Global eyewear market was valued at US$ 114.03 Bn in 2016, according to Global Eyewear Market, by Product Type (Spectacles, Sunglasses, Contact Lenses, and Others), by Distribution Channel (Online, Supermarkets, and Hypermarkets), by End User (Men, Women, and Kids) published by Coherent Market Insights. The eyewear market is expected to register a CAGR of 7.91% over the forecast period (2017–2025) to reach US$ 224.84 Bn by 2025.
One of the major factor propelling growth of the eyewear market is rising prevalence of visual disorders such as myopia and hyperopia. For instance, according to the American Optometric Association, about 30.0% of the population in the U.S. suffered from myopia in 2016, due to visual stress, owing to excessive use of computers or laptops. Eyewear also plays an important role as a PPE equipment. According to the U.S. Bureau of Labor Statistics eye injuries alone cost more than $300 million per year, in lost production time, medical expenses and worker compensation, thus outlining the importance of eyewear as a PPE.
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Major players operating in the global eyewear market include Luxottica Group S.p.A, Valeant Pharmaceuticals International Inc., Fielmann A.G., CooperVision Inc., Safilo Group S.p.A., and Essilor International.
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