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Eyewear Market to Exhibit Steady 3.70% CAGR 2012-2018 due to Rising Demand for Corrective Eyewear

Press Release   •   Oct 07, 2016 03:16 EDT

Market Research Reports Search Engine (MRRSE) has announced that its repository now features a report titled “Eyewear Market (Spectacles, Contact Lenses, Plano Sunglasses) - Global Industry Analysis, Size, Share, Growth and Forecast 2012 - 2018”. The report, by Transparency Market Research, forecasts that the global eyewear market was valued at US$81.0 bn in 2011 and is expected to reach US$130 bn by 2018. The market will expand at a CAGR of 3.70% from 2012 to 2018. This report presents a comprehensive analysis of the market for eyewear and the evaluation is based on the types of products, distributional channels, and geographical segments. The report also presents a comparative evaluation of the market for eyewear in terms of quantitative and qualitative analysis of each segment of the industry. The report also analyzes the current market dynamics including the drivers, inhibitors, and opportunities of the market for eyewear.

As per the report, the global eyewear market is fuelled by the increasing population of individuals having conditions such as presbyopia, myopia, astigmatism, and hyperopia. As a result, the rising demand for corrective eyewear is a prime factor fuelling the market for eyewear. Furthermore, the rising rate of renewal of lenses and the rising disposable income of consumers are augmenting the market for eyewear. According to the report, the huge population with uncorrected vision is poised to emerge as a key opportunity within the market for eyewear. On the other hand, the rising number of refractive surgeries is poised to impede the market for eyewear in the coming years.

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The report states that in terms of product, the market is segmented into Plano sunglasses, spectacles, and contact lenses. On the basis of distribution channel, the market is segmented into online portals, retail outlets, and healthcare service providers. As per the report, in terms of product type, the segment of spectacles, including both spectacle frames and lenses, leads the market and was valued at over US$63 bn in 2011. The reason for the dominance of this segment is the increasing count of consumers who already utilize or will be utilizing corrective eyewear or prescription eyewear in the coming years.

The report states that the eyewear market in terms of geography is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Amongst these, North America led the market in 2012 and constituted a share of 30% in the market on the basis of consumption. This is due to the increasing demand for contact lenses and sunglasses in this region. On the other hand, the Europe eyewear market led the global market on the basis of revenue and held a revenue share of approximately 40% the same year.

As per this report, the major players operating in the market are Essilor Int., Luxottica, Safilo, CooperVision, Johnson & Johnson Vision Care, Carl Zeiss, Fielmann, , Bausch & Lomb, Marchon Eyewear, CIBA Vision Inc., De Rigo, Hoya Corp., Vision Express, and Specsavers Optical, among others.