The Reading Glasses Market Size was valued at USD 38.9 Billion in 2022 and is projected to grow from USD 41.1 Billion in 2023 to USD 64.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.70% during the forecast period (2023 - 2032). Expanding internet sales channels, rising frequency of ocular illnesses, and rising need for vision repair, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
In the recent years, developed regions have seen a demographic shift towards an ageing population. There is a higher prevalence of this among people over 40. The globe Health Organisation predicts that by 2050, there will be 2 billion people in the globe who are 60 years of age or older, up from 900 million in 2015. As we get older, eye degeneration causes visual impairments include difficulty seeing small print or objects clearly. Presbyopia is becoming more common in adults at a noticeable rate. The American Academy of Ophthalmology estimates that 1.8 billion persons worldwide (about 25%) had presbyopia in 2015. The overall unmet requirement for presbyopia correction among them was 45%. Furthermore, it has been widely observed that older persons are more likely to have corneal astigmatism than younger people. As a result, the market for reading glasses is expected to develop throughout the course of the forecast period due to factors such as an ageing population, an increase in the frequency of ocular illnesses, and rising utilisation of mobile devices, computers, and other technology.
During the projected period, the market expansion is likely to be fueled by rising sales of reading glasses through online retailers, rising internet usage in emerging markets, rising mobile phone usage, and shifting consumer purchasing patterns towards online retailers. Further boosting the sales in the near future would be reworking the sales and marketing strategies by the major players to address this purchasing behaviour and target the right distribution channel.
Reading glasses normally come in strengths of 1-3 and are rarely produced for powers greater than 4, as the majority of people only need low powered readers. In terms of type, the prescription segment now controls the market, and it is projected that it will maintain its control during the forecast period. The growing emphasis that customers are placing on obtaining reading glasses with improved vision correction and frame fit is the cause of this. OTC reading glasses are of lower quality and have the same corrective strength for both eyes because they are ready-made in nature. Customers are increasingly choosing prescription reading glasses as a result. Thus, driving the Reading Glasses market revenue.
The Market segments of Reading Glasses, based on Age group, includes less than 18 years, 18-64 years, 65 years and greater. The 18-64 years segment dominated the global market in 2022. This results from the increasing prevalence of adult visual impairments such presbyopia, hyperopia, and farsightedness. Focusing on closer things becomes more difficult as a result of these refractive flaws. Additionally, it is anticipated that increasing ocular issues will come from the expanding use of computers and smartphones for both work and leisure, which will further boost the demand for reading glasses among people in this age bracket.
The Reading Glasses Market segmentation, based on type, includes prescription reading glasses and OTC reading glasses. The prescription reading glasses segment dominated the Market in 2022. This can be attributed to the population's increasing awareness of the significance of selecting the proper eyeglass strength. Prescription reading glasses are becoming increasingly popular due to the drawbacks of over-the-counter (OTC) readers, including the availability of glasses with the same corrective strength for both eyes, headaches caused by selecting the wrong reading glass strength, and the comparably poor quality of the glasses in terms of durability and scratch resistance.
The Market segmentation of Reading Glasses, based on distribution channel, includes retail stores, online sales channels, and ophthalmology clinics. Retail stores segment dominated the global market in 2022. This can be related to the fact that consumers prefer to go to physical locations to inspect the product's construction and determine whether or not it suits them.
Figure 1: Reading Glasses Market, by Distribution Channel, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Reading Glasses Market dominated this market in 2022 (45.80%). This can be linked to consumers' growing knowledge of the importance of vision correction and the accessibility of eyeglasses. In contrast, the market is anticipated to experience strong growth in developing regions like the Asia Pacific throughout the forecast period due to rising consumer disposable incomes, supportive government efforts, and increased awareness of the importance of eye care. Further, the U.S. market of Reading Glasses held the largest market share, and the Canada market of Reading Glasses was the fastest growing in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: READING GLASSES MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Reading Glasses market is expected to register significant growth from 2023 to 2032. This is mostly attributable to the top manufacturers' presence in nations like Italy, the U.K., and Germany, to the region's sizable geriatric population and high prevalence of refractive defects, and to the populace's high level of knowledge of cutting-edge technologies. Further, the German market of Reading Glasses held the largest market share, and the U.K market of Reading Glasses was the fastest growing market in the European region
The Asia Pacific Reading Glasses market accounted for the healthy market share in 2022. This is due to factors like players focusing more on breaking into unexplored markets and product launches in the semi-premium and lower price range to be accessible to economically underdeveloped regions. Moreover, China’s market of Reading Glasses held the largest market share, and the Indian market of Reading Glasses was the fastest growing market in the Asia-Pacific region.
Reading Glasses Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the market of Reading Glasses, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Reading Glasses Industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Reading Glasses Industry to benefit clients and increase the market sector. In recent years, the Reading Glasses Industry has offered some of the most significant advantages to medicine. Major players in the Reading Glasses market, including Bausch & Lomb Incorporated., EssilorLuxottica, Carl Zeiss, Johnson & Johnson Services, Inc., Hoya Corporation, De Rigo Vision S.p.A., ZENNI OPTICAL, INC., and ThinkOptic Inc, are attempting to increase market demand by investing in research and development operations.
Manufacturer of ophthalmic optical goods is FGX International. The company's ophthalmic optical goods include reading glasses, sunglasses, contact lenses, and prescription frames that can be used to treat astigmatism, presbyopia, hyperopia, and myopia. In an effort to raise awareness of the dearth of reading glasses in developing nations and the effects that vision correction with reading glasses has on people's lives, FGX International and Restoring Vision collaborated to launch the first reading glasses day on June 7, 2019.
The owner of an online optical platform for different types of eyewear is Lenskart. The company's platform allows clients to purchase prescription eyewear, branded contact lenses, sunglasses, and accessories while also receiving free home delivery of the newest eyewear collections. The California-based manufacturer of reading glasses Thinoptics Inc., which produces reading glasses that may be worn on the nose, attached to a smartphone, keychain, or laptop, received a $500,000 investment from Lenskart Solutions in May 2018.
Key Companies in the market of Reading Glasses include
Reading Glasses Industry Developments
July 2022: Together, Carl Zeiss Meditec and Precise Bio will develop and market tissue-based implants for the field of ophthalmology.
March 2022: The U.S. Food and Drug Administration (FDA) has approved ACUVUE Theravision with Ketotifen (etafilcon), according to Johnson & Johnson Vision Care, Inc., a leader in eye health on a global scale. a ketotifen-containing drug-eluting contact lens).
| Report Attribute/Metric | Details |
| Market Type 2022 | USD 38.9 Billion |
| Market Type 2023 | USD 41.1 Billion |
| Market Type 2032 | USD 64.1 Billion |
| Compound Annual Growth Rate (CAGR) | 5.70% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Age Group, Type, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Bausch & Lomb Incorporated., EssilorLuxottica, Carl Zeiss, Johnson & Johnson Services, Inc., Hoya Corporation, De Rigo Vision S.p.A., ZENNI OPTICAL, INC., and ThinkOptic Inc |
| Key Market Opportunities | Increasing demand for trendy designs and branded products among young population |
| Key Market Dynamics | Growing prevalence of ocular disorders and increasing need of vision correction and expansion of online sales channels |
Reading Glasses Market Highlights:
Frequently Asked Questions (FAQ) :
The Reading Glasses Market Type was valued at USD 38.9 Billion in 2022.
The global market is projected to grow at a CAGR of 5.70% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Bausch & Lomb Incorporated., EssilorLuxottica, Carl Zeiss, Johnson & Johnson Services, Inc., Hoya Corporation, De Rigo Vision S.p.A., ZENNI OPTICAL, INC., and ThinkOptic Inc
The 18-64 Years Age Group dominated the market in 2022.
The Prescription Reading Glasses Type had the largest share in the global market.
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Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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