Global Spectacles Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Spectacles Market Growth

Spectacles or eyeglasses are used by people with ocular abnormalities such as myopia, hypermetropia, and astigmatism to correct their vision. Individuals are increasingly wearing spectacles in the contemporary market due to increased knowledge of ocular illnesses and the rising prevalence of vision impairment. Furthermore, the development of high-end spectacles and eyeglasses has led to the acceptance of spectacles as a fashion statement in both developed and developing countries in recent years.

Devices or gadgets, such as computers, laptops, and mobile phones, have become increasingly important in recent years. As a result, the prevalence of eye problems linked to long-term use of the aforementioned technologies has increased which has fuelled the growth of the spectacles market. Individuals prefer spectacles with reflective coating as a result of increased awareness about the drawbacks of increased screen time. These reflecting coatings shield users' eyes from the blue light emitted by laptops, computers, and smartphone screens.

The market expansion is also expected to be aided by an increase in refractive errors among the global population. In addition, the prevalence of refractive ocular problems in the elderly population is increasing globally as life expectancy increases. Thus, the world's growing geriatric population is expected to drive the global market in the coming years.

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Key Trends and Recent Developments

Customisation and personalisation; focus on sustainability; technological advancements; and smart eyewear are the major trends impacting the spectacles market development.

April, 2024

Lenskart announced the launch of the French eyewear brand Le Petit Lunetier to the Indian market.

February, 2024

Brilliant Labs, a technology company, introduced a new product called Frame, which is a pair of AI smart glasses equipped with a unique AI virtual assistant.

September, 2023

Amazon announced that it has expanded its lineup of smart glasses, introducing seven new styles that are powered by Alexa, its virtual assistant, in the spectacles industry.

September, 2023

Meta has partnered with EssilorLuxottica, a leader in the eyewear market, to announce a new collection of Ray-Ban Meta smart glasses.

Customisation and personalisation

Consumers are increasingly seeking personalised eyewear solutions, such as custom-fit frames and lenses tailored to their specific vision needs.

Sustainability focus

There is a growing trend towards eco-friendly and sustainable eyewear, with manufacturers using recycled materials and biodegradable frames to boost spectacles market value.

Technological advancements

Innovations in lens technology, such as blue light filtering lenses and progressive lenses, are becoming more popular due to increased screen time.

Smart eyewear

There is an integration of technology into eyewear, such as smart glasses with augmented reality capabilities and built-in health-tracking features.

Spectacles Market Trends

Innovations in lens technology, particularly blue light filtering lenses and progressive lenses, have gained popularity due to the increasing use of digital devices. For instance, with the rise of smartphones, tablets, and computer use, people are exposed to more blue light than ever before. Blue light filtering lenses are designed to reduce the amount of blue light that reaches the eyes and help alleviate symptoms of digital eye strain.

A crucial trend in spectacles market is that market players in the eyeglasses market are adopting smart technology into eyewear to offer multiple functionalities. Brilliant Labs announced a new product called Frame in February 2024, which is a pair of AI smart glasses with a unique AI assistant. The glasses are expected to have smart features such as hands-free communication, audio playback, and possibly even augmented reality (AR) capabilities.

Industry Outlook

According to the World Health Organization 2019, the prevalence of age-related macular degeneration exhibits a clear upward trend across different age groups. At ages 45-49, the prevalence is 4.2%, indicating the early onset of the condition. Moving into the 50-59 age group, this figure rises to 6.6%, showing a notable increase as individuals advance in age.

As per the spectacles industry analysis, in the 60-69 age bracket, the prevalence further escalates to 11.6%, more than doubling from the earlier age group. The upward trajectory continues steeply into the 70-79 age range, where the prevalence reaches 19.5%, reflecting the significant impact of aging on the development of macular degeneration. For those aged 80-84, the prevalence peaks at 27.1%, highlighting the highest burden among the older population. 

According to the World Health Organization 2019, the global cost of the coverage gap for uncorrected refractive errors and cataracts is estimated at USD 14.3 billion. Cataract surgery alone costs USD 6.9 billion, making up a significant portion of this expenditure, which can boost the growth of the spectacles industry. Treatments for refractive errors contribute an additional USD 7.4 billion. This financial distribution underscores the substantial economic burden posed by these common eye conditions, as detailed by the World Health Organization 2019.

Increasing Demand and Advancement in Lens Technology is Strengthening the Global Spectacles Market

• Growing demand for corrective eyewear driven by rising incidences of myopia and presbyopia globally. 
• Advancements in lens technology offering improved vision correction and enhanced comfort, such as blue light filtering and progressive lenses that can aid spectacles demand growth.
• Expansion of the market due to the increasing adoption of fashionable and designer frames among consumers.
• Established market presence of leading eyewear brands with extensive retail and distribution networks.

High Costs, Limited Availability of Services in Underserved Areas, and Reliance on Skilled Professionals Hinder Accessibility to Quality Eyewear for Many Consumers.

• High costs associated with premium lenses and designer frames limiting accessibility for price-sensitive consumers.
• Limited availability of optometric services and quality eyewear in rural and underserved regions.
• Dependence on skilled professionals for accurate eye examinations and prescription fitting can impact spectacles demand forecast.
• Challenges in meeting stringent quality and safety standards for spectacle lenses and frames.
• Price sensitivity among consumers leads to a preference for low-cost, potentially lower-quality alternatives.

Increasing Awareness for Eyewear Solutions and Technological Advancements are Creating Opportunities in the Global Spectacles Market

• Increasing awareness and adoption of eyewear solutions for digital eye strain among heavy screen users.
• Expansion of product lines to include smart glasses with integrated technologies such as augmented reality and fitness tracking.
• Growing demand for eco-friendly and sustainable eyewear materials aligning with environmental consciousness.
• Development of advanced manufacturing techniques reducing production costs and improving product quality can aid spectacles demand.
• Rising interest in customization options, allowing consumers to personalize their spectacles.
• Exploring untapped markets in developing regions with increasing disposable incomes and demand for vision correction.
• Potential for collaborations with fashion designers and tech companies to create innovative eyewear solutions.

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Spectacles Industry Segmentations

“Spectacles Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Parts

• Lens
• Frames

Market Breakup by Distribution Channel

• Offline
• Online

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Spectacles Market Share

Lenses account for a major market share as they are the primary component required for correcting the vision

Lenses typically hold the highest share of the market. This is because the primary function of spectacles is vision correction, which is achieved through the lenses. Lenses are also subject to more frequent updates and replacements due to changes in prescription, wear and tear, or the desire for new features like blue light filtering or anti-reflective coatings. Innovations in lens technology, such as progressive lenses, photochromic lenses, and high-index materials, have contributed to the spectacles market share.

In the forecast period, the frames segment is expected to grow at a significant rate. The segment's growth is expected to be aided by the regular replacement of spectacle frames and the availability of a wide range of options. Furthermore, the rising usage of fibre frames due to their endurance is expected to drive up demand. Additionally, the launch of attractive products, along with the rising consumer awareness about fashion, is expected to propel the spectacles sector forward.

Offline channel maintains its dominance in the market as it offers the provision of eye examination as well as trying frames

The offline channel holds the highest share of the eyeglasses market. This includes brick-and-mortar stores such as optical shops, department stores, and speciality eyewear stores. The offline channel has been preferred for several reasons, including the ability to try on frames, receive personalised fitting and adjustments, and obtain professional eye examinations and consultations. Many consumers in the spectacles market also value the immediate availability of products and the tactile experience of shopping in-store.

The online channel is anticipated to witness sizeable growth in the spectacles market in the coming years. The growth of the online channel has been driven by factors such as the convenience of shopping from home, wider product selections, often lower prices, and technological innovations like virtual try-on tools and online vision tests.

Competitive Landscape

The market players are expanding their presence in emerging markets, where there is growing demand for eyewear

EssilorLuxottica SA is a global leader in the design, manufacture, and distribution of ophthalmic lenses, frames, and sunglasses and owns several well-known eyewear brands, including Ray-Ban.

Johnson and Johnson is a multinational corporation in the spectacles industry that produces a wide range of healthcare products, including pharmaceuticals, medical devices, and consumer health products.

Novartis AG is a global healthcare company that focuses on innovative medicines, generic drugs, and eye care products.

Carl Zeiss AG is a technology company specialising in optics and optoelectronics and offers a wide range of products including eyeglass lenses, and diagnostic and treatment devices for eye diseases.

Other market players include Zenni Optical, Inc. and Jand, Inc., among others.

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Spectacles Market Regional Analysis

North America is expected to witness a significant market share in the forecast period. Higher awareness of ocular illnesses, increased adoption of vision care products, and a desire for luxury eye care products are expected to drive the market expansion in the region. The affordability of premium frames in the industry is expected to boost the region's global market worth. Furthermore, the rising trend of wearing glasses and attractive frames is expected to drive spectacles industry revenue in the coming years.

The spectacles market in the Asia Pacific has been growing significantly due to various factors. The increasing incidence of myopia, hyperopia, and presbyopia among the population in the Asia Pacific region is a primary driver of demand for spectacles. Urbanisation and lifestyle changes, such as increased screen time, are contributing to the higher prevalence of vision impairments.

Key Price Indicators in the Global Spectacles Market

Raw Material Costs

Variations in the prices of high-quality lenses and frame materials directly influence the cost and pricing of spectacles.

Research and Development Expenses

Investments in research and development activities for advanced eyewear technologies can lead to higher product prices due to innovation costs and increase spectacles market revenue.

Transportation and Logistics Costs

Changes in shipping and logistics expenses impact the final pricing of spectacles across different markets.

Trade Policies and Tariffs

International tariffs and trade regulations affect global pricing strategies for spectacles, influencing overall market prices. 

Government Subsidies and Incentives

Subsidies and incentives make spectacles more affordable, particularly for low-income demographics, affecting market pricing. 

Key Demand Indicators of the Global Spectacles Market

Increasing Ageing Population

The global rise in vision impairments and an ageing population is driving up demand for corrective eyewear in the spectacles industry.

Fashion Industry Influence

Trends in fashion are driving consumer demand for stylish and designer spectacles, impacting overall market growth.

Expansion of Digital Platforms and Online Retail

The growth of online retail is making eyewear more accessible, boosting market demand for spectacles.