Contact lens-based eyewear market to garner appreciable returns by 2025
Publisher : Fractovia | Latest Update: 2019-08-02 | Published Date : 2016-06-19Request Sample
The globally renowned eyewear market contender, EssilorLuxottica, has recently made it to the headlines for its announcement of planning to purchase GrandVision, the Dutch optical retailer. Apparently, the transaction may be valued at around EUR 7.2 billion, and has been claimed to massively impact EssilorLuxottica’s position in the global eyewear industry, in terms of expanding its retail network.
The deal between GrandVision and EssilorLuxottica is just one such instance of how mergers and acquisitions have turned out to be major growth strategies likely to influence eyewear market trends in the forecast period. That apart, even novel product development and capacity expansions being undertaken by prominent contenders such as Johnson & Johnson, Fielmann AG, Cooper Vision, Alcon, and Safilo Group SpA to are likely to transform eyewear industry outlook.
North America Eyewear Market Statistics, By 2018 & 2025, (USD Million)
The global eyewear market size is projected to depict a commendable surge in the forthcoming years, essentially owing to the massive rise in the occurrence of eye disorders. Pertaining to hectic lifestyles and increasing disposable incomes, the amount of time spent by the masses on smartphones, tablets, and other electronic gadgets has majorly rise, leading to a grim scenario of rising vision deficiencies. Increasing purchase parity in tandem with the surge in eye checkups will influence the market outlook globally.
Speaking of the regional landscape, North America is anticipated to emerge as one of the most lucrative revenue grounds of the global eyewear market, primarily on account of the rising prevalence of eye disorders. The subsequent demand for corrective eyewear, especially for children, will drive North America eyewear industry, which hold over 37% of the overall eyewear market share in 2018.
The growing cases of chronic eye disorders in the U.S. and Canada have been resulting in an increased percentage of vision loss among the American citizens, on account of unoperated cataracts and uncorrected vision impairment. The occurrence of myopia in the region has also surged tremendously since the last few years, owing to the consistent usage of electronic gadgets, which will further help impel the regional market size.
Of most eyewear products, contact lenses have been projected to gain commendable traction among the masses. The reason contacts are attaining mainstream popularity as opposed to spectacles is the numerous benefits they offer. Contact lenses, for most parts, are available in a variety of options as far as the timeframe is considered – disposable lens can be purchased for daily, monthly, or yearly use. That apart, contacts are available in myriad color options as well.
Most eyewear manufacturers look forward to producing easy-to-use, comfortable lenses with high visual acuity to cater to the rising consumer demand. Citing an instance, Bausch + Lomb recently announced the launch of the ULTRA Multifocal for Astigmatism contact lenses – in the United States. A multifocal toric lens, the ULTRA Multifocal has been suitably designed to suit the lifestyle and vision requirements of people afflicted with astigmatism as well as presbyopia. On these grounds, contact lens-based eyewear market size is expected to depict the fastest growth over 2019-2025.
Another instance of how rising R&D activities are influencing the demand for contact lenses can be credited to the invention by researchers at the Harbin Institute of Technology, China and professors from the University of California-San Diego. The invention revolves around a soft biomimetic lens, with multiple focal lengths, that collects inputs from eye movements and generates a strong signal, post which the lens would zoom in to its longest focal length. The rising number of R&D programs to increase the popularity of contacts worldwide will propel contact lens-based eyewear market size in the years ahead.
As the prevalence of eye disorders rises across the globe and the demand for suitable corrective devices becomes more and more apparent, eyewear market share is likely to depict a substantial rise in the years ahead. Estimates by Global Market Insights, Inc., claim that the overall eyewear industry size is estimated to cross a mammoth USD 170 billion by 2025.
