Global Optical Retail Market to Grow at a CAGR of 4.89% During 2024-2032, Aided by the Rising Prevalence of Vision Disorders Across the Globe

Global Optical Retail Market Overview

The optical retail sector supplies consumers with contact lenses, eyeglasses, sunglasses and other visual products via retail stores. The market is driven by the rising prevalence of vision disorders, the growing aging population, and increased screen time. The advancements in eyewear technology and innovations in lens materials and coatings are likely to support the market expansion.

The optical retail market growth is propelled by the rapid expansion of the major retail chains, particularly through strategic acquisitions and partnerships. The market is also witnessing a shift to disposable lenses owing to the reduced risk of infections and easy maintenance. Additionally, the rising disposable incomes and increased focus on eye health are projected to shape the market landscape.

Key Findings

• In the United States, eye and vision disorders are reported to affect 7.08 million individuals , including around 1.62 million people below 40 years of age. The increasing prevalence of such vision impairment disorders is expected to fuel the market growth.
• In April 2024 , American multinational technology Meta, in partnership with EssilorLuxottica, expanded the collection of second-generation Ray-Ban Meta smart glasses with new styles and features, such as updates to Meta AI and video calling option with WhatsApp and Messenger.
• The rise in the launch of smart glasses is a major market trend. For instance, Minimis Technologies' designed Minimis Glass  that can facilitate fitness tracking, navigation, and health monitoring.

Global Optical Retail Market Demand Drivers

Recent data reveals that nearly 2.2 billion  individuals have near or distant vision impairment. Further, it is estimated that 826 million are affected by presbyopia, the main condition responsible for near vision impairment. On the other hand, distance vision impairment or blindness is primarily caused by cataracts (94 million) and refractive error (88.4 million), among others. The increasing cases of vision impairment are one of the key factors driving the demand for the market.

Global Optical Retail Market Segmentation Analysis

The Product Type Segment is Set to Witness Significant Growth in the Forecast Period

Based on the product type, the market segmentation includes eyeglasses (prescription glasses, reading glasses, and others), contact lenses (disposable lenses, colored lenses, and others), and sunglasses (polarized sunglasses, photochromic sunglasses, and others), among others. Prescription glasses form the largest segment of eyeglasses which can be attributed to the rising vision disorders and their widespread use in correcting refractive errors such as myopia, hyperopia, and astigmatism. Reading glasses are commonly used by older adults affected by presbyopia. The growing aging population along with the increasing screen time are contributing to the growth of the segment.

The market report also offers insights based on material type, end-user, distribution channel, and region.

Global Optical Retail Market: Competitive Landscape

• In September 2024 , Hawkers, a Spanish online retail company for sunglasses, announced the expansion of its physical retail footprint by opening an optical store in Barcelona, Spain, to capitalize on the lucrative retail environment in the region.
• In July 2024 , EssilorLuxottica, an Italian-French eyewear giant, announced the acquisition of Optical Investment Group, the largest optical retailer in Romania, to expand their retail presence in the Central and Eastern Europe (CEE) region and further reinforce their market position in the retail sector.
• Other players involved in the market include Fielmann Group AG, Bausch + Lomb, Lenskart, Titan Eye+, DBEYEWEAR, BOLON, Yateem Group, Johnson & Johnson Vision Care Inc., and Safilo Group SpA.

 
Global Optical Retail Market Analysis Regional Overview

North America Dominates the Market Share

The market report offers an insight into various geographical locations, including North America, Europe, Asia Pacific, Latin America along with Middle East and Africa. North America represents a significant share of the market owing to the presence of a rapidly growing aging population and the increased focus on preventive eye care. The availability of innovative eyewear such as smart glasses and blue-light-blocking lenses further supports the market growth in the region. Moreover, the growing demand for fashionable glasses and the rising disposable incomes in North American countries like the United States and Canada are anticipated to stimulate market expansion in the region.

Key Offerings of the Report

• The EMR report gives an overview of the global market for optical retail for the time span of (2017-2023) and (2024-2032).
• The report also offers historical (2017-2023) and forecast (2024-2032) market information for the product type, material type, end-user, distribution channel, and region of the global market.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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