Report predicts global eyewear boom: Estimated 76 billion USD growth by 2027

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According to a report by Technavio, the eyewear market is expected to experience booming growth between 2023 and 2027. As eye care providers see more patients who display the effects of prolonged digital device use, decreased time outside, and lifestyle changes of an aging population, they are expected to prescribe or influence more patients to purchase eyeglasses, sunglasses, and contact lenses than ever before. There is a significant projected growth, Compound Annual Growth Rate (CAGR) of 7.9% for the eyewear market. The growth is expected to increase the market size to approximately $76 billion.¹

Key trends influencing market growth

Excessive screen time, lifestyle changes and an aging population has increased the prevalence of vision-related disorders globally. About 1 of 3 individuals in Europe and the US and 75% of individuals in APAC experience myopia or hypermetropia. Glaucoma, cataracts, age-related macular degeneration (AMD), diabetic retinopathy, and glaucoma further contribute to this demand, especially among the aging population.¹

Challenges to the eyewear market

Despite its growth, the eyewear market faces challenges such as the increasing prevalence of counterfeit goods and the growing adoption of omnichannel distribution systems. Globally, online shopping has gained significant popularity, prompting new ways to utilize online platforms for product launches. Although the online channel offers cost advantages and a wider product reach, companies must also adapt to evolving consumer needs by offering customization services like virtual fitting and home product trials, which are both opportunities and challenges for market participants.

Regional considerations

Europe is expected to account for around 31% of the Eyewear Market in the forecast period. This substantial contribution is influenced by factors such as growing household incomes, heightened demand for high-quality healthcare products, and ongoing innovations from key market players. A significant number of European consumers prefer investing in premium eyewear brands. The European market is projected to experience growth, driven by factors like the introduction of new products, creative design innovations, and initiatives by market participants to expand their customer base.¹

To purchase the full report, visit Technavio's website.

Reference

Eyewear market by distribution channel, product, and geography. PR Newswire. Published March 3, 2023. Accessed December 13, 2023. https://www.prnewswire.com/news-releases/eyewear-market-size-to-grow-by-usd-76-billion-from-2022-to-2027-growth-driven-by-the-increasing-prevalence-of-vision-disorders--technavio-301760796.html