Eyewear Market Size

Eyewear Market Size

Global Eyewear Market size was valued at over USD 120 billion in 2018 and is anticipated to grow at a CAGR of 5% from 2019 to 2025. Upsurge in demand for prescription spectacles and contact lenses owing to age-related impairment and the increasing geriatric population as a result of better life expectancy at birth and advanced health care systems will provide a positive outlook for industry expansion.

Technological advancements have surged the exposure of younger generation to smartphones and computers leading to eyesight problems such as hyperopia, myopia, and astigmatism, thereby fuelling the demand for prescription glasses and contact lens. Manufacturers are expected to invest in new product development with reduced glare and improved UV protection. Increasing prevalence of Computer Vision Syndrome (CVS) or digital eye strain with continuously working on a computer system  will augment the eyewear market share.

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Economic development supported by a rise in per capita income has surged consumer spending on fashion products. Geographic expansion of globally renowned sunglasses brands supported by favorable branding strategies is likely to fuel overall eyewear market revenue. However, increasing adoption of eye corrective surgeries such as LASIK, RLE, PRK, LASEK, epi-LASIK, and PRELEX owing to development in medical technologies can hamper the product demand. Also, significant pricing difference between branded and unbranded eyewear in price sensitive countries has shifted the preference towards low-cost products, particularly among the middle-class population.