, namely, myopia, hypermetropia, and astigmatism. In the current market situation, individuals often use spectacles owing to the increasing awareness regarding ocular disorders combined with the rising prevalence of vision impairment. Additionally, in recent years, the introduction of premium spectacles and eyeglasses has led to the adoption of spectacles as a fashion statement in the developed and developing countries. Globally, there is an increase in the incidence of ocular disorder, such as astigmatism, hypermetropia, myopia, and others. The wide variation of product offerings by smaller and large companies have driven the acceptance of spectacles among the general public.

In the current market landscape, the spectacle frame is estimated to experience a surge in the adoption in Asia Pacific and Latin America owing to the appealing value offered by the product type. Moreover, in the developed countries in North America and Europe, such as U.S, Germany, and France, these frames are estimated to experience a surge in acceptance owing to the presence of various leading market players in the regions.

MARKET DRIVERS

“Increasing Prevalence of Ocular Disorders Likely to Propel Market Growth”

Over the past few years, there is an increase in the dependency on technology such as computers, laptops, and mobile phones. This has led to a rise in the incidence of ocular disorders associated with prolonged usage of the above mentioned technologies. However, owing to the increasing awareness programs regarding the disadvantages of technology, individuals have started adopting spectacles with a reflective coating. These reflective coatings protect the user's eyes from the blue light emitted from the screens of laptops, computers, and mobile phones.

According to an article published in the Asia Pacific Journal of Ophthalmology, there is a significantly higher prevalence of myopia in the East Asian countries. According to the article, around 80% - 90% of adults in these countries suffer from myopia. The rise in refractive errors among the population worldwide is estimated to augment the spectacles market growth.

Combined with this, the rising geriatric population across the world is estimated to drive the global market in the foreseen years. Due to the increasing life expectancy, there is a rise in the prevalence of refractive ocular disorders in the elderly population worldwide. Additionally, the surge in the accessibility of spectacles in online and retail channels has led to an increase in the adoption of spectacles among the elder population. Moreover, the rising usage of progressive lenses is also projected to create impressive growth opportunities for the market.

“Rising Adoption of Spectacles as a Fashion Statement to Drive Growth”

In developed countries such as the U.S., France, Italy, and the U.K., trendy premium spectacle frames have become a fashion statement. There is a surge in the adoption of premium eyewear even in some of the developing countries owing to increasing disposable incomes of the populaces. Additionally, the decline in the use of contact lenses and a shift towards the acceptance of spectacles are also estimated to impact the market growth positively.

Combined with these, marketing strategies adopted by the leading market players in this industry have significantly uplifted the spectacles market revenue. The competitive and wide product offering targeting different demographics have helped augment the market sales over the years. For instance, in December 2019, Carl Zeiss launched a new line of SmartLife eyeglass lens that are customizable for the working-class population who are dependent on smartphones and laptops. Newer technologies even incorporate 3D printing to manufacture lightweight and trendy frames.

SEGMENTATION

By Product Type Analysis

“Spectacle Frames Segment to Grow at a Fast Pace Owing to Rising Prevalence of Myopia”

Among the product type, the market is segmented into spectacle frames and spectacle lenses.

The spectacles lenses segment had held the dominant position in terms of spectacles market share in 2018 and is estimated to grow steadily during the forecast period. This growth is attributable to the increasing prevalence of hypermetropia and myopia. However, the rising adoption of updated and lightweight spectacle frames is estimated to be a major growth driver in the forthcoming years. The wide product offerings and high competition in providing value custom frames are increasing the acceptance of spectacle frames in the developed and developing countries.

Owing to the declining preference for contact lenses by the populaces and the increasing number of LASIK surgeries in the United States, the total number of adults opting for prescription spectacles have increased in the past years. Additionally, there is an increase in the number of people opting for spectacle frames as an accessory in the developed countries. This trend is estimated to boost the market value during the forecast period.

By Modality Analysis

“Prescription Segment to Lead Backed by Rising Awareness About Harmful Effects of UV Rays”

Based on modality, the market is bifurcated into prescription and over-the-counter.

Owing to the increasing geriatric population and the rising awareness regarding vision disorders, there is a significant rise in the adoption of prescription lenses. Additionally, over the past years, there is also a surge in the acceptance of prescription sunglasses owing to the increasing awareness about the harmful effects of ultraviolet sun rays. In the developing countries such as India, there is a decrease in the stigma associated with the use of spectacles. This trend is also estimated to increase the adoption of prescription lenses in the country. Moreover, an increase in the consultation for refractive errors experienced by different demographics is projected to drive the adoption of prescription lenses during the forecast period.

By Distribution Channel Analysis

“Retail Stores Segment to Dominate Stoked by Higher Availability and Accessibility”

As per distribution channel, the market is divided into retail stores, online stores, and ophthalmic clinics.

The retail stores segment is projected to account for the highest share in the market during the forecast period. Higher availability and accessibility of spectacles in retail stores such as independent stores, brand chains, and wholesalers are estimated to drive this segment in the market. However, the increasing trend of purchasing from the e-commerce websites for over-the-counter vision care products is estimated to augment the growth of the online stores segment. Additionally, various branded product offerings and discounts on online websites are projected to be the major growth drivers.

REGIONAL ANALYSIS

North America generated a revenue of USD 27.59 billion in 2018 and is expected to hold the dominating share in the market during the forecast period. Factors such as higher awareness of the ocular disorders, increasing acceptance of vision care products, and preference for premium eye care products are estimated to boost the growth of the market in this region. Additionally, increasing affordability to buy premium frames is anticipated to fuel the global market value in this region. In addition to this, the rising trend of adoption of spectacles and fashionable frames is also projected to boost the market revenue in this region.

Asia Pacific is projected to be the second leading region in the market. The rise in geriatric population in countries such as Japan and China has led to an increasing adoption of spectacles over the years. Additionally, the rising disposable income and upsurging affordability of vision care products are set to further augment the sales in this region. Moreover, there is an increasing prevalence of vision refractive errors in the countries located in this region. According to an article published in the Journal of Ophthalmology, an estimated 33% of the population in South East Asia suffer from myopia. However, Latin America and the Middle East and Africa held a smaller share in the market in 2018. This is owed to lower accessibility of vision care products and lower reach of key market players. Local and regional players generally have acquired a significant market share in the countries of these regions.

INDUSTRY KEY PLAYERS

“The Spectacles Market is Highly Fragmented Industry with Regional and Global Players Operating”

The global market is an extremely fragmented industry with various international and local players controlling the market. The major players are segmented into frames and spectacle lenses market. EssilorLuxottica holds the highest share in the spectacles frames segment. This is attributed to the recent merger of the vision care industry giants to capture the customer base. As of 2017, Luxottica was one of the major manufacturers of premium frames around the globe. The competitive price offerings by prominent companies is one of the key industry trends observed in the market. The companies use advanced technologies such as 3D printing to develop premium spectacles lenses that are equipped with enhanced quality to capture market share. Strategic partnerships and collaborations are one of the few strategies adopted by the key players to improve product offerings.

List Of Key Companies Covered

• EssilorLuxottica


• Carl Zeiss


• Fielmann AG


• Safilo Group S.p.A.


• HOYA Corporation


• Zenni Optical, Inc.


• Johnson and Johnson Vision


• Ciba Vision


• Warby Parker


• Other prominent players

REPORT COVERAGE

The spectacles market report provides detailed information regarding various insights of the market. Some of them are growth drivers, restraints, competitive landscape, several strategies such as product launches, regional analysis, and challenges. It further offers an analytical depiction of the spectacles market trends and estimations to illustrate the forthcoming investment pockets. The market is quantitatively analyzed from 2019 to 2025 to provide the financial competency of the market. The information gathered in the report is taken from several primary and secondary sources.

The research report offers an in-depth analysis of the market. It further provides detailed analysis of the market dynamics and also presents the competitive landscape. Various key insights provided in the report are the key industry developments - mergers, acquisitions, and partnerships introduction of new products / approvals (by major players), epidemiology of major ocular disorders - for key countries, key trends in the market, snapshot: U.S. reading glasses market.

Report Scope & Segmentation

INDUSTRY DEVELOPMENTS:

• July 2019: EssilorLuxottica announced that the company is planning to buy 76.72% stakes in GrandVision, a Dutch optical retailer for an estimated USD 8.8 billion.


• November 2019: Snap Inc. launched Snap Spectacles, a smart spectacle that is equipped with two cameras that record and shoot videos.


• November 2019: The Charmant Group, one of the players in the market, announced the launch of new styles of spectacles.


•  October 2019: Titan Eyeplus, one of the leading eyewear brands in India, introduced the first smart eyewear in the market.