ALBANY, New York
April 11, 2013
According to a new market report published by Transparency Market Research (
Eyewear Market (Spectacles, Contact Lenses, Plano Sunglasses) - Global Industry Analysis, Size, Share, Growth and Forecast, 2012
," the demand for eyewear products was over 2,600 million units in 2011, and is expected to grow at a CAGR of 3.7% from 2012 to 2018. In terms of revenue, the market was valued at approximately
USD 81 billion
in 2011 and is expected to reach
USD 130 billion
Browse the full report at
High degree of market penetration of corrective eyewear such as spectacles/eyeglasses is primarily responsible for the burgeoning demand for these products. The increasing number of individuals requiring prescription eyewear is also a major driving force for the growth of this market. Expansion of the wearer base can be mainly attributed to children requiring vision correction at an early age due to lifestyle changes, and the rapidly increasing aging population which requires progressive lenses. However, increasing awareness and acceptance of corrective or refractive surgeries to eliminate the use of corrective eyewear is expected to inhibit market growth over the next five years.
Spectacles (spectacle lenses and spectacle frames) are the largest product segment of eyewear in terms of demand and revenue, and were valued at over
USD 63 billion
in 2011. Contact lenses are another major eyewear product, and are expected to enjoy increasing consumer demand. However, this is not expected to translate into high revenues owing to the relatively lower retail prices of contact lenses compared to other eyewear products.
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