(PharmaNewsWire.Com, October 24, 2019 ) Market Overview: Due to the rise in disposable income coupled with ageing population with weak eyesight will be drive the eyewear market for the forecast period 2019-2026.
Eyewear consists of items and accessories worn on or over the eyes, for fashion or adornment, protection against the environment, and to improve or enhance visual acuity. Common forms of eyewear include glasses (also called eyeglasses or spectacles), sunglasses, and contact lenses. Eyewear can also include more utilitarian forms of eye protection, such as goggles. Conversely, blindfolds are a form of eyewear used to block vision for a variety of purposes.
Market Dynamics: The Eyewear market growth is primarily driven by demand for prescription spectacles and contact lenses owing to the increase in ageing population across the world. Globally, it is estimated that approximately 1.3 billion people live with some form of vision impairment. With regards to distance vision, 188.5 million people have mild vision impairment, 217 million have moderate to severe vision impairment, and 36 million people are blind. The majority of people with vision impairment are over the age of 50 years.
However, the rise in the optical surgeries due to more advance medicals will hinder the growth of the Eyewear market for the forecast period. However, the rise in the optical surgeries due to more advance medicals will hinder the growth of the Eyewear market for the forecast period.
Market Segmentation: By Product, the Eyewear market is segmented into Spectacles, Sunglasses and Contact Lenses. Spectacles have the dominant position in the Eyewear Product segment and is expected to retain its dominance in the forecasted period due to the rising eye diseases like myopia and hypermetropia all around world and also growing ageing population in the major economies.
By Distribution Channel, the Eyewear market is segmented into Construction, Transportation, and Consumer Electronics. Offline Distribution channel has the dominant share in the Distribution Channel segment and is expected to retain its dominance in the forecast period. However, the rise in the online retail boosting the ecommerce in regions like Europe and Asia-Pacific will drive the market with higher CAGR for online distribution channel in the forecast period.
Geographical Analysis: Geographically, the market is divided into North America, Europe, South America, Asia-Pacific and the Middle East and Africa.
Europe holds the largest market share for Eyewear Market, due to the rise in the ageing population and the use of the digital devices is driving the market for the eyewear market for the region. The growing internet retailing is the other reason for the growth of the eyewear market in Europe. European ecommerce grew by 11% to ~US$ 603.47 bn (€534 bn) in 2017, and is expected to grow in the upcoming years, according to European B2C Ecommerce Report 2018.
North America is after Europe in terms of market share in Eyewear market, due to rise in the demand of premium eyewear by the people in the region. Asia-pacific is the fastest growing market for the eyewear market.
Competitive Analysis: The major players include Luxottica, Essilor, Johnson & Johnson Vision Care, Safilo, and Alcon. Other key players in the market include Bausch & Lomb, Carl Zeiss, Charmant, Chemilens, and CooperVision.
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