EyeWear Industry Statistics And Facts 2024

• Globally, at least 2.2 billion people have near or distance vision impairment.

Visual impairment, whether related to near or distance vision, can encompass a diverse range of conditions that affect an individual's ability to see clearly at varying distances.

• In at least 1 billion – or almost half – of these cases, vision impairment could have been prevented or has yet to be addressed.

These 1 billion people include those with moderate or severe distance vision impairment or blindness due to unaddressed refractive error (88.4 million), cataracts (94 million), age-related macular degeneration (8 million), glaucoma (7.7 million), diabetic retinopathy (3.9 million), as well as near vision impairment caused by unaddressed presbyopia (826 million).

• Nearly 70 percent of Americans aged 18 and over need some form of vision correction.

This statistic highlights the widespread need for vision correction in the US, with almost 70% of the adult population requiring some form of visual aid. Factors such as increased screen time, aging populations, and genetic predisposition to vision problems may contribute to this high prevalence.

• Approximately 66 percent of adults in the United States use some form of vision correction in 2023, including eyeglasses, contact lenses, and/or vision correction surgery.

Eyeglasses are the most common form of vision correction, contact lenses are the second most popular vision correction method and Vision correction surgery, such as LASIK, is a less common option.

• At least 4 billion people across the globe wear glasses.

The future outlook for the eyeglasses market is one of continued growth, as a result of multiple factors including expanding populations, shifting demographics towards older age groups, and evolving lifestyles marked by greater reliance on digital screens.

• 8% of the adult population in the United States between 18 and 60 years of age wears corrective lenses of some kind.

This can include both eyeglasses and contact lenses.

• Most people start needing glasses sometime between the ages of 18 and 21.

The necessity for eyeglasses can be influenced by an array of factors, encompassing one's genetic makeup, surroundings, and daily behaviors. Vision problems can be exacerbated by underlying health conditions, such as diabetes or high blood pressure etc.

• The majority of people in the United States over the age of 12 require optical correction to see clearly.

With age, our ocular capabilities gradually degrade. This often manifests in a variety of afflictions, such as the vexing visual ailments of astigmatism, nearsightedness, and farsightedness.

• Half of the planet will need glasses by 2050.

• More than half of women wear glasses.

It's been found that more than half of all women wear glasses to correct their vision. This means that a lot of women struggle with nearsightedness, farsightedness, astigmatism, presbyopia or other problem.

• 42 percent of men wear glasses.

Some studies suggest men might be less likely to get their eyes checked or see a doctor for health issues compared to women. This could be why there's a lower percentage of men who wear glasses.

• As women age, they are more likely to be nearsighted and need prescription glasses to correct vision problems.

• Women also tend to access eye care more often than men, thus increasing their chances of needing glasses.

Women may also experience changes in their vision caused by hormonal fluctuations during pregnancy and menopause. These changes could be reasoned by the fluctuation of hormones such as estrogen and progesterone.

• One out of four children has a vision problem.

By catching vision problems early, it's possible to prevent any long-term complications and help a child lead a better life.

• It is generally agreed upon that the most common age to get glasses is between the ages of 7-15.

• The global eyewear market size was valued at USD 157.9 billion in 2021.

• The overall size of the optical retail market in 2022 is $76.5 billion.

The continuous efforts of the leading market players to acquire new customers and retain the existing ones are positively influencing market statistics.

• Ecommerce accounted for 21% of the total eyewear revenue in 2020.

The COVID-19 pandemic has accelerated the shift toward online shopping, and the eyewear industry is no exception. Traditional eyewear retailers have also been adopting e-commerce strategies to keep up with changing consumer preferences. They have launched their own online stores, or have partnered with online retailers to expand their reach.

• In 2021, the United States was the leading eyewear market across the globe.

The US eyewear industry is thriving and there are several reasons for this. Firstly, more people are starting to take care of their eyes by understanding their importance and secondly, fashion eyewear is becoming increasingly popular, with many people using glasses and sunglasses as statement accessories.

• The fastest-growing market is the Asia Pacific region, with 13.5 percent growth.

• Eyewear constitutes about 10% of the gross income that eye care retailers generate every year.

Eye care retailers are businesses that specialize in selling eyewear and offering related services, like eye exams and consultations. These can include optometrists, ophthalmologists, optical stores etc.

• The luxury eyewear sector’s worth in 2022 is £14.59 billion.

The eyewear industry produces high-end glasses, sunglasses, and other optical products that are considered fashion or luxury items. Luxury Eyewear is often sold through high-end boutiques, as well as through online channels that target discerning consumers who seek the highest quality and brands.

• Fashion brands signify 35% of the retail revenue generated by the eyeglasses market every year.

That sets the high-quality fashion sector of this market at a worth which falls under $14 billion every year.

• Between 2021 and 2026, the eyewear industry will grow by 4.69% annually.

• By 2025, the world market for eyewear is estimated to reach $210.8 billion.

• The global eyewear market is expected to grow at a compound annual growth rate of 8.4% from 2022 to 2030 to reach USD 323.77 billion by 2030.

Key factors that are driving the eyewear market growth include the growing number of ophthalmic disorders, awareness regarding eye examinations, and perception of eyewear as a fashion accessory.

• Some of the key players in the global eyewear market include Bausch and Lomb Inc.; Carl Zeiss AG; Charmant Group; CooperVision; Warby Parker; and EssilorLuxotttica.

• Luxottica and Vision Source were the leading retailers of optical products in the United States in 2021.

Vision Source was the leading optical retailer in the United States, with sales that amounted to about 2.7 billion U.S. dollars. Luxottica retail and National Vision Holdings followed, ranking second and third, respectively.

• Luxottica earns 65 cents of gross income for each dollar that it invests in the production of its eyeglass frames, with a post-tax profit of 53 cents for each dollar.

• 77 percent of all sales are made via brick-and-mortar retail stores, with the rest of the sales being made online.

Despite the growth of e-commerce in recent years, brick-and-mortar stores still account for the majority of retail sales. However, the COVID-19 pandemic has led to a significant increase in online shopping.

• It is predicted that the number of sales made online will increase in 2023.

The increase in online sales has a significant impact on traditional retail stores. It can lead to the closure of some physical stores and to the shift in retail strategies towards digital channels.

• 45% of all adults with purchase plans plan to buy at an independent store.

Independent eyewear stores are known for offering a unique and personalized experience that is not typically found at larger chain stores. This may be a factor in why 45% of adults with purchase plans plan to buy from an independent eyewear store. These stores often have a wider selection of frames and styles, including designer and niche brands that are not widely available elsewhere.

• 27% plan to buy at a chain store.

On the other hand, chain stores may offer more competitive pricing.

• 19% plan to buy at a discount store.

While discount stores tend to have lower prices for eyewear, they might have a narrower range of frames and lenses, and could lack the same degree of individualized attention provided by independent or chain stores.

• The average cost of getting glasses frames is $238.

This price is only for frames and if you do not have a valid insurance policy in place.

• Single Vision, basic lenses will cost around $113.

• For an average pair of glasses, it will cost around $351 without insurance.

• The average cost of purchasing frames and lenses from independent eyeglass shops and eye doctors is $400.

Despite the availability of several other alternatives, a multitude of individuals opts for this particular choice, primarily due to its exceptional convenience and the tranquility it provides.

• Average amount consumers plan to spend on their next eyewear purchase is $173.

The amount of money that a person plans to spend on the next pair of glasses can differ substantially based on various factors (geographic location, the type of eyewear, the brand, etc).

• 75% of eyeglasses frame purchases are for frames at $150 or less.

Over the past few years, there has been a shift towards less expensive eyeglasses. Online sellers are providing frames at much lower prices than physical stores.

• Computers are the #1 source of vision complaints in the workplace.

The extended use of computers may result in a condition known as computer vision syndrome (CVS). It manifests through different symptoms, including eye strain, dry eyes, blurry vision, and headaches.

• Over 70% of the workforce requires vision correction.

Regular prescription checks are necessary for those who use corrective lenses to ensure that their vision correction is still at an optimal level.

• Over 178 million eye exams were conducted in the United States in 2022.

Exams have remained consistently split between independent and corporate locations over the past four years, with just under 60 percent of consumers receiving exams at corporate locations.

• The cost of exams has also remained constant, with the price holding steady from 2019 to 2021, and only a $1 difference in 2022.

• Between patient spending and managed vision care reimbursements, $10.6 billion was spent on 115 million comprehensive eye exams.

• The total market value of frames in 2022 is $12.1 billion.

The entire market for frames fell in value by three percent from 2021 to 2022. The decrease in online sales and the lower price point for frames purchased online kept the total market value drop to nearly a fourth of the drop in volume.

• Over 98 million frames were sold in the US in 2022. In 2023, 66.9 million frames were sold for a total value of $7.75 billion.

• The total market value of lenses in 2022 was $23.6 billion.

The total value of the market for lenses decreased by three percent from 2021 to 2022. Even with this one-year decrease, the market value of lenses remains up by over 25 percent from the 2019 market value of $18.9 billion.

• Over 114 million lenses were sold in US in 2022.

• After the age of 45, the need for corrective lenses can become more frequent as the eyes tend to lose focus and become more sensitive to light.

Some people may start to naturally experience presbyopia, or the inability to focus on close objects, in their mid-twenties.

• Lenses are forecasted to decrease in volume by 6% in 2024.

• The total market value of contact lenses in 2023 is $12.1 billion.

Unlike the frames and lenses market that decreased overall from 2021 to 2022, the contact lenses market increased its market value by four percent, despite having a five percent drop in the volume of products sold.

• Market value for contact lenses is forecasted to decline by 9% in 2024.

• People who are more educated tend to need glasses more than those with less education.

There is no clear relationship between education level and the need for glasses. However, certain types of vision problems may be more prevalent in certain professions or fields that are more visually demanding. Performing a significant amount of near work, reading leads to myopia, or the need for glasses for distance.

• Those who work long hours at a computer, those who regularly consume alcohol, those who are extremely myopic (nearsighted), and those with a history of poor nutrition or Diabetes are all more likely to need glasses.

It means that certain lifestyle factors can increase the likelihood of needing corrective eyewear. But there is also genetic factor besides lifestyle that can have an impact.

• The U.S. population collectively lost 283,000 life years in 2013 due to uncorrected vision problems.

The complexity of the economic implications resulting from uncorrected vision problems is noteworthy. Reports indicate that the worldwide expense associated with decreased productivity due to unaddressed visual impairments surpassed $200 billion in the year 2020.

• Around 10% of eyeglasses users require adjustments to their eyewear after using the product for a while.

Eyeglass frames can be adjusted by optometrists or opticians, using a variety of techniques, which may include bending the frames, reshaping the nose pads or temple tips, or employing other methods to enhance the fit and comfort of the glasses.

• Household people with an HHI of $60 are 3 % points more prone to wear them than those people living in poorer.

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