Approval and Launch of New Products and Increasing Prevalence of Eye Diseases to Augment Growth of Eyewear Market

 

Eyewear is composed of different accessories and items worn either above or below the eyes, intended primarily for ornamentation or fashion, protection from the environment, and just to enhance or improve visual acuity. It may be in the form of caps, bands, or any other headgear. They are available in a wide variety of colors and styles, with a wide range of materials. For example, you will find that if you want to look cool and fashionable at a night club or in a trendy urban fashion boutique, then the most suitable eyewear for you are those with funky, unique, and eye-catching designs.

Prescription eyeglasses, contact lenses, and safety glasses have all been designed with one common factor - to offer maximum protection from eye injuries and damage. There are lots of choices when it comes to choosing the right kind of eyewear. For example, there are bifocals, trifocals, progressives, and just about any other design you can think of.

Market Dynamics

Approval and launch of new products is expected to propel growth of global eyewear market over the forecast period. For instance, in November 2019, CooperVision received U.S. Food and Drug Administration (FDA) approval for its MiSight 1 day contact lens that is indicated to slow the progression of myopia in children 8-12 years old. Moreover, increasing geriatric population is also expected to boost demand for contact lenses. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.     

Increasing prevalence of eye diseases is expected to offer lucrative growth opportunities for players in the global eyewear market. For instance, according to National Eye Institute’s projections, the number of people in the U.S. with cataract is expected to reach 50 million in 2050.  Moreover, increasing awareness about vision care is also expected to aid in growth of the market. For instance, in February 2020, Essilor Vision Foundation, through its Vote for Vision campaign, encouraged the populace to get an eye exam in 2020.

Competitive Analysis

Key players operating in global eyewear market include, Luxottica Group SpA, Essilor International S.A, Carl Zeiss AG, Hoya Corporation (Life Care), Johnson & Johnson Vision Care, Inc., Cooper Companies Inc., Fielmann AG., Safilo Group Spa, Marcolin S.p.A., De Rigo S.p.A.

Major players in the global eyewear market are focused on launching various services to enhance their market share. For instance, in August 2020, Johnson & Johnson Vision released resources to enhance the contact lens experience in terms of comfort, safety and accessibility.