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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.
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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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