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Middle East Eyewear Market to Expand at 8.8% CAGR from 2015-2023 on account of Increasing Prevalence of Acute Myopia

Press release Description

Albany, New York, October 14 2016: The rising use of disposable contact lenses and an enhanced sense of fashion are leading to a significant growth of the eyewear market in the Middle East. As a result of these and other trends, the Middle East eyewear market is expected to expand at a CAGR of 8.8% between 2015 and 2023 states a latest report that is now available on Market Research Reports Search Engine (MRRSE). The market is expected to rise from US$2.75 bn in 2014 to US$5.86 bn by 2023. 

The report is titled, ‘Eyewear Market (Product – Spectacles, Spectacle Lenses, Spectacle Frames, Contact lenses, Soft Contact Lenses, Rigid Contact Lenses, Plano Sunglasses, Polarized Sunglasses, Non-Polarized Sunglasses) – Middle East Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,’ and has been published by Transparency Market Research (TMR). 

The demand for luxury sunglasses and high-end spectacle frames is driving the Middle East eyewear market. According to the report, the Middle East eyewear market in terms of volume, is expected to exhibit a 4.8% CAGR in the period from 2015 to 2023. The growing prevalence of acute myopia among the younger generation is boosting the revenues of the market to a great extent. The heightened demand among the consumers for planar glasses and various other eyewear commodities is anticipated to lead the market’s growth. Moreover, the frequent renewal of spectacle lenses are increasingly becoming affordable for the middle class population in the emerging countries of the Middle East. 

The key factor hampering the growth of the eyewear market is the rising popularity of corrective refractive surgeries such as laser-assisted in situ keratomileusis (LASIK) or photorefractive keratectomy (PRK). The growing preference for such corrective surgeries can mitigate the need for spectacles or contact lenses, thus hampering their demand. 

On the basis of product type, the market is segmented into spectacles, contact lenses, and plano sunglasses. Of these, the spectacle segment is currently the dominant segment in terms of revenue and volume. In terms of revenue, the spectacle segment accounted for 75.2% of the market in 2014. By geography, the Middle East eyewear market is segmented into Saudi Arabia

Egypt, Oman, Qatar, Bahrain, UAE, Lebanon, Kuwait, Jordan, Turkey, and the Rest of the Middle East. Among these, the UAE is leading in the market owing to the strengthening of the economy. 

Key players profiled in the report are Luxottica S.p.A, Johnson and Johnson Vision Care, Essilor International, Carl Zeiss A.G, and Safilo Group. 

Browse Full Middle East Eyewear Market Report with TOC:

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