Extracorporeal Shock Wave Lithotripsy Market Growth Accelerated by Rising Awareness of Visual Health Needs

 

Eyewear Market

Eyewear includes products like spectacles, goggles, and sunglasses worn on the eyes. These products serve the purpose of vision correction as well as protection from external factors such as sunlight, dust, pollution etc. Over the years, the demand for eyewear has increased significantly due to rising cases of myopia and other vision disorders. Corrective lenses help improve vision by reducing or eliminating refractive errors of the eyes. Protective lenses are increasingly being used in industrial settings to safeguard workers from hazards. The global Eyewear Market is estimated to be valued at US$ 141.5 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

One of the major drivers for the growth of the eyewear market is the increasing demand for corrective and protective lenses. Corrective lenses such as contact lenses and spectacles are widely used to treat refractive errors like myopia, hyperopia, and astigmatism. The prevalence of myopia and other vision problems has increased significantly over the past few decades. According to a study published in the British Journal of Ophthalmology in 2019, nearly 30% of the world’s population suffers from some form of refractive error. This growing demand for vision correction treatments is expected to boost the sales of vision lenses and frames in the eyewear market during the forecast period.

 

Additionally, protective lenses find extensive application in various industries like manufacturing, construction, mining, healthcare etc. Strict workplace safety regulations mandate the use of protective eyewear for workers at risk from airborne debris, chemical splashes, intense optical radiation etc. These regulations have fueled the adoption of industrial safety goggles and specialized lenses for different industrial processes. The surging industrialization in developing regions is anticipated to propel the demand for protective lenses in the coming years.

 

SWOT Analysis

Strength: Eyewear has become necessity for vision correction as well as fashion. Rising health awareness and rising incomes have boosted demand. Availability of various styles, shapes and latest technologies in lenses make it popular. Online availability from multiple brands offer convenience to customers.

Weakness: High quality eyewear can be relatively expensive limiting demand from lower income groups. Frequent changes in styles trigger premature replacement affecting sustainability. Dependence on few large players make industry vulnerable to price fluctuations.

Opportunity: Emerging markets and rural areas yet to reach potential due to low awareness and incomes offer scope for growth. Rising health insurance can boost affordability. Technology led customization and product differentiation open new opportunities.

Threats: Economic slowdown and job losses can impact discretionary spending on eyewear. Regulations regarding usage of certain materials in lenses pose compliance challenges. Currency fluctuations impact international businesses and supply chain costs.

 

Key Takeaways

The Global Eyewear Market Share is expected to witness high growth over the forecast period supported by rising health and fashion consciousness.

Regional analysis - Asia Pacific region dominates the eyewear market currently accounting for over 35% global share led by large population base and rapid economic growth in major countries like China and India. The region is expected to remain the fastest growing region during the forecast period driven by rising incomes, health awareness and western influence.

Key players operating in the eyewear market are Worksite Lighting LLC, DCD Technologies ME FZCO, Azz Inc., Nemalux Inc., IKIO LED Lighting, Luceco Middle East FZCO, Glamox UK, WAROM Technology MENA FZCO, SA Equip, Shenzhen CESP Co. Ltd., Raytec Ltd., PROLUX International FZ LLC, Hilclare Lighting, Munira Lighting (AL Hatimi Trading FZE), Hubbell Limited, Emerson FZE (Emerson Electric Co.), Current Lighting Solutions LLC (GE Current), ABB Installation Products Inc., Larson Electronics LLC, R.Stahl Limited, Technology Co. Ltd., Digital Lumens Inc. (OSRAM), Dialight PLC, and Eaton Corporation. Major players are focusing on enhancing product portfolios and entering emerging markets through new product launches, partnerships and mergers and acquisitions.


Get More Insights Here

https://www.newsstatix.com/eyewear-market-size-share-growth-outlook-2023/

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