Press Release

Europe Prescription Spectacles Market Worth USD 31.89 Billion at 5.2% CAGR by 2027 Backed by High Consumer Spending Capacity in Germany

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 & 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 for Europe 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.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Click here to get the short-term and long-term 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

TOC Continue…

Global Europe Prescription Spectacles Market Segmentation :

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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Dale Martinez

Dale possesses an engineering degree in Electronics from the Georgia Institute of Technology. She is the sole contributor at the Healthcare IT column. Before opting to write, Dale worked at major firms such as Microsoft, Amazon, GE, Raytheon, and so on. She possesses vast knowledge about a variety of fields like IT, IoT, Telecommunications, Health Dialysis, photovoltaic, and many others. Dale is also a ballet dancer.

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