Asia-Pacific Eyewear Market - PowerPoint Presentation

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Asia-Pacific Eyewear Market- Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2020-2027

Asia-Pacific Eyewear Market- Industry Trends & Forecast Report 2027

A recent study conducted by the strategic consulting and market research firm 

BlueWeave Consulting revealed that the Asia-Pacific eyewear market was worth USD 36.2 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 10.8%, earning revenue of around USD 73.6 billion by the end of 2027. The Asia-Pacific eyewear market is driven by the increasing prevalence of vision issues such as cataracts, diabetic retinopathy, macular degeneration, glaucoma, refractive errors, etc. The increasing use of screen devices, such as smartphones, computers, and televisions, emitting UV light, is affecting human vision and weakening it. As a result, the demand for eye checkups and prescription glasses is witnessing a surge worldwide, propelling the market growth.

Growth Drivers Growing Prevalence of Ophthalmological DiseasesThe growing prevalence of ophthalmic diseases, such as low vision, age-related macular degeneration, diabetic retinopathy, cataract, etc., is one of the major factors fueling the demand for eyewear such as glasses and contact lenses. According to one estimate, 70 million of the world's glaucoma patients live in Asia alone. Additionally, the constant use of screens such as

smartphones

, computers, and televisions is causing eye-related problems among people of all ages. Due to this, the demand for eyewear in Asia-Pacific is anticipated to grow during the forecast period.

Restraints Growing demand for laser surgeries for vision treatment

Prescription glasses are prominent among people with low vision but it proves to be only a temporary solution. Having to wear glasses all the time seems like a burden to many. Therefore, many financially capable people opt for laser surgeries. As per the study published in the Journal of Cataract and Refractive Surgery, 96% of patients are satisfied with the LASIK treatment as it offers a better vision as a permanent solution. As technology advances, more and more people are turning to one-time safe laser surgeries instead of eyewear. Hence, this may act as a major restraining factor for market growth

.

Impact of COVID-19The sudden outbreak of the COVID-19 pandemic initially halted the growth of the Asia-Pacific eyewear market. Several countries imposed strict lockdown protocols to curb the spread of the virus. Due to social distancing measures, ophthalmologists had to postpone routine eye checkups, which resulted in a temporary halt in prescription eyewear sales. However, the market is anticipated to witness prolific growth in the post-COVID-19 period. The remote working, online schooling, and excessive use of

smartphones

and other devices are estimated to have badly affected the vision of people during the quarantine period. Due to the easing of lockdown restrictions and the reopening of eye-testing facilities, the demand for prescription eyeglasses is expected to increase in the post-pandemic period.

 Regional InsightsGeographically, the Asia-Pacific eyewear market is segmented into India, China, Japan, South Korea, and the rest of Asia-Pacific. China is said to be dominating the Asia-Pacific eyewear market due to the increasing demand for corrective eyewear from the sizable elderly population. Furthermore, an astounding 80% of Chinese college-going students and 17% of Indian youngsters have been diagnosed as myopic. This plays a crucial factor in driving the eyewear market growth. Furthermore, the increasing penetration of luxury and popular brands in Asia-Pacific countries because of huge growth potential is also contributing to the market growth.

Recent DevelopmentsIn September 2021, 

Xiaomi

released smart glasses that take photos, display messages and notifications, and can make calls. It is the latest product from the Chinese company to enter the wearables segment.In July 2021, Luxottica Group, the Italian eyewear conglomerate, launched their new range of travel retail exclusive sunglasses styles from Ray-Ban and Oakley, specifically for Asia-Pacific markets.Sample Copy of the Report:https://www.blueweaveconsulting.com/report/asia-pacific-eyewear-market-bwc20121/report-sample

Competitive landscapeThe leading players in the Asia-Pacific eyewear market are Essilor International S.A.,

Safilo

Group S.P.A, Luxottica Group S.P.A, Carl Zeiss AG, Johnson & Johnson Vision, Marcolin S.p.A., Valeant Pharmaceuticals International, Hoya Corporation., Titan Eyeplus, Grand Vision, and other prominent players.With many industry participants present, the market is highly fragmented. Companies are constantly launching new products to meet the changing trends in fashion. Additionally, they are launching smart glasses and embedding technology into their products. The adoption of competitive edges such as mergers, acquisitions, joint ventures, etc., is also prevalent in this market to gain a competitive advantage.

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