Optical Goods Stores Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Optical Goods Stores by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Optical Goods Stores, 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 in the historic period can be attributed to population demographics, increased screen time, healthcare awareness, insurance coverage, educational initiatives, 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 growth in the forecast period can be attributed to aging population demands, digital eye strain awareness, sustainable and eco-friendly eyewear, health and wellness trends, globalization of fashion, increased focus on preventive eye care.. Major trends in the forecast period include digital transformation, telehealth and remote eye care services, smart eyewear integration, innovative marketing strategies, remote frame styling services, specialty eyewear categories..

The increasing prevalence of ocular diseases is expected to propel the growth of the optical goods store market going forward. Ocular disease refers to any disease or problem that impairs the eye’s capacity to operate normally and/or has an adverse effect on the eye’s ability to see well. Optical goods stores offer eyewear products that help lower the strain that fatigue-related eyestrain places on the eyes. Moreover, they can prevent or treat several eye conditions and vision-related issues, including myopia and hypermetropia. For instance, in October 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, at least 2.2 billion people worldwide suffer from near- or distance vision impairment. At least 1 billion of these instances, or almost half of all occurrences, entailed vision loss that was either preventable or was not addressed. Therefore, an increasing prevalence of ocular diseases is driving the growth of the optical goods store market.

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The optical goods stores market covered in this report is segmented –

1) By Product: Spectacles, Sunglasses, Contact Lenses

2) By Gender: Men, Women, Unisex

3) By Distribution Channel: E-Commerce, Brick And Mortar

Major companies operating in the optical goods store market are developing innovative products, such as water gradient multifocal contact lenses, for cellular and immune health. Water gradient multifocal contact lenses are a type of contact lens designed to address presbyopia, a common age-related condition that results in difficulty focusing on close-up objects. For instance, in October 2023, Alcon, a Switzerland-based ophthalmology company, launched TOTAL30 Multifocal. The distinctive feature of the TOTAL30 Multifocal lens lies in its ability to combat digital device dryness through an exclusive water gradient technology, delivering nearly 100% water content at the lens surface. Alcon positions the TOTAL30 Multifocal lenses uniquely in the market by offering their premium water gradient innovation at a more affordable price point suitable for monthly lens replacement. With the introduction of the TOTAL30 Multifocal, Alcon extends the exceptional comfort of water gradient technology to contact lens wearers with presbyopia who prefer a monthly replacement schedule. The lens material achieves nearly 100% water at the surface, ensuring that the eye experiences only a gentle cushion of moisture.

The optical goods stores market report table of contents includes: