Eyewear Market - Contact Lenses to Witness Heightened Popularity

The eyewear market in the Middle East is marked by the rising use of disposable contact lenses, increased affordability, an enhanced sense of fashion, and high consumption of luxury sunglasses and high-end spectacle frames. With contact lenses and frequent replacement of corrective spectacle lenses coming under the realm of a constantly expanding middle class population, the Middle East eyewear market is projected to witness healthy expansion in the years to come.

According to Transparency Market Research, the Middle East eyewear market is set to expand at an 8.8% CAGR over the period between 2015 and 2023 in terms of revenue. Growing at this rate, the market is expected to expand from US$2.75 bn in 2014 to US$5.86 bn by 2023. In terms of volume, the market is expected to exhibit a 4.8% over the same period. The vast deficit between revenue- and volume-wise growth prospects of the market point at the possibility that the consumers in the region are rapidly shifting towards opulent choices for eyewear.

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Corrective Eyewear Remains Key Determinant of Market Growth

Based on the type of products in the Middle East eyewear market, the segment of corrective eyewear, comprising spectacles and contact lenses, accounts for a dominant share in the overall market. Of these, the spectacles segment has a clear lead, in terms of both valuation and volume.

The segment accounted for a share of nearly 75% in terms of value and 60% in terms of volume of the overall market in 2014. Spectacle lenses and spectacle frames come under the purview of the spectacles segment, of which, the high frequency of replacement aid the increased demand for spectacle lenses, enabling them to account for a dominant share. The rising prevalence of a number of vision-related problems at younger ages and rising geriatric population have aided the healthy growth of the spectacles segment in Middle East eyewear market in the past few 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.

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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).

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