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Global Reading Glasses Market to Grow at a CAGR of 3% During 2021-2026, Aided by the Growing Incidences of Ocular Disorders and the Rising Awareness Regarding Eye Care

According to a new report by EMR titled, ‘Global Reading Glasses Market Report and Forecast 2021-2026’, the market is being supported by the thriving eyewear market, which attained a value of nearly USD 127 billion in 2020. The eyewear industry is further expected to grow at a CAGR of 3% between 2021 and 2026 to reach USD 155 billion by 2026.

The global reading glasses industry is being driven by the increasing cases of visual disorders among individuals of all age groups. The ocular disorders like presbyopia particularly affects the geriatric population and reduces their ability to focus on nearby objects, thus, making it difficult for them to read small prints. The increasing standards of living, rising awareness regarding eye care, and escalating consumer disposable incomes are significantly contributing to the growth of the reading glasses industry. Moreover, the rising demand for comfortable and attractive eyeglasses is compelling manufacturers to focus on product innovations and new designs. The rapid technological advancements and the advent of IoT is further helping manufacturers to target online buyers by providing options like 3D try on, home eye test, and others. This is expected to have a positive impact on the industry in the forecast period.

Moreover, the growing focus of leading players to increase their penetration in key developing markets is also aiding the industry growth. In June 2019, FGX International collaborated with Restoring Vision to introduce the first-ever reading glasses day on 07 June with the aim to increase awareness regarding the lack of access to reading glasses in developing nations. It further aims to educate people regarding the positive effect of reading glasses on an individual and its ability to restore the clear vision. Meanwhile, the increasing availability of OTC reading glasses through online platforms like Amazon.com, Inc. (NASDAQ: AMZN) and others are also contributing to the market growth. Such developments are expected to enhance the demand for reading glasses in the forecast period.

Market Breakup by Type, Glass Type, Age Group, Distribution Channel, and Region:

  • The market is bifurcated based on type into prescription and OTC.
  • The different glass types utilised in the industry include single vision, progressive lenses, bifocal glasses, task-specific, and trifocal glasses, among others. 
  • On the basis of age group, the industry can be segmented into less than 18 years, 18 to 64 years, and 65 years and above.
  • Based on distribution channel, the industry is categorised into ophthalmology clinics, optical stores, and online stores, among others.
  • Region-wise, the global market for reading glasses can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for reading glasses is being driven by the growing prevalence of ocular disorders like presbyopia.
  • The favourable government initiatives and the rising awareness regarding eye care, particularly in developing nations, are further contributing to the market expansion. 
  • The industry is receiving a further impetus with the growing technological innovations and the launch of affordable and trendy reading glasses. 
  • The increasing investments in marketing and the growing e-commerce sector are expected to further propel the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for reading glasses for the periods (2016-2020) and (2021-2026). 
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the types, glass types, age groups, distribution channels, and major regions of reading glasses.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global reading glasses market are De Rigo Vision S.p.A., Bausch & Lomb Incorporated, Zenni Optical, Inc., ThinkOptic, Inc., and Hoya Lens Thailand Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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