US Reading Glasses Market - Analysis, Size, Share, Growth, Trends and Forecast- 2029

In 2021, the market for reading glasses in the United States was worth USD 14.31 billion. The market is anticipated to expand at a CAGR of 5.2% from 2022 to 2029, rising from USD 14.86 billion in 2022 to USD 21.21 billion. Reading glasses are in lower demand worldwide than expected compared to pre-pandemic levels due to the unprecedented and staggering COVID-19 pandemic. According to our research, the U.S. market for reading glasses experienced a decline of -15.9% in 2020 compared to 2019.

Increased screen time among the American population in recent years has further contributed to the rising prevalence of major eye disorders. Adults and children in the US are both affected, as is their vision. The average American adult's daily screen time increased from 8 hours in 2018 to 13 hours in 2020, according to an article by Eyesafe Inc., increasing their exposure to high-intensity blue light.

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Drivers and Restraints:

Growing Demand for Treatment Options Due to Soaring Prevalence of Astigmatism and Other Diseases

The US reading glasses market growth is being powered by an increase in the number of major eye disorders. These include hyperopia, astigmatism, and presbyopia. Some of the other factors impelling the industry expansion comprise the soaring introduction of advanced eyeglasses, increasing prevalence of key eye disorders, and escalated screen time per day.

However, the industry landscape is likely to be hindered by the surging demand for contact lenses and the provision of distinct advantages such as increased aesthetics and the elimination of discomfort.

Key Points Covered in U.S. Reading Glasses Market

The growing demand for reading glasses among older adults is a key driver of the U.S. reading glasses market. As the population ages, the number of individuals with age-related vision impairments, such as presbyopia, is expected to increase.
The availability of a wide variety of reading glasses styles, including traditional frames, bifocals, and progressive lenses, is also expected to support market growth.
The increasing popularity of online sales channels is another key trend in the U.S. reading glasses market. Online retailers offer a wider selection of reading glasses and often at lower prices than brick-and-mortar stores.
The rise of at-home vision testing and online prescription verification tools is also impacting the market. This technology allows consumers to purchase reading glasses without the need for an in-person eye exam.
The emergence of new technologies, such as smart reading glasses that track eye movement and adjust focus, is expected to create new opportunities in the U.S. reading glasses market in the coming years.
COVID-19 Impact:

Industry Growth Hindered Due to Difficulty in Accessing Optometric Services

The COVID-19 pandemic negatively affected the industry with prominent participants registering a huge decline in revenue. This is mainly on account of the difficulty in accessing optometric services owing to the spread of the pandemic. This led to a drop in the product adoption rate, resulting in decreased demand for routine check-ups. These factors hindered the US reading glasses market share to some extent.

Segments:

18-64 Years Segment to Gain Traction Due to Growing Incidences of Major Eye Disorders

Based on age group, the US reading glasses market is subdivided into less than 18 years, 18-64 years, and 65 years and older. Of these, the 18-64 years segment accounted for a major share in 2021 and is set to record substantial growth over the estimated period. The rise can be attributed to the surging prevalence of critical eye disorders.

+0.25 to +2 Segment to Emerge Prominent Owing to Surging Product Demand

On the basis of corrective strength, the US reading glasses market is fragmented into +0.25 to +2, +2.25 to +3, and greater than +3. The +0.25 to +2 segment captured a key share in 2021 and is expected to record lucrative expansion over the analysis period. The rise is being driven by the escalating U.S. population in the age group of 4-59 years and the mounting demand for glasses with corrective strength.

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Prescription Reading Glasses Segment to Register Notable Rise on Account of Growing Consumer Preference

Based on type, the US reading glasses market is segmented into OTC reading glasses and prescription reading glasses. The prescription reading glasses segment is slated to record lucrative growth over the study period. The surge can be credited to increasing consumer preference driven by customized and accurate corrective strength.

Competitive Landscape:

Market Players Enter into Partnership Agreements to Sustain Industry Position

Several industry participants are entering into partnership agreements and collaborations for the expansion of their geographical footprint. Further, many companies are entering into a series of strategic initiatives such as mergers and acquisitions for the consolidation of their industry position. Some of the additional steps include growing participation in research activities.