Global spectacles market is forecasted to grow at the compounded annual growth rate of 3% and reach the market value of $24 billion by the year 2016. This growth is mainly driven by increasing number of population suffering from refractive errors and rising awareness and cost effectiveness of eye care devices over refractive surgeries. About one third of population aging more than 40 years suffers from refractive errors in US and Western Europe. Occurrence of myopia is higher, around 70-90% in some Asian countries. Compared to men, females are at higher risk of developing refractive errors. All these factors are together responsible for driving the growth of spectacles industry all over the world. Currently remains the largest contributor to the spectacles industry driven by increase in aging population and brand consciousness among the consumers.
The US market for spectacles is expected to reach $6 billion by the year 2016 at the CAGR of 4%. Emerging economies like India and China are also expected to boost the growth of spectacles market as a result of rising awareness among the end users and increasing number of people suffering from eye related disorders.
This research report analyzes this market based on its market segments and major geographies. Geographies analyzed under this research study are North America, Asia Pacific, Europe, and Rest of the World.
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This research report provides complete analysis of major market segments, current market trends, factors driving market growth, restraints, industry structure, and market projections for upcoming years. Report also provides analysis of technological improvements in this industry, Porter’s five force model analysis, and complete company profiles of top market players. It provides review of micro and macro factors significant for existing market players and new entrants along with detailed value chain analysis.
Some of the key players dominating this market are Essilor International, Johnson & Johnson Vision Care, CIBA Vision Corporation, HOYA Corporation, Carl Zeiss, Bausch & Lomb, and others.