Reading Glasses Market Size Worth USD 64.1 Billion by 2032 at 5.70% CAGR – Report by Market Research Future (MRFR)

Reading Glasses Market Trends and Insights By Age Group (Less Than 18 Years, 18-64 Years, and 65 Years and Greater), By Type (Prescription Reading Glasses and OTC Reading Glasses), By Distribution Channel (Retail Stores, Online Sales Channels, and Ophthalmology Clinics) and By Region (North America, Europe, Asia-Pacific, and Rest Of The World), Competitive Market Growth, Size, Share and Forecast to 2032

New York, USA, Sept. 13, 2023 (GLOBE NEWSWIRE) -- Reading Glasses Market Overview:

According to a Comprehensive Research Report by Market Research Future (MRFR), “Reading Glasses Market Research Report Information By Age Group, Type, Distribution Channel and Region – Forecast Till 2032, the market size was valued at USD 38.9 Billion in 2022 and is projected to grow from USD 41.1 Billion in 2023 to USD 64.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.70% during the forecast period (2023 - 2032).

Market Scope:

Reading glasses help compensate for impaired vision caused by presbyopia, the age-related loss of the ability to concentrate on close-up objects such as the words in a book or a text message on a smartphone. Modern reading spectacles are available in a variety of colors, materials, and shapes, but when it comes to the frames themselves, there are typically three main options.

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Report Scope:

 Report Attribute Details
 Market Size in 2032 USD 64.1 Billion
 CAGR 5.70%
 Base Year  2022
 Forecast Period 2023-2032
 Historical Data 2021
 Forecast Units Value (USD Billion)
 Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
 Segments Covered Age Group, Type, Distribution Channel, End User
 Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
 Key Market Drivers Growing prevalence of ocular disorders
 Increasing need of vision correction and expansion of online sales channels

Reading Glasses Market Competitive Dynamics:

Key Companies in the Reading Glasses market include

  • Bausch & Lomb Incorporated.
  • EssilorLuxottica
  • Carl Zeiss
  • Johnson & Johnson Services, Inc.
  • Hoya Corporation
  • De Rigo Vision S.p.A.
  • ThinkOptic Inc

Reading Glasses Market Trends:

Market Drivers

Recent years have witnessed a demographic transition towards an aging population in developed regions. This condition is more prevalent among individuals over 40. In addition, it has been widely observed that elderly individuals are more likely than younger people to have corneal astigmatism. Due to factors such as an aging population, a rise in the incidence of ophthalmic diseases, and an increase in the use of mobile devices, computers, and other forms of technology, the market for reading spectacles is expected to expand throughout the forecast period.

During the forecast period, the expansion of the market is anticipated to be driven by rising sales of reading spectacles through online retailers, rising internet usage in emerging markets, rising mobile phone usage, and transforming consumer purchasing patterns toward online purchases. Reworking the sales and marketing strategies of the main actors to address this purchasing behavior and target the appropriate distribution channel would further increase sales in the near future.

As the majority of people only require low-powered readers, reading glasses are typically available in strengths ranging from 1 to 3 and are rarely made in strengths exceeding 4. The prescription segment currently dominates the market, and it is anticipated that this trend will continue throughout the forecast period. This is due to customers' increasing importance on purchasing reading glasses with enhanced vision correction and frame fit. Because they are prefabricated, over-the-counter reading glasses are of inferior quality and have the same corrective strength for both eyes. Customers are progressively opting for reading spectacles with a prescription. Thus driving market revenue for Reading Glasses.

Market Restraints

Increasing availability of alternatives, such as contact lenses and LASIK surgery, restricts the use of these spectacles. Several advantages associated with these alternatives, such as improved aesthetics, the eradication of discomfort, and a permanent cure for eye disorders, are shifting consumer attention to these options.

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COVID-19 Evaluation:

The pandemic of COVID-19 had a negative effect on the market. The market's major participants experienced a precipitous decline in revenue. This substantial revenue decline was primarily attributable to difficulty gaining access to optometric services throughout the pandemic. This resulted in a decline in the demand for routine eye exams, which in turn decreased the adoption rate of reading spectacles among the U.S. population. In addition, disruptions in the supply chain and the abrupt shutdown of manufacturing facilities affected the demand for these spectacles.

Reading Glasses Market Segmentation:

By Age Class

In 2022, the 18-64 age bracket dominated the global market. This is because adult visual impairments such as presbyopia, hyperopia, and farsightedness are increasing. As a consequence of these refractive defects, it becomes more difficult to concentrate on objects that are closer.

By Type

In 2022, the Reading Glasses Market was dominated by prescription reading glasses. This can be ascribed to the growing awareness of the importance of selecting the correct eyeglass intensity among the general population.

By Distribution Method

In 2022, the retail stores segment dominated the global market. This can be attributed to consumers' preference to visit physical stores to inspect the product's construction and determine if it suits them.

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Reading Glasses Market  Regional Analysis

In 2022, the North American Reading Glasses Market held a 45.80% share of this market. This can be attributed to increasing consumer awareness of the significance of vision correction and the availability of eyeglasses. In contrast, the market is anticipated to experience robust growth in developing regions such as Asia-Pacific over the forecast period due to increasing disposable incomes of consumers, supportive government initiatives, and heightened awareness of the significance of eye care. In addition, the U.S. Reading Glasses market held the greatest market share, whereas the Canada Reading Glasses market was the fastest-growing market in North America.

From 2023 to 2032, the Reading Glasses market in Europe is anticipated to experience significant growth. This is largely attributable to the presence of leading manufacturers in countries such as Italy, the United Kingdom, and Germany, the region's large geriatric population and high prevalence of refractive defects, and the population's advanced knowledge of cutting-edge technologies. In addition, the German Reading Glasses market held the largest market share, while the Reading Glasses market in the United Kingdom was the fastest-growing market in the European region.

In 2022, the Asia-Pacific Reading Glasses market held a sizable market share. This is due to competitors' increased concentration on entering untapped markets and the introduction of semi-premium and low-priced products to make them accessible to economically underdeveloped regions. In addition, the Reading Glasses market in China held the greatest market share, while the Reading Glasses market in India was the fastest developing market in the Asia-Pacific region.

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