Overview:

The ME and EU optical market is valued for more than US$ XXX.X Mn in 2019 and expected to reach a value of US$ XXX.X Mn by 2029 with a significant CAGR of around XX.X% over the forecast period of 2019-2029. Optical products include contact lenses, spectacles, and sunglasses. This all are worn for corrective, protective, or as a fashion statement and are also called as eyewear. Eyewear glasses can be of two types polarized and non-polarized. The products are sold majorly via retail stores across the globe.

Market Dynamics:

Growth in the strategic partnerships, M&A, and tie-ups among key market players in recent years is a key factor driving growth of the ME and EU optical market. For instance, in August 2019, CooperVision in partnership with TerraCycle has launched a soft contact lens recycling program to improve the company sustainability. In addition, Essilor Luxottica has announced the purchase plan of 76.72% stake in GrandVision in July 2019 for around US$ 8.8 Bn. This expected to support market expansion of Essilor Luxottica.

Moreover, growing incidences of eye diseases is another factor propelling demand for eye glasses in the ME and EU market. Furthermore, rising preference for sunglasses and spectacles as a fashion trend is another factor fueling growth of the ME and EU optical market.

Rising penetration for subscription based buying especially for contact lenses coupled with rising number of sales offers by key E-commerce companies are other factors supporting growth of the target market. The Europe is accounted for highest market share in the Middle East and Europe optical market and is expected to witness highest growth during the forecast period.

Key Trend:

Rising focus on product launches by key players is a key trend observed in the Middle East and Europe optical market. For instance, in March, 2020 Alcon has launched Vivity in Europe. Vivity is Presbyopia-correcting intraocular lens with X-wave technology. Additionally, in September 2019, Johnson & Johnson Vision Care, Inc. has launched ACUVU RevitaLens, a multi- purpose contact lens solution.

Scope of the Report:

Detailed Segmentation:

ME and EU Optical Market, By Product Type:

• Contact Lenses
  • Daily Wear Contact Lenses
  • Extended Wear Contact Lenses
• Spectacles
  • Spectacle Frame
  • Spectacle Lenses
• Sunglasses
  • Polarized
  • Non-Polarized

ME and EU Optical Market, By Sales Channel:

• Retail Stores
• Hospitals & Clinics
• Online

Key Players Covered:

Key players operating in the market includes, Johnson & Johnson, Alcon, Inc., CooperVision, Inc., Bausch and Lomb Inc., Carl Zeiss Meditech AG, HOYA Corporation, Essilor Group, Warby Parker, Menicon Co., Ltd., and BenQ Materials Corporation.

Key Features of the Study:

Foresight Market Research provides detailed analysis on global market in our report- ME and EU optical Market by product type, sales channel, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2018 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the ME and EU optical market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, market expansion, and marketing tactics used overall the globe.