USD 44.29 billion
Report ID: SQSG35A2029 | Region: Global | Published Date: August, 2022 | Pages: 157 | Tables: 63 | Figures: 64
Global reading glasses market was valued at USD 44.29 billion in 2021, and it is expected to reach a value of USD 55.25 billion by 2028, at a CAGR of more than 5.4% over the forecast period (2022–2028).
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.
Global Market Size
USD 44.29 billion
Prescription Reading Glasses
Prescription Reading Glasses
more than 5.4% CAGR
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Global 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 it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
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.
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.
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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.
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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.
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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.
|Market size value in 2021||USD 44.29 billion|
|Market size value in 2028||USD 55.25 billion|
|Growth Rate||more than 5.4%|
|Forecast Unit (Value)||USD Billion|
|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)|
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For the Global 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 Global 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.
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Product ID: SQSG35A2029