Europe Prescription Spectacles Market to Reach USD 31.89 Billion by 2027; Increasing Incidence of Ocular Disorders to Favor Growth
The ”Europe prescription spectacles industry“ size is expected to reach USD 31.89 billion by 2027 while exhibiting a CAGR of 5.2% between 2020 and 2027. This is attributable to the increasing prevalence of ocular disorders and the growing adoption of mobile phones and laptops that drive the demand for innovative prescription spectacles in Europe. This information is published by Fortune Business Insights, in its latest report, titled, “Europe Prescription Spectacles Market Size, Share and Industry Analysis, By Age Group (Less than 18 Years, 18-45 Years, and 45-55 Years, more than 55 Years), By Product {Lenses (Single Vision, Bifocal, and Progressive)} and Frames (Total Metal, Combination, Plastic, Rimless, and Others), By Application (Myopia, Presbyopia, Others), By Distribution Channel (Ophthalmic Clinics, Retail Store, and Online Stores) Forecast, 2020-2027.” The report further mentions that the market stood at USD 23.92 billion in 2019.
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Closure of Shops to Lead to Declining Sales in the Global Market forEurope Prescription Spectacles
Several European countries are under lockdown owing to the widespread effects of the global pandemic that has taken several lives and many more under quarantine in the region. This has led to the closure of several industrial operations and other activities. Additionally, the postponement of optical surgical procedures, closure of optics, and other factors have led to reduced generation of sales revenue that is affecting the market negatively. However, adoption of advanced technology such as telemedicine, and the growing focus on sales through online channels will favor the market growth in the forthcoming years.
What does the Report Provide?
The market report provides an in-depth analysis of several factors such as the key drivers and restraints that will have an impact on the market. Furthermore, the report includes significant insights into the regional insights that include different regions, which are contributing to the market growth. It includes the competitive landscape involving the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, collaborate, and acquire other companies that will contribute to the market growth during the forecast period. Moreover, the research analyst has adopted several research methodologies such as Porter’s five forces analysis to obtain information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
An Overview of the Impact of COVID-19 on this Market:
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Prescription spectacles are used to correct refractive error in the person and further aids in improving his poor vision. The increasing rate of people suffering from impaired vision is due to several factors such as hyperopia, myopia, and presbyopia among the people that drives the demand for innovative Europe prescription spectacles range.
DRIVING FACTORS
Increasing Incidence of Ocular Disorder to Augment Growth
According to the report by the European Blind Union, it is estimated that around 30 million people in Europe suffer from blindness and partial sightedness. That is about 1 in 30 Europeans experiencing vision loss. The increasing prevalence of ocular disorder amongst the population is propelling the manufacturers to boost the Europe prescription spectacles sale by introducing innovative products. Moreover, the growing adoption of mobiles and laptops owing to the increasing work from culture amid COVID-19 is expected to contribute to the Europe prescription spectacles market growth during the forecast period.
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SEGMENTATION
More Than 55 Years Segment Held 43.4% Market Share in 2019
The more than 55 years segment, based on age group, held a market share of about 43.4% in 2019 and is likely to dominate the global market for the Europe prescription spectacles in the forthcoming years. This is ascribable to factors such as the presence of a higher proportion of the population coming under this age bracket in Europe.
COUNTRY INSIGHTS
Germany to Remain Dominant; Increasing Consumer Spending Capacity to Aid Growth
Among all the countries, Germany stood at USD 5.24 billion in the year 2019 and is expected to hold the highest position in the Europe prescription eyeglasses market. This is attributable to the increasing consumer spending capacity of the working population that is driving the sales in the Europe prescription spectacles stores.
The market in Italy is expected to showcase significant growth backed by the large presence of major eye wear giants in the country that are contributing to the high sales of the Europe prescription eyeglasses between 2020 and 2027.
COMPETITIVE LANDSCAPE
Carl Zeiss Announces New ZEISS UVClean Technology to Maintain its Dominance
The Europe prescription spectacles market is fragmented by the presence of major companies that are focusing on introducing innovative eye gear technology to surge the Europe prescription spectacles demand. For instance, in September 2020, Carl Zeiss Meditec AG, a leading spectacle provider, announced the launch of ZEISS UVClean technology device. As per the company, it is an optometry-specific UV-C disinfecting device that is designed for eye care professionals.
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Industry Development:
- October 2020 -Essilor introduced Stellest lens, a new- generation of spectacle lens solution that is expected to aid people suffering from myopia disorder. This is expected to strengthen its position in the global marketplace.
List of the Companies Profiled in the Market for Europe Prescription Spectacles:
- Essilor Luxottica (California, U.S.)
- RODENSTOCK GMBH (Munich, Germany)
- Safilo Group S.p.A. (Padua, Italy)
- Younger Optics (Torrance, U.S.)
- Fielmann AG (Hamburg, Germany)
- Nikon Optical UK. LTD (Nikon Corporation) (Tokyo, Japan)
- Carl Zeiss Meditec Group (Oberkochen, Germany)
- Hoya Corporation (Tokyo, Japan)
- Other Prominent Players
Detailed Table of Content:
Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
Executive Summary
Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
Key Insights
- Prevalence of Key Vision Disorders, By Key Countries
- Key Industry Developments (Mergers, Acquisitions, Partnerships)
- New Product Launches
- Key Industry Trends
- Pricing Analysis of Frames and Lenses (Single-vision, Bifocal, and Progressive)
- Impact of COVID-19 on Europe Prescription Spectacles Market
GlobalEurope Prescription Spectacles MarketSegmentation :
By Age Group
- Less than 18 Years
- 18-45 Years
- 45-55 Years
- More than 55 years
By Product
- Lenses
o Single Vision
o Bi-focal
o Progressive
- Frames
o Total Metal
o Combination
o Plastic
o Rimless
o Others
By Application
- Myopia
- Presbyopia
- Others
By Distribution Channel
- Ophthalmic Clinics
- Retail Stores
- Online Stores
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Press Release Distributed by The Express Wire
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