According to Fortune Business Insights™, The global US Reading Glasses Market size is expected to reach USD 21.21 billion by 2029, at a CAGR of 5.2% during the forecast period, 2022-2029.
Pune, India, Sept. 13, 2022 (GLOBE NEWSWIRE) -- The US reading glasses market size was USD 14.31 billion in 2021 and USD 14.86 billion in 2022. It is expected to hit USD 21.21 billion by 2029, exhibiting a CAGR of 5.2% from 2022 to 2029. The rise can be attributed to the growing usage of screen time and increasing sedentary lifestyle.
These findings are cited by Fortune Business Insights™ in its research report, titled “US Reading Glasses Market, 2022-2029”.
Key Industry Development:
December 2021 – EssilorLuxottica acquired GrandVision, a global optical retailer. The deal helped in the expansion of the company’s business and product range.
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2022 to 2029
Forecast Period 2022 to 2029 CAGR
2029 Value Projection
USD 21.21 Billion
Market Size in 2022
USD 14.86 Billion
Historical Data for
2018 to 2020
No. of Pages
The report provides a comprehensive coverage of the major trends that are set to register industry expansion over the forecast period. It also gives an analysis of the critical factors that are slated to drive business growth over the forthcoming years. Some of the additional elements of the report include the crucial steps taken by leading companies for the consolidation of their industry position.
Drivers and Restraints:
Growing Demand for Treatment Options Due to Soaring Prevalence of Astigmatism and Other Diseases
The US reading glasses market growth is being powered by an increase in the number of major eye disorders. These include hyperopia, astigmatism, and presbyopia. Some of the other factors impelling the industry expansion comprise the soaring introduction of advanced eyeglasses, increasing prevalence of key eye disorders, and escalated screen time per day.
However, the industry landscape is likely to be hindered by the surging demand for contact lenses and the provision of distinct advantages such as increased aesthetics and the elimination of discomfort.
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Industry Growth Hindered Due to Difficulty in Accessing Optometric Services
The COVID-19 pandemic negatively affected the industry with prominent participants registering a huge decline in revenue. This is mainly on account of the difficulty in accessing optometric services owing to the spread of the pandemic. This led to a drop in the product adoption rate, resulting in decreased demand for routine check-ups. These factors hindered the US reading glasses market share to some extent.
18-64 Years Segment to Gain Traction Due to Growing Incidences of Major Eye Disorders
Based on age group, the US reading glasses market is subdivided into less than 18 years, 18-64 years, and 65 years and older. Of these, the 18-64 years segment accounted for a major share in 2021 and is set to record substantial growth over the estimated period. The rise can be attributed to the surging prevalence of critical eye disorders.
+0.25 to +2 Segment to Emerge Prominent Owing to Surging Product Demand
On the basis of corrective strength, the US reading glasses market is fragmented into +0.25 to +2, +2.25 to +3, and greater than +3. The +0.25 to +2 segment captured a key share in 2021 and is expected to record lucrative expansion over the analysis period. The rise is being driven by the escalating U.S. population in the age group of 4-59 years and the mounting demand for glasses with corrective strength.
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Prescription Reading Glasses Segment to Register Notable Rise on Account of Growing Consumer Preference
Based on type, the US reading glasses market is segmented into OTC reading glasses and prescription reading glasses. The prescription reading glasses segment is slated to record lucrative growth over the study period. The surge can be credited to increasing consumer preference driven by customized and accurate corrective strength.
By Age Group
By Corrective Strength
Market Players Enter into Partnership Agreements to Sustain Industry Position
Several industry participants are entering into partnership agreements and collaborations for the expansion of their geographical footprint. Further, many companies are entering into a series of strategic initiatives such as mergers and acquisitions for the consolidation of their industry position. Some of the additional steps include growing participation in research activities.
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List of Key Players Mentioned in the Report:
ZEISS International (Germany)
SAFILO GROUP S.P.A. (Italy)
HOYA Corporation (Japan)
Hilco Vision (U.S.)
ThinOptics, Inc. (U.S.)
ZENNI OPTICAL, INC. (U.S.)
GUNNAR Optiks (U.S.)
Pixel Eyewear (U.S.)
Major Table of Content:
Definitions and Assumptions
Rising Prevalence of Refractive Errors in the U.S.
U.S. Population Distribution by Age Group (billion) 2021
Estimated Number of People Using Reading Glasses (billion) 2021 By Age Group
Distribution of People That Use Reading Glasses by Corrective Strength of Lens (%) for Population Age Group 18-64 Years
New Product Launches, By Key Players
Key Industry Developments – Mergers, Acquisitions, and Partnerships
Impact of Covid-19 on the Market
US Reading Glasses Market Analysis, Insights and Forecast, 2018-2029
Market Analysis, Insights and Forecast – By Age Group
Less than 18 Years
65 Years and Older
Market Analysis, Insights and Forecast – By Corrective Strength
+0.25 to +2
+2.25 to +3
Greater than +3
Market Analysis, Insights and Forecast – By Type
Prescription Reading Glasses
OTC Reading Glasses
U.S. Market Share Analysis (2021)
Company Profiles (Overview, Products, SWOT Analysis, Recent Developments, Strategies, financials (Based on Availability))
SAFILO GROUP S.P.A.
ZENNI OPTICAL, INC
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