Eyewear – Introduction
Transparency Market Research (TMR), a market intelligence and research firm, has published a research study on the Global Eyewear Market. The report pegs the overall value of this market in 2011 at US$81.0 bn. Further, it predicts that the worldwide eyewear market will reach a value of US$130 bn by the end of 2018.
Any product worn on or over the eye can be termed as eyewear. It encompasses three major product types: spectacles, contact lenses, and plano sunglasses. The rapidly increasing wearer base, with a growing percentage of presbyopes is the strongest driving force for the growth of the eyewear market. In addition, the high renewal rate of lenses due to frequent replacement cycles and changes in lens prescriptions is expected to fuel the market over the forecast period.
The increasing number of refractive surgeries such as LASIK (Laser assisted in-situ keratomileusis) in order to reduce or eliminate the individual’s dependency on prescription corrective eyewear is a major factor inhibiting the eyewear market. These procedures are becoming progressively more affordable for a large percentage of the population. Additionally, there is a higher degree of awareness regarding these surgeries, which is expected to act as a restraint on market growth. However, refractive surgeries are still unaffordable for many consumers, particularly in developing nations.
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Increase in disposable income is another factor that is expected to aid in the growth and development of the eyewear industry. Players in the market are attempting to target the mid-priced segment in order to increase their customer base. The premium priced high-end segment enjoys steady popularity in developed regions such as North America, but does not experience high demand in developing geographies.
The supply chain for eyewear includes participants starting from those involved in raw material production until the final point of sale. These consist of raw material manufacturers, eyewear product manufacturers, distributors, and retailers; possible intermediaries include healthcare providers, involved in the dispensing of corrective eyewear.
The global eyewear market has been segmented on the basis of product types, major geographies, and distribution channels. North America is the largest contributor to the market in terms of demand, closely followed by the Asia Pacific region.
Some of the major players in the eyewear market are Johnson & Johnson, Luxottica, Safilo, CooperVision, Bausch & Lomb, Essilor, and Hoya among others.
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