Pune, India, Sept. 13, 2022 (GLOBE NEWSWIRE) -- The US reading glasses market size was USD 14.31 billion in 2021 and USD 14.86 billion in 2022. It is expected to hit USD 21.21 billion by 2029, exhibiting a CAGR of 5.2% from 2022 to 2029. The rise can be attributed to the growing usage of screen time and increasing sedentary lifestyle.
These findings are cited by Fortune Business Insights™ in its research report, titled “US Reading Glasses Market, 2022-2029”.
Key Industry Development:
December 2021 – EssilorLuxottica acquired GrandVision, a global optical retailer. The deal helped in the expansion of the company’s business and product range.
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Report Scope
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 5.2% |
| 2029 Value Projection | USD 21.21 Billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 14.86 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 77 |
Report Coverage:
The report provides a comprehensive coverage of the major trends that are set to register industry expansion over the forecast period. It also gives an analysis of the critical factors that are slated to drive business growth over the forthcoming years. Some of the additional elements of the report include the crucial steps taken by leading companies for the consolidation of their industry position.
Drivers and Restraints:
Growing Demand for Treatment Options Due to Soaring Prevalence of Astigmatism and Other Diseases
The US reading glasses market growth is being powered by an increase in the number of major eye disorders. These include hyperopia, astigmatism, and presbyopia. Some of the other factors impelling the industry expansion comprise the soaring introduction of advanced eyeglasses, increasing prevalence of key eye disorders, and escalated screen time per day.
However, the industry landscape is likely to be hindered by the surging demand for contact lenses and the provision of distinct advantages such as increased aesthetics and the elimination of discomfort.
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COVID-19 Impact:
Industry Growth Hindered Due to Difficulty in Accessing Optometric Services
The COVID-19 pandemic negatively affected the industry with prominent participants registering a huge decline in revenue. This is mainly on account of the difficulty in accessing optometric services owing to the spread of the pandemic. This led to a drop in the product adoption rate, resulting in decreased demand for routine check-ups. These factors hindered the US reading glasses market share to some extent.
Segments:
18-64 Years Segment to Gain Traction Due to Growing Incidences of Major Eye Disorders
Based on age group, the US reading glasses market is subdivided into less than 18 years, 18-64 years, and 65 years and older. Of these, the 18-64 years segment accounted for a major share in 2021 and is set to record substantial growth over the estimated period. The rise can be attributed to the surging prevalence of critical eye disorders.
+0.25 to +2 Segment to Emerge Prominent Owing to Surging Product Demand
On the basis of corrective strength, the US reading glasses market is fragmented into +0.25 to +2, +2.25 to +3, and greater than +3. The +0.25 to +2 segment captured a key share in 2021 and is expected to record lucrative expansion over the analysis period. The rise is being driven by the escalating U.S. population in the age group of 4-59 years and the mounting demand for glasses with corrective strength.
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Prescription Reading Glasses Segment to Register Notable Rise on Account of Growing Consumer Preference
Based on type, the US reading glasses market is segmented into OTC reading glasses and prescription reading glasses. The prescription reading glasses segment is slated to record lucrative growth over the study period. The surge can be credited to increasing consumer preference driven by customized and accurate corrective strength.
| Market Segmentation | By Age Group
|
By Corrective Strength
| |
By Type
|
Competitive Landscape:
Market Players Enter into Partnership Agreements to Sustain Industry Position
Several industry participants are entering into partnership agreements and collaborations for the expansion of their geographical footprint. Further, many companies are entering into a series of strategic initiatives such as mergers and acquisitions for the consolidation of their industry position. Some of the additional steps include growing participation in research activities.
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List of Key Players Mentioned in the Report:
- EssilorLuxottica (France)
- ZEISS International (Germany)
- SAFILO GROUP S.P.A. (Italy)
- HOYA Corporation (Japan)
- Hilco Vision (U.S.)
- ThinOptics, Inc. (U.S.)
- ZENNI OPTICAL, INC. (U.S.)
- GUNNAR Optiks (U.S.)
- Pixel Eyewear (U.S.)
- Swanwick (U.S.)
Major Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Rising Prevalence of Refractive Errors in the U.S.
- U.S. Population Distribution by Age Group (billion) 2021
- Estimated Number of People Using Reading Glasses (billion) 2021 By Age Group
- Distribution of People That Use Reading Glasses by Corrective Strength of Lens (%) for Population Age Group 18-64 Years
- New Product Launches, By Key Players
- Key Industry Developments – Mergers, Acquisitions, and Partnerships
- Impact of Covid-19 on the Market
- US Reading Glasses Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Age Group
- Less than 18 Years
- 18-64 Years
- 65 Years and Older
- Market Analysis, Insights and Forecast – By Corrective Strength
- +0.25 to +2
- +2.25 to +3
- Greater than +3
- Market Analysis, Insights and Forecast – By Type
- Prescription Reading Glasses
- OTC Reading Glasses
- Market Analysis, Insights and Forecast – By Age Group
- Competitive Analysis
- U.S. Market Share Analysis (2021)
- Company Profiles (Overview, Products, SWOT Analysis, Recent Developments, Strategies, financials (Based on Availability))
- Hilco Vision
- Thinoptics, Inc.
- EssilorLuxottica
- ZEISS International
- SAFILO GROUP S.P.A.
- ZENNI OPTICAL, INC
- GUNNAR Optiks
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- Pixel Eyewear
- Swanwick
- HOYA Corporation
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Continued...
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