The TMR report predicts the Middle East eyewear market to rise at a CAGR of 8.8% between 2015 and 2023.
Albany, NY -- (SBWIRE) -- 10/31/2017 -- The TMR report predicts the Middle East eyewear market to rise at a CAGR of 8.8% between 2015 and 2023. At this estimate, the market is prognosticated to reach a valuation of US$5.86 bn in 2023, from US$2.75 bn in 2014. The contact lenses segment is anticipated to expand at a 9.6% CAGR up to 2023, due to the growing popularity and higher lifestyle quotient.
In the luxury segment, Luxottica S.p.A, Ray-Ban, Oakley and Prada are reported to revel in the market popularity. Other vendors such as Johnson & Johnson Vision Care, Essilor International, Safilo Group and Carl Zeiss A.G. are also mentioned in the report. Market participants are anticipated to target young buyers by reaching out through social media and e-retail, as a strategy to ensure higher market revenue.
More and more end users are using disposable lenses to rectify visual deficiency and refractive errors. The launch of cost-effective everyday soft and disposable lenses with easier maintenance and cleanliness characteristics has made them a trendy option and more popular. The corrective eyewear segment held over three-fourth part of the total market revenue, and over 60% in terms of volume over the past years. However, the acceptance towards eye treatments and refractive surgeries, such as LASIK, could hinder the industry growth over the forecast period.
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Rising dispensable incomes over society are driving the use of eyewear, particularly spectacles and shades to be an accessory rather than a necessity. Buyers are getting a thrill out of purchasing eyeglasses, to supplant their old ones as well as to refresh their look, in this way expanding the volume of sales. Furthermore, over the forecast period, the contact lenses segment is foretold to witness rising popularity, with a vigorous CAGR. The growth of the contact lens segment may be accounted to the high style quotient attributed to them, along with added comfort and convenience to the user.
Geographically, UAE is likely to hold the dominant market share in the Middle East eyewear market. Saudi Arabia is also prognosticated to be a large market share holder, on account of greater population of prosperous consumers, emerging economic conditions, and existence of luxury brands.
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Acute Myopia Prevalence to Prove Significant Market Opportunity
Rising ubiquity of eye corrections because of rushed work routine is expected to aid the eyewear market development in the Middle East. As indicated by WHO, cataract is prevalent in 51% of the world's visual deficient. A number of factors such as ageing populace, brisk urbanization and surge in diabetes among all age groups are supplementing the eyewear business. The rising pervasiveness of partial blindness or nearsightedness among grown-ups and minors because of hereditary and ecological elements has prompted a surge in remedy eyeglasses in the Middle East market. Innovations in technology and lifestyle changes are prompting the use of gadgets such as cell phones and tablets causing strain on eyes and propounding the danger of future vision issues. The significance of proper eye care and its awareness is relied upon to propel the market over the forecast duration.
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Additionally, market growth is anticipated to be factored by lifestyle changes on account of urbanization, higher instances of people using corrective eyewear, more usage of silicon hydrogel, and the growing geriatric population. The industry growth could be hindered by price differences between unbranded and branded frames, illegal sale of novelty lenses, and the challenging vernacular conditions in different countries. Nevertheless, the higher purchasing power among middle classes, and enhanced fashion senses along with preference for luxury brands are anticipated to beat the market shortcomings.
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