Eyewear Market Trends
Growth Drivers
- Growing Prevalence of Cataract Disease - The prevalence of cataract-related vision impairment increased worldwide by about 55% in 2019, from about 790 per 100,000 people to approximate 1250 per 100,000 people. Eyewear is necessary after cataract surgery. However, many people experience significant vision improvement there are some which would require some form of eyeglasses. Even before surgery people experience some sort of discomfort. Hence to relive that discomfort, eyewear is being used. Therefore, this factor is estimated to boost the growth of the market in the forecast period.
- Growing Geriatric Population - According to the World Health Organization, one in six individuals on the planet would be 60 or older by 2030.
- High Demand for Sunglasses - According to an estimate, approximate 160 million adults in the United States wear sunglasses on a regular basis.
- Increased in Disposable Income - In 2021, Americans' personal disposable income amounted to about USD 15 trillion.
- Growing Urbanization - By 2050, 68% of the world's population, or more than half of all people, would reside in urban regions.
Challenges
- High Price of Eyewear
- Presence of Counterfeit Products
- Unavailability of Eyewear in Rural Part
- Usually eyewear carries huge price which makes difficult for customer having low income or those who belongs to low economic countries. Also higher cost of luxurious sunglasses is expected to restrain the growth of the market over the forecast period.
Eyewear Market: Key Insights
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
7.2% |
|
Base Year Market Size (2024) |
USD 115.49 billion |
|
Forecast Year Market Size (2037) |
USD 287.47 billion |
