Optical Goods Stores Global Market Report 2024

The optical goods stores market size has grown strongly in recent years. It will grow from $65.25 billion in 2023 to $69.51 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth observed in the historical period can be attributed to factors such as population demographics, an increase in screen time, growing healthcare awareness, insurance coverage for vision-related issues, educational initiatives, and a rise in vision disorders.

The optical goods stores market size is expected to see strong growth in the next few years. It will grow to $87.82 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The anticipated growth in the forecast period can be attributed to factors such as the demands of an aging population, increased awareness of digital eye strain, a focus on sustainable and eco-friendly eyewear, trends in health and wellness, the globalization of fashion, and an enhanced focus on preventive eye care. Major trends expected in this period include digital transformation, the integration of telehealth and remote eye care services, the incorporation of smart eyewear, innovative marketing strategies, the provision of remote frame styling services, and the emergence of specialty eyewear categories.

The optical goods store market is anticipated to experience growth due to the increasing prevalence of ocular diseases. Ocular diseases encompass a range of conditions that hinder normal eye function and adversely impact vision. Optical goods stores play a crucial role in offering eyewear products that alleviate strain, prevent or treat eye conditions, and address vision-related issues. The World Health Organization reported that over 2.2 billion people worldwide are affected by near- or distance vision impairment, with nearly half of these cases being preventable or untreated. This prevalence of ocular diseases is a driving factor for the growth of the optical goods store market.

The optical goods store market is expected to witness growth driven by the rising prevalence of diabetes. Diabetes, characterized by elevated blood glucose levels, has become a chronic medical condition affecting a significant global population. The increased incidence of diabetes has led to a heightened demand for optical goods as individuals prioritize preventive eye care. This has resulted in expanded customer bases and more frequent visits for eye examinations and eyewear purchases at optical goods stores. According to the International Diabetes Federation, the global number of individuals with diabetes is projected to reach 537 million in 2021 and is expected to further increase. This growing prevalence of diabetes is a key factor propelling the growth of the optical goods store market.

Major companies are focusing on innovation, introducing products such as water gradient multifocal contact lenses designed for cellular and immune health. These contact lenses, exemplified by Alcon's TOTAL30 Multifocal, utilize water gradient technology to combat digital device dryness. The lenses provide nearly 100% water content at the surface, ensuring exceptional comfort and moisture for contact lens wearers with presbyopia. Alcon's introduction of the TOTAL30 Multifocal demonstrates a commitment to offering premium water gradient innovation at an affordable price point suitable for monthly lens replacement.

Innovation in the optical goods store market is the development of myopia management spectacle lenses. These lenses, exemplified by Hoya Vision Care's MiYOSMART sun range, are designed to control the progression of myopia in children. Featuring D.I.M.S. Technology, these lenses provide correction for myopic refractive errors while actively slowing down the progression of myopia. The MiYOSMART Chameleon and MiYOSMART Sunbird lenses offer dual functionality by addressing myopia progression while providing protection from intense sunlight, allowing children to engage in various indoor and outdoor activities without compromising vision.

In July 2021, Essilor Luxottica acquired a majority ownership interest in GrandVision, a Netherlands-based optical retailing company. This acquisition enhances Essilor Luxottica's position in the eyeglass industry, adding to its retail store presence and further establishing its prominence in the optical goods market.

Major companies operating in the optical goods stores market report are Luxottica Group S.p.A., Johnson & Johnson Vision, Safilo Group S.p.A., Alcon, Oakley Inc., The Cooper Companies Inc., Bausch & Lomb Incorporated, Hoya Corporation, Carl Zeiss AG, Seiko Optical Products Co. Ltd., Zenni Optical Inc., Warby Parker, Silhouette Group, Rodenstock GmbH, Marcolin, Charmant Group, Chemilens, CIBA VISION, De Rigo Vision S.p.A, Fielmann AG, JINS Inc., Marchon Eyewear Inc., QSpex Technologies, Shamir Optical Industry Ltd., Essilor International SAS, CooperVision, Vision Source, National Vision Holdings Inc., MyEyeDr., Eyeconic.

North America was the largest region in the optical goods stores market in 2023. The regions covered in the optical goods stores market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the optical goods stores market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main products available at optical goods stores comprise spectacles, sunglasses, and contact lenses. Spectacles typically consist of two lenses mounted in a frame, worn by individuals to enhance their vision. These products cater to men, women, and unisex genders and are distributed through both e-commerce platforms and traditional brick-and-mortar channels.

The optical goods stores market research report is one of a series of new reports that provides optical goods stores optical components market statistics, including optical goods stores optical components industry global market size, regional shares, competitors with optical goods stores optical components market share, detailed optical goods stores optical components market segments, market trends and opportunities, and any further data you may need to thrive in the optical goods stores optical components industry. The optical goods stores optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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