Research Summary. The use of eyewear has become an essential part of life for many people, leading the eyewear industry to become a highly profitable market. This market overview analyzed by Overnight Glasses will detail eyewear industry statistics. Additionally, we will take a closer look at the US market and its position in the global eyewear industry. Furthermore, we will explore the latest developments and emerging trends that are shaping this constantly evolving and dynamic sector.
For further analysis, we broke down the data in the following ways:
Visual impairment, whether related to near or distance vision, can encompass a diverse range of conditions that affect an individual's ability to see clearly at varying distances.
These 1 billion people include those with moderate or severe distance vision impairment or blindness due to unaddressed refractive error (88.4 million), cataracts (94 million), age-related macular degeneration (8 million), glaucoma (7.7 million), diabetic retinopathy (3.9 million), as well as near vision impairment caused by unaddressed presbyopia (826 million).
This statistic highlights the widespread need for vision correction in the US, with almost 70% of the adult population requiring some form of visual aid. Factors such as increased screen time, aging populations, and genetic predisposition to vision problems may contribute to this high prevalence.
Eyeglasses are the most common form of vision correction, contact lenses are the second most popular vision correction method and Vision correction surgery, such as LASIK, is a less common option.
The future outlook for the eyeglasses market is one of continued growth, as a result of multiple factors including expanding populations, shifting demographics towards older age groups, and evolving lifestyles marked by greater reliance on digital screens.
This can include both eyeglasses and contact lenses.
The necessity for eyeglasses can be influenced by an array of factors, encompassing one's genetic makeup, surroundings, and daily behaviors. Vision problems can be exacerbated by underlying health conditions, such as diabetes or high blood pressure etc.
With age, our ocular capabilities gradually degrade. This often manifests in a variety of afflictions, such as the vexing visual ailments of astigmatism, nearsightedness, and farsightedness.
It's been found that more than half of all women wear glasses to correct their vision. This means that a lot of women struggle with nearsightedness, farsightedness, astigmatism, presbyopia or other problem.
Some studies suggest men might be less likely to get their eyes checked or see a doctor for health issues compared to women. This could be why there's a lower percentage of men who wear glasses.
Women may also experience changes in their vision caused by hormonal fluctuations during pregnancy and menopause. These changes could be reasoned by the fluctuation of hormones such as estrogen and progesterone.
By catching vision problems early, it's possible to prevent any long-term complications and help a child lead a better life.
The continuous efforts of the leading market players to acquire new customers and retain the existing ones are positively influencing market statistics.
The COVID-19 pandemic has accelerated the shift toward online shopping, and the eyewear industry is no exception. Traditional eyewear retailers have also been adopting e-commerce strategies to keep up with changing consumer preferences. They have launched their own online stores, or have partnered with online retailers to expand their reach.
The US eyewear industry is thriving and there are several reasons for this. Firstly, more people are starting to take care of their eyes by understanding their importance and secondly, fashion eyewear is becoming increasingly popular, with many people using glasses and sunglasses as statement accessories.
Eye care retailers are businesses that specialize in selling eyewear and offering related services, like eye exams and consultations. These can include optometrists, ophthalmologists, optical stores etc.
The eyewear industry produces high-end glasses, sunglasses, and other optical products that are considered fashion or luxury items. Luxury Eyewear is often sold through high-end boutiques, as well as through online channels that target discerning consumers who seek the highest quality and brands.
That sets the high-quality fashion sector of this market at a worth which falls under $14 billion every year.
Key factors that are driving the eyewear market growth include the growing number of ophthalmic disorders, awareness regarding eye examinations, and perception of eyewear as a fashion accessory.
Vision Source was the leading optical retailer in the United States, with sales that amounted to about 2.7 billion U.S. dollars. Luxottica retail and National Vision Holdings followed, ranking second and third, respectively.
Despite the growth of e-commerce in recent years, brick-and-mortar stores still account for the majority of retail sales. However, the COVID-19 pandemic has led to a significant increase in online shopping.
The increase in online sales has a significant impact on traditional retail stores. It can lead to the closure of some physical stores and to the shift in retail strategies towards digital channels.
Independent eyewear stores are known for offering a unique and personalized experience that is not typically found at larger chain stores. This may be a factor in why 45% of adults with purchase plans plan to buy from an independent eyewear store. These stores often have a wider selection of frames and styles, including designer and niche brands that are not widely available elsewhere.
On the other hand, chain stores may offer more competitive pricing.
While discount stores tend to have lower prices for eyewear, they might have a narrower range of frames and lenses, and could lack the same degree of individualized attention provided by independent or chain stores.
This price is only for frames and if you do not have a valid insurance policy in place.
Despite the availability of several other alternatives, a multitude of individuals opts for this particular choice, primarily due to its exceptional convenience and the tranquility it provides.
The amount of money that a person plans to spend on the next pair of glasses can differ substantially based on various factors (geographic location, the type of eyewear, the brand, etc).
Over the past few years, there has been a shift towards less expensive eyeglasses. Online sellers are providing frames at much lower prices than physical stores.
Exams have remained consistently split between independent and corporate locations over the past four years, with just under 60 percent of consumers receiving exams at corporate locations.
The entire market for frames fell in value by three percent from 2021 to 2022. The decrease in online sales and the lower price point for frames purchased online kept the total market value drop to nearly a fourth of the drop in volume.
The total value of the market for lenses decreased by three percent from 2021 to 2022. Even with this one-year decrease, the market value of lenses remains up by over 25 percent from the 2019 market value of $18.9 billion.
Some people may start to naturally experience presbyopia, or the inability to focus on close objects, in their mid-twenties.
Unlike the frames and lenses market that decreased overall from 2021 to 2022, the contact lenses market increased its market value by four percent, despite having a five percent drop in the volume of products sold.
There is no clear relationship between education level and the need for glasses. However, certain types of vision problems may be more prevalent in certain professions or fields that are more visually demanding. Performing a significant amount of near work, reading leads to myopia, or the need for glasses for distance.
It means that certain lifestyle factors can increase the likelihood of needing corrective eyewear. But there is also genetic factor besides lifestyle that can have an impact.
The complexity of the economic implications resulting from uncorrected vision problems is noteworthy. Reports indicate that the worldwide expense associated with decreased productivity due to unaddressed visual impairments surpassed $200 billion in the year 2020.
Eyeglass frames can be adjusted by optometrists or opticians, using a variety of techniques, which may include bending the frames, reshaping the nose pads or temple tips, or employing other methods to enhance the fit and comfort of the glasses.