(MENAFN- America News Hour) The eyewear market has been segmented by product into contact lenses, spectacles and plano sunglasses, out of which, the spectacles segment dominated the overall product segment and is anticipated to expand with a compound annual growth rate of 7.2% over the forecast period. This can be attributed to its long durability and protection in comparison to contact lenses. The growing old age population and the increase in eye disorders are the major factors that are driving the growth of the eyewear market around the globe.
The global market of eyewear was valued at USD 100 Billion in 2015 and is anticipated to reach USD 180 Billion by the end of 2024 by expanding at a compound annual growth rate of 7% over the period 2017-2024. The growing number of ophthalmic disorders across the world has led to the demand for eyewear. Further, the government initiatives to spread awareness regarding eye disorders and launching free camps combined with providing training to people in local areas with limited eye care services are some of the factors that estimated to augment the growth of the Eyewear Market over the forecast period.
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In the regional segment, Europe holds the largest consumer base in overall eyewear market. In 2016, Europe alone held the dominant share of 45% in the global eyewear market. Further, the growing demand for spectacles is anticipated to expand the Asia Pacific eyewear market with higher pace by reaching the market valuation of around USD 44 Billion by the end of 2024.
Fashionable Contact Lenses to Boom the Market
The growth of the market is riding on the back of the growing eye disorders and increasing prevalence of age-related macular degeneration, mostly among older adults along with the rising popularity of contact lenses among young generation. Further, the spurred use of fashionable contact lenses among people combined with its usage in media & entertainment industry to develop different looks such as vampire, anime etc. are some of the factors that are anticipated to supplement the growth of the eyewear market across the globe.
However, rising awareness towards refractive surgeries due to their affordability among people is anticipated to hinder the growth of eyewear market in the near future.
The report titled 'Eyewear Market: Global Demand Analysis & Opportunity Outlook 2024' delivers detailed overview of the eyewear market in terms of market segmentation by product, by material and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
This report also provides the existing competitive scenario of some of the key players of the eyewear market which includes company profiling:
Luxottica, Safilo, Johnson & Johnson Vision Care, Essilor Int., CooperVision, Bausch & Lomb, Carl Zeiss, De Rigo, CIBA Vision Inc., Fielmann, Marchon Eyewear, Hoya Corp., Vision Express and Specsavers Optical.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the eyewear market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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Betty Wester graduated from Columbia. He grew up in the UK but moved to US after school. Betty has been a tech-savvy person. He is always interested in knowing new arrivals in the world of Technology. Betty is a tech author. Along with a tech-savvy writer, He is a food lover and solo traveler. Betty has written for several major publications including MarketWatch, BuzzFeed and the Huffington Post. he is a community reporter and also covers world events.
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