The latest report from Reports and Data indicates that the global Prescription Rx Sunglass Market size reached USD 18.1 billion in 2022 and is anticipated to maintain a steady revenue growth with a compound annual growth rate (CAGR) of 5.2% throughout the forecast period.
One of the key driving factors behind this growth is the increasing popularity of outdoor sports and recreational activities, which has led to a heightened demand for prescription sunglasses capable of providing both vision correction and effective Ultraviolet (UV) protection.
Another significant contributor to the rising demand for prescription Rx sunglasses is the aging population. By 2050, it is estimated that there will be approximately 1.5 billion individuals aged 65 years or older worldwide. This demographic group is more prone to eye-related issues, making prescription sunglasses an attractive option due to their ability to offer a combination of UV protection and vision correction, crucial for maintaining optimal eye health.
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Furthermore, the escalating prevalence of myopia or nearsightedness, particularly among younger individuals, is driving revenue growth in the market. Recent research conducted by the American Optometric Association reveals a significant increase in myopia rates, rising from 25% in the 1970s to nearly 42% today. This upward trend underscores the growing demand for prescription sunglasses that address both vision correction and UV protection. Additionally, the widespread use of digital devices such as smartphones, laptops, and tablets has contributed to the rise of eye-related conditions like dry eyes, eye fatigue, and myopia, further augmenting the demand for prescription sunglasses.
Key players in the Prescription Rx Sunglass Market:
- Luxottica Group S.p.A
- Safilo Group S.p.A
- Essilor International S.A.
- Carl Zeiss Meditec AG
- CooperVision
- Bausch Health Companies Inc.
- Johnson & Johnson Vision Care, Inc.
- Hoya Corporation
- HOYA Vision Care Company
- Shamir Optical Industry Ltd.
Some Key Highlights in the Report:
- The forecast period is expected to see the single vision segment dominating in terms of revenue share. This is primarily due to the ease of production and cost-effectiveness associated with single vision lenses compared to other lens types like progressive and bifocal lenses. Single vision lenses also provide a broader field of vision, making them particularly suitable for activities requiring clear vision in specific areas, such as reading or using a computer. As the global demand for prescription eyewear continues to rise, especially in emerging economies, the single vision segment is poised to sustain revenue growth.
- During the forecast period, the online distribution channels segment is expected to capture the largest share of revenue. This growth can be attributed to various factors, including the increasing use of the internet, higher internet penetration rates, and the expansion of e-commerce platforms. The convenience of online shopping, enabling customers to make purchases from anywhere and at any time, has significantly contributed to the rise of online distribution channels. Additionally, the availability of a wide range of products further boosts the popularity and revenue growth of this segment.
- In the forecast period, the North American market is predicted to hold the highest revenue share, primarily driven by factors such as rising disposable income and increased awareness of the importance of eye protection. The presence of an aging population also plays a role in boosting revenue growth in this market. Technological advancements have further contributed by enabling the development of new materials and designs that enhance comfort and effectiveness in eye protection.
- In Europe, rapid revenue growth is anticipated in the market. The increasing popularity of prescription sunglasses, particularly in countries like Germany and the United Kingdom, serves as a significant driver of this growth. Greater awareness of the importance of eye protection among the population adds momentum to the market’s revenue expansion. Additionally, the presence of major industry players in the region contributes to the overall growth and advancement of the market.
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For the purpose of this report, Reports and Data has segmented the global prescription Rx sunglass market on the basis of Product Type Outlook, Distribution Channel Outlook, and Regional Outlook:
Product Type Outlook (Revenue, USD Billion; 2022 – 2032)
- Single Vision
- Progressive
- Bifocal
Distribution Channel Outlook (Revenue, USD Billion; 2022 – 2032)
- Online
- Offline
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Regional Outlook (Revenue, USD Billion; 2022-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2020–2021) and forecast (2022–2032) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2019 and 2030.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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