Pune, India, July 26, 2023 (GLOBE NEWSWIRE) -- The U.S. reading glasses market size was valued at USD 14.91 billion in 2022 and is expected to be worth USD 15.56 billion in 2023. The market is expected to hit USD 22.56 billion by 2030, exhibiting a CAGR of 5.4% during the forecast period.
The incidence of eye ailments is rising across the world at a worrying rate due to several factors, such as poor diet, sedentary lifestyle, and excessive use of consumer electronics, such as smartphones and computers. Eye-related disorders, such as astigmatism, presbyopia, and many others are witnessing a major rise among Americans. Moreover, the rising percentage of the elderly population and growing focus of key market players on the launch of innovative eyewear are predicted to fuel the U.S. reading glasses market growth.
Fortune Business Insights™ displays this information in a report titled, "U.S. Reading Glasses Market, 2023-2030."
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Key Industry Development:
January 2022 - SAFILO GROUP S.P.A. expanded its stockholding in a brand named PRIVE Revaux, from 64.2% to 81.9%. This move enabled the company to leverage the business opportunities of the brand, such as Prive Revaux, as they have reading glasses in their product portfolio.
Key Takeaways:
- Revenue for SAFILO Group S.P.A. was USD 928.9 million in 2020, down 16.9% from USD 1,117.9 million in 2019.
- In 2020, ZEISS International's consumer segment generated USD 1,308.3 million in revenue, a 9.2% decline from USD 1,441.7 million in 2019.
- Around 23% of Americans skipped their scheduled eye exams in 2021 owing to the pandemic, according to statistics from Bryn Mawr Communications, LLC.
- The Vision Council reported that in 2021, 12.9% of prescription eyeglass purchases in the United States were made online.
Discover the Leading Players Featured 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.)
Report Scope
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5.4% |
| 2030 Value Projection | USD 22.56 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 15.56 Billion |
| Historical Data | 2019 to 2021 |
| No. of Pages | 77 |
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Drivers and Restraints:
Rising Incidence of Presbyopia and Astigmatism to Foster Market Growth
The market’s 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’s expansion include the introduction of advanced eyeglasses, increasing prevalence of eye disorders, and excessive screen time per day.
However, the industry landscape is likely to be hindered by the surging demand for contact lenses and LASIK surgery, and the distinct advantages they offer such as increased aesthetics and elimination of discomfort.
Segments:
18-64 Years Segment to Gain Traction Due to Growing Incidence of Major Eye Disorders
Based on age group, the market is divided 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 may record a substantial growth rate during the estimated period. The rise can be attributed to the surging prevalence of eye disorders such as presbyopia and farsightedness.
+0.25 to +2 Segment to Emerge Prominent Owing to Surging Product Demand
On the basis of corrective strength, the market is split into +0.25 to +2, +2.25 to +3, and greater than +3. The +0.25 to +2 segment captured the largest share of the market in 2022. The segment’s rise is being driven by the rising percentage of the country’s population coming in the age group of 4-59 years and mounting demand for glasses with corrective strength.
Prescription Glasses to Gain Notable Traction with Growing Consumer Preference for Accurate Corrective Strength
Based on type, the market is segmented into Over-the-Counter (OTC) and prescription. The prescription segment is slated to record lucrative growth rate over the forecast period. The growth of this segment can be credited to the increasing consumer preference as these glasses offer customized and accurate corrective strength.
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By Age Group
- Less than 18 Years
- 18 to 64 Years
- 65 Years and Older
By Corrective Strength
- +0.25 to +2
- +2.25 to +3
- Greater than +3
By Type
- Prescription
- Over-the-Counter (OTC)
Competitive Landscape:
Market Players to Launch Innovative Products and Expand Distribution Channels to Maintain Market Dominance
The market consists of both the well-established and emerging companies, which can offer them an opportunity to create a vast portfolio of reading glasses of varying strengths. These products can be useful in fulfilling the unmet needs of the U.S. population and help them manage their eye disorders effectively. Companies, such as EssilorLuxottica, ZEISS International, and HOYA Corporation, are focusing on launching advanced eyewear and increasing their distribution network. These efforts will help them expand their customer base and market presence.
FAQ’s
How big is the US Reading Glasses Market?
US Reading Glasses Market size is USD 15.56 Billion in 2023.
How fast is the US Reading Glasses Market growing?
The US Reading Glasses Market will exhibit a CAGR of 5.4% during the forecast period, 2023-2030
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