Global Prescription Rx Sunglass Market to Reach USD 30.4 Billion by 2032, Fueled by Growing Demand for Eye Protection and Outdoor Activities

The global Prescription Rx Sunglass Marketwas 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 growth of the market can be attributed to various factors, such as increased awareness about the importance of eye protection, a rise in eye-related diseases, and a growing popularity of outdoor activities. The aging population is another crucial factor driving the demand for prescription sunglasses, as they are more prone to eye-related illnesses. Additionally, the prevalence of myopia is increasing, particularly among younger individuals, which is driving the demand for prescription sunglasses with vision correction and UV protection.

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Some of the major companies in the Pharma & Cosmetics Market:

• Luxottica Group S.p.A
• Safilo Group S.p.A
• Essilor International S.A.
• Carl Zeiss Meditec AG
• CooperVision
• Bausch Health Companies Inc.
• Johnson & Johnson Vision Care, Inc.
• Hoya Corporation
• HOYA Vision Care Company
• Shamir Optical Industry Ltd.

The availability of a wide range of prescription sunglasses on online marketplaces and the convenience of e-commerce is another significant factor contributing to the growth of the market. Furthermore, the use of sustainable and environmentally friendly materials in the production of prescription sunglasses is also driving market revenue growth.

However, the high price of prescription sunglasses compared to conventional sunglasses may limit their acceptance among price-sensitive consumers. Moreover, the availability of fake and substandard products on online marketplaces is hindering the revenue growth of the market. To maintain consumer trust and drive market revenue growth, manufacturers must ensure product quality and originality.

In conclusion, the rising incidence of eye-related ailments, the popularity of outdoor activities, the adoption of sustainable materials, and the increasing trend of e-commerce are expected to drive revenue growth of the global prescription Rx sunglass market in the upcoming years. However, manufacturers must address the challenges of high prices and fake products to achieve sustained growth.

Segments Covered in the Report:

The eyewear industry has witnessed significant growth in recent years, driven by factors such as increasing prevalence of vision disorders and a growing aging population. Single vision, progressive, and bifocal are some of the popular eyewear product types, and their revenue is expected to increase in the coming years.

Single vision eyeglasses have lenses with a single corrective power and are used to correct nearsightedness, farsightedness, and astigmatism. Progressive eyeglasses have lenses with multiple corrective powers, providing a seamless progression from distance vision to intermediate vision to near vision. Bifocal eyeglasses have lenses with two corrective powers, primarily used for near and far vision. Other eyewear product types include trifocal and computer glasses.

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In terms of distribution channels, online and offline channels both play a crucial role in the eyewear market. The online channel has been rapidly gaining popularity, owing to its convenience and ease of use, and is expected to continue to grow in the coming years. The offline channel includes traditional brick-and-mortar stores and optometrists, and provides customers with the opportunity to try on and receive expert advice on their eyewear.

While eyewear is used by people of all ages and genders, the end-user outlook for the industry is divided into three main categories: men, women, and children. The demand for eyewear from men and women is relatively similar, with a slightly higher demand from women. Children also represent a significant segment of the market, with an increasing number of children needing corrective eyewear due to various factors such as excessive screen time and genetic predisposition.

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Strategic development:

• Strategic Developments in the eyewear industry have been happening over the past few years. In 2019, Essilor International S.A. acquired CooperVision to expand its product offerings in the contact lens segment and strengthen its position in the global prescription Rx sunglass market. In the same year, Luxottica Group S.p.A announced a merger with Essilor International S.A., forming EssilorLuxottica, the world's largest eyewear company. The merger aimed to expand the company's product offerings and strengthen its position in the global prescription Rx sunglass market.

• In 2018, Carl Zeiss Meditec AG launched its UVProtect Technology, which protects against harmful UV rays, ideal for use in prescription Rx sunglass lenses. This technology addresses the growing concerns of UV-related eye damage. Ray-Ban, a subsidiary of Luxottica, also launched its Ray-Ban Authentic prescription lenses in the same year. These lenses provide clear and distortion-free vision, designed to fit seamlessly into a range of Ray-Ban frames.

• In 2017, Bausch Health Companies Inc. acquired Johnson & Johnson Vision Care, Inc. to expand its product offerings in the contact lens segment and strengthen its position in the global prescription Rx sunglass market. Essilor also launched its Varilux X series of progressive lenses in the same year, providing clear and comfortable vision at all distances, compatible with a variety of sunglass frames.

• In 2016, Hoya Corporation acquired HOYA Vision Care Company to expand its product offerings in the prescription lens segment and strengthen its position in the global prescription Rx sunglass market. In 2020, Safilo Group S.p.A launched Blue Block Technology, protecting against blue light emitted by digital devices, ideal for use in prescription Rx sunglass lenses, addressing growing concerns of digital eye strain. Oakley, a subsidiary of Luxottica, also launched its Prizm Rx sunglass lenses in the same year, designed to enhance color and contrast for improved visibility in different environments.

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