Eyewear Market Trends

Growth Drivers

• Increased demand for cataract disease management: As per a report from ScienceDirect published in November 2021, the worldwide prevalence of cataract disease among people aged 40 and over ranged between 11.8% and 18.8%, making it a leading cause of blindness. It also mentioned surgery to be the only option of treatment for such illnesses, where intraocular lens implantation is widely used for its cost-effectiveness. However, after the complete removal of cataractous lenses, people require some form of high-power spectacles or contact lenses to attain optimal visual acuity, as per the 2023 NLM article. Even before surgery, people may experience discomfort, requiring similar products and boosting demand in the eyewear market.
   
• Introduction of tech-based multifunctional products: With technological advancements, the market is evolving towards prioritizing individuals’ needs from every aspect. Incorporation of smart features, blue-light filtration, and adaptive lenses are attracting more consumers by addressing their unmet requirements. For instance, in December 2024, Solos unveiled its smart glasses, AirGo Vision, powered by ChatGPT 4.0 and equipped with an integrated camera. This next-generation wearable is capable of swapping frames while offering real-time multilingual translation, high-end visual recognition, and hands-free operation.

Challenges

• High competition in pricing and counterfeit products: Usually, products from the market carry huge prices, making it difficult for customers having low income and resources to purchase them. Additionally, the higher cost of luxury and tech-based glasses often pushes people to invest in fake additions. This may significantly damage legitimate brand reputation and cause sales reduction, impacting the profit margin. These factors further restrict innovation and expansion of this sector.
   
• Rising concerns about sustainability and compliance: As companies bring new features and technologies into the market, a question about their utility also arises. In addition, the increasing volume of industrial waste is also prohibiting the pace of regulatory approvals. Thus, environmental concerns, coupled with manufacturing limitations, are delaying market launches and causing unwanted expenses. However, the efforts from established producers in increasing the usage of more eco-friendly materials shows the potential to mitigate this issue.