Westford, USA, Sept. 07, 2022 (GLOBE NEWSWIRE) -- In recent years, there has been an increase in the number of people who are using reading glasses as an everyday accessory across the global reading glasses market. The trend is likely due to the fact that more and more people including adult and children are becoming visually impaired due to age or other reasons. In addition, people who are not facing any difficulty in vision are also making use of reading glasses to avoid strain on eyes. As a result, there is a growing demand for reading glasses from both adults and children.
As per SkyQuest analysis, the demand for reading glasses market remain high in people above 40 years old. Currently, 2.8 billion people are above 40 years old and below 65. On the other hand, globally more than 1.1 billion people above 65 years old and the number is projected to reach 1.5 billion by 2050. This represents a strong potential for the demand for reading glasses around the globe.
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Consumers in Developing Countries are more Inclined to Buy OTC Reading Glasses
In developing countries like India, China, Brazil, and Mexico, consumers are often forced to make do with quality products at a fraction of the price. In these circumstances, it’s not surprising that over-the-counter (OTC) glasses are a popular choice for many. On average, OTC reading glasses can cost $10–$50 per pair. On the other hand, the cost increases by at least 10X for prescription reading glasses, which falls in the range of $100–$200 per pair in the global reading glasses market. SkyQuest also found that if the consumers purchase the prescription glasses from doctors itself then the cost rises significantly and often goes up to $200–$1,000 per pair.
OTC glasses offer excellent value for money, as they tend to be cheaper than other types of glasses and can be easily replaced when damaged or lost. Some people in developed countries may find it difficult to understand why anyone would choose to use OTC glasses, but in developing countries they are a practical and affordable choice.
Some people in developed reading glasses market may find it difficult to understand why anyone would choose to use OTC glasses, but in developing countries they are a practical and affordable choice. For many people in developing countries, quality optics simply isn't an option; they simply can't afford to buy expensive sunglasses or lenses. So, when they need eyewear for everyday tasks such as reading or working, getting hold of quality OTC spectacles is a realistic option. Currently, Eyekepper, Magnivision (FGX), TIJN, Felix Gray, MVMT, and TruVision are dominating the non-prescription reading glasses market.
Survey
In order to better understand the usage of reading glasses in the across the global reading glasses market, SkyQuest conducted a survey. The survey queried adults aged 18 and older about their use of reading glasses and whether they were satisfied with their current pair. Results showed that almost 1 in 6 adults wear reading glasses at least some of the time, with women more likely than men to wear them. It has been found that more than half (57%) of those who wear reading glasses are satisfied with their current pair, while only about a third (35%) are not satisfied.
However, the ratio changes from changes from country to country in the global reading glasses market. The survey sampled 1,000 American adults, and found that 43% of Americans use reading glasses regularly. Interestingly, around 50% of those who use reading glasses have worn them for at least 10 years. Women tend to wear them more than men (54% vs. 42%), and younger people are more likely to use them than older people (48% vs. 30%). Nearly one third (32%) of those who use reading glasses for distance viewing report wearing them for close up work as well. The most commonly reported reason for wearing reading glasses is to improve vision in close spaces (30% of male respondents, compared to 27% of female respondents) in the global reading glasses market.
When it comes to lenses, half of all users choose readers with a minus (-) power lens.
Despite the prevalence of wearing reading glasses without a need, the study cited lack of awareness as a major contributor to the problem. Only 31% of those surveyed reported that they have discussed their need for reading glasses with their doctor. Furthermore, only 36% said that their doctor has ever prescribed them reading glasses specifically for their vision needs.
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Reading Glasses Market is Becoming More Competitive
Reading glasses manufacturers are seeing an increase in demand for their products, both domestically and internationally. However, there are a few challenges that they are currently experiencing. First and foremost, the manufacturers are struggling with consistent quality control across all of their products. This is leading to a higher number of returns and complaints from customers. Additionally, the prices are increasing at a much slower rate than the growth in demand, which is making it difficult for smaller companies to stay afloat.
On the other hand, there have been positive developments within the industry as well. The reading glasses market is becoming more competitive, prompting manufacturers to upgrade their technology and improve their customer service. In fact, many companies have already begun to focus on developing new products that cater to different needs, such as bifocals/varifocals and children’s reading glasses. Overall, despite some challenges, the reading glasses manufacturing industry is expanding at a steady pace and is poised for further growth in the future.
As the demand and growth of the reading glasses market has increased in recent years, so too has the number of reading glasses manufacturers. In order to better understand which companies are most popular among consumers and what drives their sales, we conducted a survey of reading glass readers.
The results of our survey indicated that three specific brands hold a majority of the market: EssilorLuxottica, Bausch & Lomb, and Carl Zeiss. These brands collectively accounted for 57% of all respondents' spending on reading glasses in the past twelve months. Interestingly, price was not found to be a significant driver of spending—rather, brand preference and quality were key determinants of consumer spending behavior. Overall, these findings suggest that the major players in the reading glasses market are doing a good job catering to consumer needs and preferences. While smaller brands might benefit from targeting certain demographics or selling more unique products, the three most popular brands will likely remain dominant for some time to come.
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Top Players in Global Reading Glasses Market
- De Rigo Vision S.p.A. (Italy)
- EssilorLuxottica (France)
- Zenni Optical, Inc. (US)
- Bausch and Lomb Incorporated (Canada)
- ThinkOptic, Inc. (California)
- Carl Zeiss (Germany)
- Hoya Corporation (Japan)
- Johnson and Johnson Services, Inc. (US)
- CrystalHill (US)
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