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Global Eyeglasses Industry

Global Eyeglasses Industry

  • April 2021
  • 841 pages
  • ID: 90623
  • Format: PDF
  • Global Industry Analysts

Summary

Table of Contents

MARKET IMPACT SURVEY - COVID-19 & LOOMING RECESSION

Timely market intelligence is paramount in these uncertain times!

We launched an impact survey to update this project with timely insights during 2020. Update frequency will depend upon evolving market conditions and executive opinions. Our participants are executives driving strategy, marketing, sales and product management at competitive companies worldwide. All updates during the rest of the year are complimentary to clients!

Abstract:
- Eyecare Receives a Big Setback. Global Eyeglasses Market Slumps by -6.8% Highlighting the Challenges Faced by Optometrists & Retail Opticals
- The global market for Eyeglasses is expected to slump by a hurting -6.8% in the year 2020 and thereafter recover and grow to reach US$197.2 billion by the year 2027, trailing a post COVID-19 CAGR of 5% over the analysis period 2020 through 2027. The massive drop in patient visits and procedures is a common thread across countries around the globe and this is a cause for worry for health systems worldwide. Ophthalmology has seen the biggest drop in patient visits with glaucoma & cataract procedures recording highest drop of 86% and 95% respectively. Regular eye check-ups have come to a virtual halt pushing up the risk of undiagnosed myopia & astigmatism. The scenario is expected to aggravate the prevalence of myopia which is already emerging into a global epidemic with over 5.5 billion people expected to suffer from the condition by the year 2050. With lesser new diagnosis made, demand for eyeglasses is expected to slump by -6.8% in the year 2020. The eye care industry comprising eyeglasses, lenses, frames, sunglasses and the contact lenses therefore remains severely impacted by the quarantine, lockdowns, border restrictions and implementation of social distancing practices. Several eyewear outlets closed and recorded a sharp drop in number of patient visits to eye care practitioners.
- Most optometry offices restricted their in-person visits and procedures to urgent and emergency patients only. In the U.S., the continuous spread of COVID-19 has coerced a large number of eye care providers and optical retailers to temporarily close offices and stores or modify services. The decision was influenced by recommendations from the CDC to postpone routine eye care while considering only urgent and emergency cases. The number of eye examinations recorded a significant decline by almost 80% in countries such as the US, in April. The period also witnessed a significant number of patients deferring or canceling prescription eye wear purchases. For instance, the US recorded almost 81% drop in purchase of frames and 89% drop in the month of April. Users however favored eyeglasses over contacts against the backdrop of general recommendation by most ophthalmologists to switch to eye glasses from lenses. This is mostly recommended as wearing glasses might reduce the urge to touch face and eyes and hence prevent exposure to the infection. While the transmission of coronavirus infection is learnt to be through inhalation of infected respiratory droplets through mouth or nose, they can also enter the system through the eyes. The risk of COVID-19 infections is higher in eye care practice as eye is regarded a possible route of transmission. Eye care specialists including ophthalmologists and optometrists comprise one of the more at-risk medical specialties for Coronavirus due to the close physical contact nature of their practice. The close proximity to patients during eye examinations could provide a possible transmission route through mucous membranes, including eyes. Studies indicate that COVID-19 is also known to cause conjunctivitis and could be possibly be transmitted by aerosol contact with conjunctiva.
- In the post COVID-19 period as healthcare reopens, growth will be led by pent-up demand for eyecare amid the steady rise of myopia to epidemic levels among children and young adults and the launch of global and national eye health policies and programs to prevent vision disorders and impairment. The market is also expected to benefit from continuous innovation in frame materials, bold shapes and colors and technology advancements that make lenses ultra-thinner, lighter, and impact resistant. Few of the noteworthy strides made include improvements in visual clarity of the lens such as Aspheric lenses which provide sharper peripheral vision, high-index plastic lenses which are lighter, polycarbonate and trivex lenses which are impact resistant, and high-definition eyeglass lenses or "free-form" lenses that eliminate higher-order aberrations in vision. Other major noteworthy market forces will include aging population and the resulting inevitable rise in presbyopia and demand for progressive lenses, variable focus lenses and bifocals; growing concerns over the risk of contact lens-related eye infections such as keratitis and the ensuing interest in eyeglasses as a safer alternative; affordability, longevity and convenience benefits driving replacement of contact lenses with eyeglasses; growing popularity of stylish, tinted prescription sunglasses with UV protection benefits; growing perception of eyewear as a fashion accessory and the resulting need for multiple frame ownership per person. Asia-Pacific will drive future growth supported by large population of children with a high risk of developing myopia; growing awareness over the importance of timely diagnosis and treatment; development of ophthalmic care infrastructure in emerging economies; establishment of eye care clinics, and increased priority given to eye health within overall national level health policy in developing countries.

- Select Competitors (Total 488 Featured) -
  • Carl Zeiss AG
  • De Rigo S.p.A.
  • Essilor International S.A.
  • Hoya Corporation
  • Indo Optical S.L.U.
  • Luxottica Group S.p.A.
  • Oakley Inc.
  • Rodenstock GmbH
  • Safilo Group S.p.A.
  • TEK Optical Canada

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