Eyewear Market (Product - Spectacles, Spectacle Lenses, Spectacle Frames, Contact lenses, Soft Contact Lenses, Rigid Contact Lenses, Plano Sunglasses, Polarized Sunglasses, Non-Polarized Sunglasses) - Middle East Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
Press Release :
The demand within the Middle East eyewear market has been rising on account of advancements in the field optometry and ophthalmology. Several advanced technologies for testing eye health have come to the fore in recent times, and this factor has overhauled the dynamics of the Middle East eyewear market. A large population of people wears spectacles, either to enhance vision or to avert dust and other particles. The market for eye wear in the Middle East has been expanding at a boisterous pace, as several healthcare organisations emphasize on the need for improved optometry. The use of eyewear is not restricted to a particular population demographic, and people from all age groups use them. This implies that the market for eyewear caters to a large populace across the globe. This trend has reflected in the regional markets, and has given a push to the growth of the Middle East eyewear market. The Middle East has heavily invested in improving optometry, and this factor has aided the growth of the regional market.
The market for eyewear in the Middle East endows commendable opportunities for growth as new technologies emerge in the field of ophthalmology. The market for eyewear in the Middle East is expected to expand at a robust CAGR of 8.80% during the period ranging 2015-2023. The market value of the regional eyewear market is projected to touch a value of US$5.86 bn by 2023, rising up from a valuation of US$2.75 bn in 2014.
This report preview by Transparency Market Research (TMR) on the Middle East eyewear market is a dexterous account of the various forces of market demand. The segments pertaining to the Middle East eyewear market have been elucidated in this report preview. Furthermore, the regions covered in the report on the Middle East eyewear market have also been included in this preview.
Soft Contact Lenses to Witness Tremendous Demand
The market for eyewear in the Middle East has been expanding in lieu of advancements in manufacturing technologies for eyewear. Based on the type of product, the Middle East eyewear market has been segmented into soft contact lenses, spectacle lenses, contact lenses, spectacles, rigid contact lenses, plano sunglasses, non-polarized sunglasses, and polarized sunglasses. The demand for soft contact lenses is increasing as people want to get rid of spectacles. Sportspersons extensively use contact lenses as they provide greater freedom to perform strenuous activities. The market for polarized sunglasses is on also on a rise due to the distinct properties of these glasses. Sunglasses are also in great demand as the former have emerged as a key fashion statement.
Asia Pacific to Witness Paced Growth
On the basis of geography, the market for eyewear in the Middle East has been segmented into Saudi Arabia, Oman, UAE, Qatar, Kuwait, Egypt, Bahrain, Lebanon, Jordan, and Rest of Middle East. The market for eyewear in Saudi Arabia is growing alongside advancements in the field of optometry in the Kingdom. The market for eyewear in Kuwait, Oman, and UAE is expanding on account of the adoption of the latest fashion trends in these countries.
Several regional and local vendors have heavily invested in the Middle East eyewear market. Some of the key vendors in the Middle East eyewear market are Carl Zeiss A.G, Luxottica S.p.A, Essilor International, Johnson and Johnson Vision Care, and Safilo Group.
Eyewear consists of products used to aid in vision correction, cosmetic enhancement and protection of the eyes.Corrective eyewear can be used to correct and alleviate refractive errors. Spectacles and contact lenses are the most common form of corrective eyewear, and are usually prescribed by an optometrist, ophthalmologist, or optician. They aim to improve the quality of life of patients, and can also be used for eye protection.
Factors such as rapid modernization in urban areas and rising consciousness about eye health conditions are responsible for driving the growth of the eyewear market in the Middle East.Consumers, especially the younger generation, are likely to try out newproducts as long as they provide real added value and contribute to their quality of life. Moreover, with a higher percentage of population being able to afford luxury goods, increasing disposable income is a major driving force for the expansion of the eyewear market. Colored contact lenses, high index eyeglasses, and high-end spectacle frames are now within the reach of a large section of the population. Customers frequently replace spectacle lenses by getting customized lenses to fit the same frame. Since lenses have a higher retail margin than frames, there is high renewal rate of lenses among consumers. Considering all these factors, the eyewear market in the Middle East is likely to grow at a significant rate during the forecast period.
However, increasing acceptance rate towards refractive surgeries and treatments are expected to inhibit market growth, as these methodologies provide a complete alternative to the usage of corrective eyewear products. These procedures require a one-time investment, and omit periodicexpenses of eyewear and eye care products.
Eyewear productsare marketed through different distribution channels including optical shops, hypermarkets, department shops and online stores. Increasing availability of these products in stores and supermarkets are also promoting the growth of the eyewear market in the Middle East.Optical shops are having a substantial advantage over other channels. Leading chains such as YateemOpticals, Al Jaber, and MagrabiOpticals are increasing their number of outlets in the Middle East.Strong marketing efforts, social media advertising, special offers and the promotion of new designs and concentration on recent trends are some of the major strategies implemented by these optical shops. However, affordable eye check-ups and increased awareness amongst the public are necessaryfor the widespread use of eyeglasses and contact lenses.
This market research study analyzes the eyewear market in the Middle Eastand provides estimates in terms of revenue (USD Million) from 2014 to 2023. It emphasizeson the drivers and restraints responsible for the growth of the industry and examines their impact during the forecast period from 2015 to 2023. Moreover, it recognizes the important opportunities for the market expansion in the upcoming years.
The report segments the eyewear market based on product type which includes spectacles, contact lenses and plano sunglasses. The spectacles segment is segmented into spectacle lenses and spectacle frames. The contact lenses segment is subdivided into rigid contact lenses and soft contact lenses. The plano sunglasses segment is further bifurcated into polarized and non-polarized plano sunglasses.By countries, the eyewear market in the Middle East is classified into Saudi Arabia, Egypt, UAE, Qatar, Oman, Kuwait, Bahrain, Jordan, Lebanon, Turkey and rest of the Middle East.
The report offers company market share analysis of key industry participants. Major players have been profiled on the basis of company overview, financial overview, business strategies and key developments.Leading market players profiled in this report areLuxottica S.p.A. (Italy), Safilo Group (Italy), Essilor International (France), Johnson and Johnson Vision Care (U.S.) and Carl Zeiss A.G. (Germany).
The Middle EastEyewear Market: by Product Type
- Spectacle Lenses
- Spectacle Frames
- Contact lenses
- Soft Contact Lenses
- Rigid Contact Lenses
- Plano Sunglasses
- Polarized Sunglasses
- Non-Polarized Sunglasses
The Middle EastEyewear Market: by Country
- Saudi Arabia
- Rest of the Middle East