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prescription Rx sunglass market size was USD 18.1 billion in 2022 and is expected to reach USD 30.4 billion by 2032, and register a revenue CAGR of 5.2%

NEW YORK, NY, UNITED STATES, May 9, 2023 /EINPresswire.com/ -- Prescription Rx Sunglass Market Size globally was valued at USD 18.1 billion in 2022 and is expected to reach USD 30.4 billion by 2032, with a projected revenue CAGR of 5.2% during the forecast period. The main driving factors behind the growth in market revenue include increased public awareness about the importance of eye protection and the rising incidence of eye-related diseases such as cataracts, glaucoma, and macular degeneration. Additionally, the popularity of outdoor sports and leisure activities is also contributing to the increased demand for prescription sunglasses that provide both vision correction and Ultraviolet (UV) protection.

The aging population is also a significant factor contributing to the growth in demand for prescription Rx sunglasses. By 2050, the global population of individuals aged 65 or older is expected to reach 1.5 billion, with seniors having a higher frequency of eye-related illnesses. Prescription sunglasses are becoming increasingly popular as they provide UV protection and vision correction, which are essential for maintaining good eye health.

Another key driver of market revenue growth is the increasing prevalence of myopia, particularly among young people. Recent studies by the American Optometric Association have shown that myopia has increased from 25% in the 1970s to almost 42% in recent years. This has led to a higher demand for prescription sunglasses that offer both vision correction and UV protection. However, the rising use of digital devices such as smartphones, laptops, and tablets has also led to an increase in eye conditions such as dry eyes, eye fatigue, and myopia, further driving demand for prescription sunglasses.

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The expanding trend of e-commerce and the accessibility of a wide range of prescription sunglasses on online marketplaces are also contributing to the growth in market revenue. Online stores provide a convenient and easy way to shop, as well as access to a wider range of products at affordable prices. The growing use of cell phones and the internet is also driving sales of prescription sunglasses online. Additionally, the use of more environmentally friendly and sustainable materials in the production of prescription sunglasses is further driving market revenue growth. Manufacturers are increasingly using bio-based materials such as plant-based polymers and recycled materials, which improves the quality and longevity of the product while also having a less negative impact on the environment.

While several factors are driving the demand for prescription sunglasses, such as an aging population, greater awareness of eye health, and an increase in the prevalence of visual impairments, there are also some factors that are limiting the growth of market revenue. One of the major factors is the high price of prescription sunglasses compared to conventional sunglasses, which may limit their acceptance among price-sensitive consumers. Additionally, the availability of fake and subpar products on online marketplaces is also hindering the growth of market revenue. To maintain consumer confidence and drive market revenue growth, manufacturers must ensure the quality and authenticity of their products.

In summary, the rising incidence of eye-related ailments, increasing popularity of outdoor activities, adoption of sustainable materials, and expanding trend of e-commerce are expected to drive the revenue growth of the global prescription Rx sunglass market in the coming years

Segments Covered in the Report

The prescription eyewear industry has evolved greatly over the years with a range of products and distribution channels to cater to various consumer needs. Two key product types of prescription glasses are single vision and progressive lenses. Single vision lenses offer a single prescription power throughout the entire lens, whereas progressive lenses provide multiple prescription powers for distance, intermediate, and near vision.

Bifocal lenses are also popular among consumers who require different prescriptions for distance and reading. These lenses have a visible line on the lens that divides the two prescriptions. The global prescription eyewear market has seen significant growth in all these product types due to the rising incidence of visual impairments and awareness of the importance of regular eye checkups.

The distribution of prescription eyewear has also evolved, with both online and offline channels. Online distribution channels have become increasingly popular due to their convenience, affordability, and accessibility. Consumers can easily order their desired prescription eyewear from online retailers and have them delivered directly to their doorstep. Additionally, online retailers offer a wider selection of products and often have better deals than brick-and-mortar stores.

Offline distribution channels, such as brick-and-mortar stores, have been the traditional method of purchasing prescription eyewear. Customers can try on the glasses before purchasing and receive assistance from trained professionals. These stores provide a personalized experience that some customers prefer over the online shopping experience.

In conclusion, the prescription eyewear industry offers a variety of products to cater to different consumer needs, including single vision, progressive, and bifocal lenses. The distribution channels have also evolved to include both online and offline options, providing customers with greater convenience and accessibility. The growth in this industry is expected to continue as the importance of eye health continues to gain attention globally.

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Strategic development:

• The global prescription Rx sunglass market is a highly competitive space with several players vying for market share. In recent years, there have been several notable developments in the industry that have aimed to expand product offerings and improve the technology used in prescription lenses.
• In 2021, Luxottica Group S.p.A and Essilor International S.A announced a merger, forming the world's largest eyewear company, EssilorLuxottica. This merger is expected to strengthen the company's position in the global prescription Rx sunglass market by expanding its product offerings and increasing its market share.
• Safilo Group S.p.A also made a significant contribution to the industry in 2020 by launching its Blue Block Technology. This lens technology is designed to protect against blue light emitted by digital devices and is ideal for use in prescription Rx sunglass lenses. The technology is aimed at addressing the growing concerns of digital eye strain.
• Essilor International S.A. also expanded its product offerings in 2019 by acquiring CooperVision, a leading manufacturer of contact lenses. The acquisition was aimed at strengthening Essilor's position in the global prescription Rx sunglass market and expanding its product offerings in the contact lens segment.
• Carl Zeiss Meditec AG launched its UVProtect Technology in 2018, which is a lens technology that protects against harmful UV rays. The technology is ideal for use in prescription Rx sunglass lenses and addresses the growing concerns of UV-related eye damage.
• Bausch Health Companies Inc. also made a significant move in the industry in 2017 by acquiring the leading contact lens manufacturer, Johnson & Johnson Vision Care, Inc. The acquisition was aimed at expanding Bausch Health's product offerings in the contact lens segment and strengthening its position in the global prescription Rx sunglass market.
• In 2016, Hoya Corporation acquired HOYA Vision Care Company, a leading manufacturer of prescription lenses. The acquisition was aimed at expanding Hoya's product offerings in the prescription lens segment and strengthening its position in the global prescription Rx sunglass market.
• Several companies have also launched new products in recent years to meet the growing demand for prescription Rx sunglass lenses. Oakley, a subsidiary of Luxottica, launched its Prizm Rx sunglass lenses in 2020. These lenses are designed to enhance color and contrast for improved visibility in different environments and are available in a range of colors and tints to suit various activities and light conditions.
• Ray-Ban, another subsidiary of Luxottica, launched its Ray-Ban Authentic prescription lenses in 2018. These lenses are designed to fit seamlessly into a range of Ray-Ban frames and provide clear, distortion-free vision. They are available in a variety of materials and treatments to suit different needs and preferences.
• Finally, Essilor launched its Varilux X series of progressive lenses in 2017. These lenses are designed to provide clear and comfortable vision at all distances and are available in a range of materials and treatments. They are compatible with a variety of sunglass frames, including those from Oakley, Maui Jim, and Ray-Ban.

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Competitive Landscape:

The global prescription Rx sunglass market is fiercely competitive, with a handful of large and medium-sized players commanding a significant share of the market revenue. To stay ahead of the competition, these companies are employing various strategies such as mergers and acquisitions, partnerships, product launches, and collaborations.

Luxottica Group S.p.A, a leading eyewear company, announced a merger with Essilor International S.A. in 2021 to form EssilorLuxottica, the world's largest eyewear company. Safilo Group S.p.A launched its Blue Block Technology in 2020, while Carl Zeiss Meditec AG introduced its UVProtect Technology in 2018. Essilor International S.A. acquired CooperVision, a leading manufacturer of contact lenses, in 2019, while Bausch Health Companies Inc. acquired Johnson & Johnson Vision Care, Inc. in 2017. Hoya Corporation acquired HOYA Vision Care Company in 2016, strengthening its position in the global prescription Rx sunglass market.

Other notable players in the market include Shamir Optical Industry Ltd., known for its innovative freeform lenses, and HOYA Vision Care Company, a leading manufacturer of prescription lenses. With such a highly competitive market, companies are constantly innovating and introducing new products to meet the growing demand for prescription Rx sunglass lenses.

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