The rising number of patients suffering from myopia, hypermetropia, presbyopia, and astigmatism has directly reflected on the sales of corrective eyewear in the Middle East. Influenced by the surging demand for contact lenses, the Middle East market for eyewear is likely to show a steadfast rise in the coming years.
Browse the full Middle East Eyewear Market Report: http://www.mrrse.com/middle-east-eyewear-market
According to a report by Transparency Market Research (TMR), the opportunity in the Middle East market for eyewear, which stood at US$2.75 bn in 2014, is estimated to increase at a CAGR of 8.80% during the period from 2015 to 2023 and rise to US$5.86 bn by the end of 2023.
Alarming Surge in Young Patients Suffering from Acute Myopia to Boost Middle East Eyewear Market
The Middle East is witnessing an alarming surge in the pool of patients suffering from acute myopia, especially young kids. This factor has had the most prominent effect on the demand for corrective eyewear in this region. Apart from this, with the significant rise in disposable income, the fashion sense of consumers in the Middle East has also enhanced, which consequently, is resulting in the soaring demand for contact lenses and planar glasses.
The market is also expected to benefit from the augmented consumption of luxury sunglasses and other eyewear commodities in the region over the next few years, as the products such as disposable contact lenses and high-end spectacle lenses have become affordable for the middle-class population in emerging economies in the Middle East, thanks to the increase in their purchasing power.
While analysts project the market to enjoy lucrative opportunities in the near future, the swelling popularity of corrective refractive surgeries photorefractive keratectomy (PRK) and laser-assisted in-situ keratomileusis (LASIK) may limit the growth prospects of this market to some extent in the forthcoming years.
Presence of Affluent Consumers and Strengthening Economy to Support UAE Market for Eyewear
The UAE, Egypt, Saudi Arabia, Oman, Qatar, Bahrain, Lebanon, Jordan, Turkey, Kuwait, and the Rest of the Middle East are the key geographical segments of the Middle East Market for eyewear. The UAE, among these, emerged as the key contributor to the overall market in 2014 with a share of more than 39% in revenues. The same year, the UAE dominated the market for eyewear in the Middle East with a share of 38% in terms of volume as well.
On account of the easy availability of luxury brands, the presence of affluent consumers, and strengthening economy, the UAE market is likely to remain dominant over the next few years. Saudi Arabia is also expected to witness a sturdy rise in the sales of luxury eyewear in the coming years. By 2023, this market is likely to acquire the second position with a share of 24% in the overall market.
Browse the full Press Release of Middle East Eyewear Market: http://www.mrrse.com/middle-east-eyewear-industry
At the forefront of the Middle East market for eyewear are mostly foreign eyewear manufacturers such as Johnson and Johnson Vision Care, Safilo Group, Luxottica S.p.A, Essilor International, and Carl Zeiss AG. With luxury brands such as Prada, Oakley, and Ray-Ban under its umbrella, Luxottica S.p.A., has emerged as the leading company in the overall market for eyewear in the Middle East.