USD 41.12 billion
Reading Glasses Market Size, Share, Growth Analysis, By Age group.(Less than 18 years, 18 to 64 years, 65 years, above), By Type(Prescription Glasses, OTC Reading Glasses), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2592 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|Tables:
63
|Figures:
75
Reading Glasses Market Insights
Global Reading Glasses Market size was valued at USD 41.12 billion in 2019 and is poised to grow from USD 43.33 billion in 2023 to USD 65.81 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).
In order to reduce the effects of hyperopia (farsightedness), presbyopia, and myopia, corrective lenses correct refractive errors by bending light entering the eye (nearsightedness). When a person struggles to focus on close objects, reading glasses are used to help the vision. Age-related weakening of the right eye causes nearby objects to appear blurry, which is a condition known as presbyopia.
The reading glasses market is expanding as a result of the rise in ocular conditions like presbyopia and others. Due to rising access to the product and rising awareness of eye care, growth is greater in developing countries. Global geriatric population growth is anticipated to have a significant impact on the industry's expansion. According to the World Health Organization's "Blindness and vision impairment Key Facts" report, which was updated in October 2021, around 2.2 billion people worldwide are estimated to have some form of vision impairment. Untreated cataracts, untreated refractive error, untreated presbyopia, and other eye conditions are the main causes of vision impairment worldwide. The market may expand due to the increasing prevalence of eye disorders.
Because of consumers' growing preference for online sales channels due to the convenience factor, online stores are anticipated to generate more revenue over the course of the forecast period. Additionally, it is anticipated that the expanding focus on technological innovations to deliver affordable, fashionable eyewear of the highest quality will positively impact the growth of the global reading glasses market.
US Reading Glasses Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Prescription Reading Glasses
Fastest Growth
Prescription Reading Glasses
Growth Rate
5.6% CAGR
Global Reading Glasses Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Reading Glasses Market Segmental Analysis
Reading Glasses Market is segmented based on the age group, type and region Based on age group, global reading glasses market is segmented into Less than 18 years, 18 to 64 years, 65 years and above. Based on Type, the Reading glasses market is segmented into Prescription glasses and OTC reading glasses. Based on Region Reading Glasses Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Reading Glasses Market Analysis by Age Group
Based on Age group, global reading glasses market is segmented into Less than 18 years, 18 to 64 years, 65 years and above. The segment of 18 to 64 years held larger market share. This was caused by the increasing prevalence of adult visual impairments like presbyopia, hyperopia, and farsightedness. Focusing on closer objects becomes more difficult as a result of these refractive errors. Additionally, the growing use of computers and mobile devices for both work and leisure is anticipated to lead to an increase in ocular issues, which will further contribute to an increase in the demand for reading glasses market among people in this age group. The market is anticipated to maintain its leadership throughout the forecast period, growing at a very high CAGR.
Reading Glasses Market Analysis by Type
Based on type, the reading glasses market is segmented into prescription glasses and OTC reading glasses. The segment of prescription glasses held the larger market share. The term "prescription glasses" refers to eyewear with lenses customized to the wearer's visual impairments. Prescription glasses are used to treat nearsightedness (myopia), farsightedness (hyperopia), presbyopia, and astigmatism, and to improve or correct vision. Myopia affected approximately 2.6 billion people worldwide in 2020, and that number is projected to rise to 4.9 billion by the year 2050, according to the article "Update and guidance on management of myopia. European Society of Ophthalmology in cooperation with International Myopia Institute," published in March 2021. Myopia and presbyopia-related refractive errors are becoming more common in consumers, which is driving up demand for reading glasses market.
Global Reading Glasses Market By Type, 2021(%)
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Reading Glasses Market Regional Insights
North America dominated the global reading glasses market in 2021. Reading glasses have a significant market in the United States. This can be attributed to consumers' growing awareness of the importance of vision correction and the accessibility of eyeglasses. The rising prevalence of presbyopia in the US, it is expected to hold the top spot throughout the forecast period. It's more common than ever to experience eye issues today. Myopia, also known as near sightedness, affects over 33.1% of adults and approximately 41.9% of children in the United States. Additionally, the presence of reputable businesses with extensive distribution networks, high product costs, and rising sales of reading glasses made by premium brands will all help this reading glasses market expand in this region.
Asia Pacific reading glasses market is expected to grow during the forecast period. Rising prevalence of visual difficulties is causing the growth of the region. According to recent studies in China, 65.48% of high school students have myopia. Rising low-cost and semi-premium product launches to meet the needs of the masses in developing nations is the factor facilitating the growth of the market in the region. Due to rising consumer disposable incomes, supportive government initiatives, and expanding awareness of the importance of eye care, the industry is anticipated to expand significantly in developing regions like the Asia Pacific during the forecast period.
Global Reading Glasses Market By Geography, 2021 - 2028
- Largest
- Fastest
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Reading Glasses Market Dynamics
Reading Glasses Market Driver
- Increasing preference for prescription reading glasses to aid the growth of the reading glasses market. Since most people only need low-powered readers, reading glasses typically come in strengths of 1-3 and are rarely manufactured for strengths greater than 4. The prescription segment dominates the market in terms of type and is anticipated to continue dominating during the forecast period. This is due to consumers' increasing emphasis on finding reading glasses with better vision correction and frame fit. Because they are ready-made in nature, OTC reading glasses have the same corrective strength for both eyes and are of relatively poor quality. As a result, consumers are favoring prescription reading glasses more and more.
- Increasing use of online glasses shopping portals to promote growth of the reading glasses market. Due to the emergence of numerous e-commerce websites, reading glasses sales are rapidly increasing in the internet age. Additionally, because these online portals offer more discounts when buying from retail stores, customers are gravitating towards them. Along with this, the growing use of smartphones and the widespread internet are expected to drive the reading glasses market's expansion in the near future. In order to target larger consumer bases, many reputable manufacturers are also redesigning their sales and marketing strategies.
Reading Glasses Market Restraint
- People are fond of stylish and designer frames that suit their faces. Revolutionized youth overall globe is always in the surge of purchasing new frames which go with their personality and items of clothing. Such stylish eyeglasses come with the disadvantage of higher costs which obstruct the growth of the market.
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Reading Glasses Market Competitive Landscape
Global reading glasses market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Reading Glasses Market Top Player's Company Profiles
- Luxottica Group S.p.A
- Essilor International S.A.
- Carl Zeiss AG
- Hoya Corporation
- Johnson & Johnson Vision Care, Inc.
- Safilo Group S.p.A.
- CooperVision, Inc.
- Alcon Vision LLC
- Bausch & Lomb Incorporated
- Marchon Eyewear, Inc.
- Charmant Group
- Marcolin Eyewear
- De Rigo Vision S.p.A.
- Rodenstock GmbH
- Silhouette International Schmied AG
- Grand Vision NV
- Vision Express
- Specsavers Optical Group Ltd.
- Fielmann AG
- EyeBuyDirect, Inc
Reading Glasses Market Recent Developments
- In July 2022, Carl Zeiss Meditec and Precise Bio announced partnership in the development and commercialization of tissue-based implants for ophthalmology.
- In March 2022, Johnson & Johnson Vision Care, Inc., a global leader in eye health and part of the Johnson & Johnson Medical Device Companies, announced that the U.S. Food and Drug Administration (FDA) has approved ACUVUE Theravision with Ketotifen (etafilcon A drug-eluting contact lens with ketotifen).
Reading Glasses Key Market Trends
- Use of ballistic and specialized glasses is expected to favor the market growth. When worn with even the slightest carelessness, daily-use eyeglass lenses frequently develop some dings or scratches. Many police and military professionals prefer to wear ballistic eyeglasses because they can be worn for longer periods of time and help to prevent eye trauma or injuries. Ballistic eyeglasses are available in different strengths. The optical sector is being revolutionized by sports eyewear. Nike's recent partnership with VSP's research lab to develop elite eyewear for athletes is a glaring example of the industry's versatility and diversity.
- In recent years, augmented reality has greatly benefited numerous computer and smartphone applications. Despite some early efforts by Google, this technology has not yet made anything formally available for eyeglass wearers. However, AR has a lot of potential in the field of optics and is predicted to have a huge impact on the eyewear industry in the years to come.
Reading Glasses Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global reading glasses market analysis, in terms of age group, the segment of 18 to 64 years held larger market share. This was caused by the increasing prevalence of adult visual impairments like presbyopia, hyperopia, and farsightedness. In terms of type, the segment of prescription glasses held the larger share of the global reading glasses market. The term "prescription glasses" refers to eyewear with lenses customized to the wearer's visual impairments hence, they are used to treat nearsightedness (myopia), farsightedness (hyperopia), presbyopia, and astigmatism, and to improve or correct vision.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 41.12 billion |
| Market size value in 2031 | USD 65.81 billion |
| Growth Rate | 5.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Reading Glasses Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Reading Glasses Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Reading Glasses Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Reading Glasses Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Reading Glasses Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Reading Glasses Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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