Spectacles Market Technological Advancements Expected To Boost Revenue Growth 2019 - 2027

 

Global Spectacles Market: Overview

Increased incidence of refractive errors particularly amongst the younger population are expected to create new avenues for revenue generation for the global spectacles market. In addition to that, for effective correction of vision, there has been a rise in preference for prescription glasses as opposed to contact lenses. This factor is expected to foster growth for the global spectacles market in near future.

Technological disadvantages such as extended use of televisions, computers, smartphones, and various other digital gadgets is forecasted to work in favor of the global spectacles market in the years to come. Augmented risk of Computer Vision Syndrome (CVS) is likely to bolster the demand for anti-glare spectacles, which is likely to shoot up the demand for the spectacles in near future.

The global spectacles market has been segmented on the basis of three different parameters, which are parts, distribution channel, and region. The objective of such segmentation is to offer a clearer, 360-degree view of the market.

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Global Spectacles Market: Notable Developments

One of the developments that offer a glimpse of the market dynamics about the global spectacles market is mentioned below:

  • In February 2020, the wearables business of Titan Company Ltd has made an acquisition of a Hyderabad-based technology and wearables company, HUG Innovations. Following this strategic move, Titan is likely to get access to the huge base of consumers of HUG Innovations.

Some renowned organizations in the global spectacles market include the below-mentioned:

  • Titan Company Limited
  • Johnson & Johnson Vision
  • Zenni Optical, Inc.
  • Essilor International S.A.
  • Hoya Corporation
  • CIBA Vision

Global Spectacles Market: Key Trends

The following drivers, restraints, and opportunities characterize the global spectacles market over the assessment period, from 2019 to 2025.

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Increased Screen-time on Various Digital Gadgets to Shoot Up Demand

The global spectacles market is expected to be driven by an upsurge in demand for prescription spectacles due the rising prevalence of age-related vision impairment such as presbyopia. In accordance with the statistics of World Health Organization (WHO), nearly 1.3 billion people around the world were affected with some form of vision impairment or the other in 2018. Out of that total patients, around 826 million people are living with a near vision defect, nearly 217 million of them are suffering from moderate to severe vision impairment, and around 188.5 million are vulnerable to impairment of distance vision. An expanding pool of geriatric population, thanks to better access to high-end healthcare system and improved life expectancy, is estimated to support expansion of the global spectacles market over the years of assessment.

Technological advancements in each and every sphere of life has come with its baggage of disadvantages as well. Prolonged period of exposure to computers, tablets, smartphone and other such gadgets often lead to augmented prevalence of vision related problems such as astigmatism, myopia, hyperopia, and many others. This has led to the expansion of the global spectacles market in the years to come. Prolonged hours of working on computers or laptops lead to Computer Vision Syndrome (CVS) and causes strain in eyes, thereby generating demand for spectacles. Manufacturers are likely to make substantial investment in new product development with better UV protection and diminished glare.

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Global Spectacles Market: Geographical Analysis

North America spectacles market is expected to account for a sizeable chunk of the global market over the years of projection. Increased use of laptops, computers, smartphones, tablets, and other electronic gadgets with screen is likely to bolster demand for spectacles in North America.

Asia Pacific is forecasted to emerge as a rapidly growing region in the global spectacles market. A surge in the vision-related problems amongst the children and young adults in the region is expected to fuel growth of regional in the years to come.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

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