What is the global market size of Reading Glasses Market?

Global Reading Glasses Market size was valued at USD 41.12 billion in 2021 and is poised to grow from USD 43.33 billion in 2022 to USD 65.81 billion by 2030, growing at a CAGR of 5.6% in the forecast period (2023-2030).

Global Reading Glasses Market Size, Share, Growth Analysis, By Age group.(Less than 18 years, 18 to 64 years), By Type(Prescription Glasses, OTC Reading Glasses) - Industry Forecast 2024-2031

Report ID: SQMIG35A2592 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 63 | Figures: 75

Global Reading Glasses Market Insights

Global Reading Glasses Market size was valued at USD 41.12 billion in 2019 and is poised to grow from USD 43.33 billion in 2023 to USD 65.81 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).

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.

US Reading Glasses Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Reading Glasses Market Report Snapshots

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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. 'Luxottica Group S.p.A', 'Essilor International S.A.', 'Carl Zeiss AG', 'Hoya Corporation', 'Johnson & Johnson Vision Care, Inc.', 'Safilo Group S.p.A.', 'CooperVision, Inc.', 'Alcon Vision LLC', 'Bausch & Lomb Incorporated', 'Marchon Eyewear, Inc.', 'Charmant Group', 'Marcolin Eyewear', 'De Rigo Vision S.p.A.', 'Rodenstock GmbH', 'Silhouette International Schmied AG', 'Grand Vision NV', 'Vision Express', 'Specsavers Optical Group Ltd.', 'Fielmann AG', 'EyeBuyDirect, Inc'

Increasing preference for prescription reading glasses to aid the growth of the reading glasses market. Since most people only need low-powered readers, reading glasses typically come in strengths of 1-3 and are rarely manufactured for strengths greater than 4. The prescription segment dominates the market in terms of type and is anticipated to continue dominating during the forecast period. This is due to consumers' increasing emphasis on finding reading glasses with better vision correction and frame fit. Because they are ready-made in nature, OTC reading glasses have the same corrective strength for both eyes and are of relatively poor quality. As a result, consumers are favoring prescription reading glasses more and more.

Use of ballistic and specialized glasses is expected to favor the market growth. When worn with even the slightest carelessness, daily-use eyeglass lenses frequently develop some dings or scratches. Many police and military professionals prefer to wear ballistic eyeglasses because they can be worn for longer periods of time and help to prevent eye trauma or injuries. Ballistic eyeglasses are available in different strengths. The optical sector is being revolutionized by sports eyewear. Nike's recent partnership with VSP's research lab to develop elite eyewear for athletes is a glaring example of the industry's versatility and diversity.

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.

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Global Reading Glasses Market Size, Share, Growth Analysis, By Age group.(Less than 18 years, 18 to 64 years), By Type(Prescription Glasses, OTC Reading Glasses) - Industry Forecast 2024-2031

Global Reading Glasses Market Insights

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