Increasing Importance of Eye Care & Demand from Developing Countries Drives the Eyeglasses Market, According to New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on the Eyeglasses markets. Global Eyeglasses market is projected to reach US$113.2 billion by 2018, driven by rising demand from developing countries and increasing consumer focus on eye care. Continued demand for sunglasses, growing popularity of sporty frames, and technology advancements in corrective lenses also augur well for the future of this market.

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friend
Eyeglasses: A Global Strategic Business Report

San Jose, California (PRWEB) November 19, 2012

Follow us on LinkedIn – The proliferation of all forms of eyewear across the globe has traditionally been driven by the rise in the number of individuals requiring vision correction and by the rising emphasis placed on eye protection. Growth in the global market for eyeglasses essentially stems from the rising number of people requiring vision correction. The large base of aging population over 45 years of age with symptoms of presbyopia is forecast to turbo-charge the demand for reading glasses. Strong growth for corrective lenses is forecast to stem from developing countries, given the relatively low penetration of eyeglasses. One of the primary factors indicated for the low penetration of eyeglasses in these countries is the fundamental structure of the eyeglass industry, which is structured to meet the needs of the wealthy. The market is concentrated in urban cities and is inundated with product diversity, customized lens solutions, and fashion focused designs, leaving a huge unmet demand for affordable glasses.

The high price structure of prescription glasses leaves a major portion of the population with limited or no access to vision care. Given the huge unmet demand for low cost, scalable, wearable options, its opportunities galore in the low and mass market tiers of the market. In addition to poor access to primary eye care, other factors cited for low penetration rates include lack of awareness over the importance of vision care, cultural biases and social stigma associated with wearing eyeglasses, and dearth of optometrists in rural areas.

Growth in the market will also be driven by shifting fashion preferences of customers towards trendy and sporty eyeglass frames to create a style statement. Eyeglasses have today shed their utilitarian image of being just a vision correction contraption to become a key fashion accessory. Innovative materials for lenses and frames and other technological advances have resulted in several new designs with better aesthetic appeal, style and quality. Eyeglasses with lightweight material frames such as monel and titanium with polycarbonate lenses have become immensely popular in recent years. Currently in vogue are frames with brighter, bolder, multi colors, and with rectangular shapes. The trend mirrors a move away from the rimless frames of circle and oval shapes. Also being preferred are frames made from natural materials. Frames with crocodile patterns, animal skin prints, are finding favor among nature enthusiasts.

Given that a large portion of total healthcare spending in the developed Western countries is borne and funded by the government, the current widening fiscal deficits of governments in the United States and Europe is putting healthcare budgets under severe stress and pressure. Healthcare is in fact one of the most important intractable reason for the unsustainable growth of public sector deficits now being witnessed in most developed economies. However, with these economies now collapsing under the strain of their towering debt loads, healthcare budget cuts, against a backdrop of ballooning healthcare costs, are now being implemented as governments are forced to adopt austerity measures to curb their spending. In the United States, for instance, automatic budget cuts, which is scheduled to go into effect from the year 2013 under an indiscriminate, across-the-board spending reduction process known as sequestration, puts healthcare budgets at a risk of possible downsizing.

The healthcare system in Europe is also continuing to witness shifting of healthcare costs from public to private payers and reductions in government-mandated benefits. The challenges posed by the latter are expected to intensify further as a result of the European debt crisis. Unequivocal goals of governments in debt ridden countries to reduce the deficit levels will likely result in the realization that maintaining cradle-to-grave government-funded healthcare programs is unsustainable in the long term, thus triggering healthcare reforms. The slow convulsions of the euro crisis, dwindling government funds, higher insurance deductibles and greater out-of-pocket expenses for patients will create long-term alternations in the way in which patients utilize and engage the healthcare system. Reduced frequency of eye examinations and longer eyeglass repurchase cycle could be the new normal going forwards, as healthcare consumers manage spends more cautiously.

As stated by the new market research report on Eyeglasses, Asia-Pacific represents the largest as well as the fastest growing market worldwide. Value sales from the region are projected to wax at a CAGR of 5.9% over the analysis period. Among the product segments, Lenses displays the fastest CAGR of 4.4% over the analysis period.

Key players operating in the market include Bausch & Lomb, Inc., The Carl Zeiss Group, De Rigo S.p.A., Essilor International, Hoya Corporation, Indo Internacional, S.A., Luxottica Group S.p.A., Oakley, Inc., Safilo Group S.p.A., and TEK Optical Canada, among others.

The research report titled “Eyeglasses: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of the industry, key market trends, issues, profiles of major players, and recent industry activity. The report provides market estimates and projections for eyeglasses in terms of annual unit sales (in units) and annual dollar sales (in US$) for product groups – Lenses, Frames and Sunglasses. Key geographic regions analyzed include US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific, Latin America and Rest of World. Unit analytics for product groups is further classified by material type - Lenses (Glass Lenses, Plastic Lenses and MHI & Polycarbonate), Frames (Metal, and Plastic) and Sunglasses (Premium-Priced and Popular-Priced). Lenses market is also analyzed in unit terms by design type as Single Vision Lenses, Bifocal Lenses and Progressive Addition Lenses.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Eyeglasses_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

Follow us on LinkedIn

Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

###


Contact

Attachments