The global spectacles market is projected to reach USD 141.54 billion, thereby exhibiting a CAGR of 5.7% during the forecast period. Fortune Business Insights™ published this information in a recent report, titled, “Spectacles Market Size, Share & Industry Analysis, By Product Type (Spectacles Frames and Spectacle Lenses), By Modality (Prescription and Over-the-counter) By Distribution Channel (Retail Store, Online Store, Ophthalmic Clinics), and Regional.” The report further mentions that the market stood at USD 91.56 billion in 2018. However, it is expected to gain momentum from the rising prevalence of ocular disorders, such as myopia, hypermetropia, and astigmatism.

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Industry Developments :

July 2019: EssilorLuxottica announced that the company is planning to buy 76.72% stakes in GrandVision, a Dutch optical retailer for an estimated USD 8.8 billion.

November 2019: Snap Inc. launched Snap Spectacles, a smart spectacle that is equipped with two cameras that record and shoot videos.

Key Takeaways :

  • Increasing Prevalence of Ocular Disorders Likely to Propel Market Growth
  • Rising Adoption of Spectacles as a Fashion Statement to Drive Growth
  • Spectacle Frames Segment to Grow at a Fast Pace Owing to Rising Prevalence of Myopia
  • Prescription Segment to Lead Backed by Rising Awareness About Harmful Effects of UV Rays
  • Retail Stores Segment to Dominate Stoked by Higher Availability and Accessibility
  • The Spectacles Market is Highly Fragmented Industry with Regional and Global Players Operating

Discover the Leading Players Featured in the Report:

Zenni Optical Inc., Carl Zeiss, EssilorLuxottica, Warby Parker, Fielmann AG, Ciba Vision, HOYA Corporation, Safilo Group S.p.A., Johnson and Johnson Vision, Other prominent market players

High Demand for Trendy Spectacles Worldwide to Fuel Growth

In the developed nations, namely, the U.K., Italy, France, and the U.S., premium quality spectacle frames have started becoming a major fashion statement. The demand for trendy eyewear is also gradually increasing in the emerging nations on account of rising disposable income. Besides, there is a reduction in the rate of contact lens usage. The masses are inclining rapidly towards spectacles. Apart from that, several companies present in the market are adopting smart business strategies. All these factors are anticipated to boost the spectacles market growth during the forecast period.

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