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Global Spectacles Market to Grow at a CAGR of 7.2% During 2022-2027, Aided by the Rising Incidences of Eye Disorders

According to a new report by EMR titled, ‘Global Spectacles Market Report and Forecast 2022-2027’, the market attained a value of about USD 68.1 billion in 2020. The market for spectacles is further expected to grow at a CAGR of 7.2% in the forecast period of 2022-2027.

The global spectacles industry is being driven by the heightened incidences of eye problems such as refractive error, especially among the young individuals. This can be attributed to the increased utilisation of digital devices such as smartphones, laptops, and PCs, in the daily life of people. Also, the growing awareness among people regarding the risks of eyesight damage caused by prolonged digital screen usage is leading to the adoption of anti-glare spectacles, which is anticipated to support the growth of the market in the forecast period. Furthermore, the growing investments by the leading market players in the development of new and innovative spectacle frame designs are also expected to attract more consumers. Moreover, the growing geriatric population with weak eyesight is anticipated to support the market growth in the coming years.

The increased collaborations among the leading market players aimed at the development of new products are anticipated to bolster the market growth in the forecast period. For instance, in January 2017, Essilor and Delfin signed an agreement for the development of a global integrated player aimed at delivering visual health products and superior consumer experience through a combination of Essilor and Luxottica Group (NYSE: LUX) to form EssilorLuxottica SA (OTCMKTS: ESLOY). Furthermore, in March 2022, Warby Parker (NYSE: WRBY) partnered with Eastman (NYSE: EMN) to launch a new demo lens molecular recycling programme in an endeavour to make progress towards a circular solution for the eyewear industry.

Market Breakup by Parts, Distribution Channel, and Region:

  • The market is divided, based on parts, into lens and frames.
  • On the basis of distribution channel, the market can be segmented into offline and online.
  • Region-wise, the global market for spectacles 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 spectacles is being driven by the rising incidences of visual health impairments among individuals.
  • The growing adoption of digital technology, especially among the young population, has significantly contributed to the market expansion.
  • The rising geriatric population is also aiding the industry growth. 
  • The growing demand for new and innovative spectacle frame designs is leading to a rise in investments by key market players, which is likely to propel the market forward.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for spectacles for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the parts, distribution channels, and regions of spectacles.
  • 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 spectacles market are EssilorLuxottica SA, Johnson and Johnson, Novartis AG, Carl Zeiss AG, Zenni Optical, Inc., and Jand, Inc., 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.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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