Europe Prescription Spectacles Market Reach USD 31.89 Billion
The Europe prescription spectacles market size is expected to reach USD 31.89 billion by 2027 while exhibiting a CAGR of 5.2% between 2020 and 2027. This is attributable to the increasing prevalence of ocular disorders and the growing adoption of mobile phones and laptops that drive the demand for innovative prescription spectacles in Europe. This information is published by Fortune Business Insights, in its latest report. The report further mentions that the market stood at USD 23.92 billion in 2019.
Closure of Shops to Lead to Declining Sales in the Global Market for Europe Prescription Spectacles
Several European countries are under lockdown owing to the widespread effects of the global pandemic that has taken several lives and many more under quarantine in the region. This has led to the closure of several industrial operations and other activities. Additionally, the postponement of optical surgical procedures, closure of optics, and other factors have led to reduced generation of sales revenue that is affecting the market negatively. However, adoption of advanced technology such as telemedicine, and the growing focus on sales through online channels will favor the market growth in the forthcoming years.
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Prescription spectacles are used to correct refractive error in the person and further aids in improving his poor vision. The increasing rate of people suffering from impaired vision is due to several factors such as hyperopia, myopia, and presbyopia among the people that drives the demand for innovative Europe prescription spectacles range.
Increasing Incidence of Ocular Disorder to Augment Growth
According to the report by the European Blind Union, it is estimated that around 30 million people in Europe suffer from blindness and partial sightedness. That is about 1 in 30 Europeans experiencing vision loss. The increasing prevalence of ocular disorder amongst the population is propelling the manufacturers to boost the Europe prescription spectacles sale by introducing innovative products. Moreover, the growing adoption of mobiles and laptops owing to the increasing work from culture amid COVID-19 is expected to contribute to the Europe prescription spectacles market growth during the forecast period.
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More Than 55 Years Segment Held 43.4% Market Share in 2019
The more than 55 years segment, based on age group, held a market share of about 43.4% in 2019 and is likely to dominate the global market for the Europe prescription spectacles in the forthcoming years. This is ascribable to factors such as the presence of a higher proportion of the population coming under this age bracket in Europe.
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