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How Much Is The Eyewear Industry Worth?

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Materials that makeup eyewear products and methods comprising protection and for other ocular objectives have come a long way. The vast consumer base worldwide has led to a spurt in sales of eyewear products. An astounding range of products, broadly falling into the categories of contact lenses, sunglasses, and spectacles, has emerged to meet the demands of the target consumer in the Middle East.

Companies in the Middle East eyewear market have been toiling hard to translate advancements in the vision science and optometry to revenues in the near future.

Growing Awareness of Work-Related Eye Hazards in Industrialized Nations to Spur Sales, UAE Lucrative Market

Since the beginning of this millennium, they have been putting in billions of dollars in manufacturing plans to churn out products that promise to meet the stringent criteria of user safety and ocular physiology. The clinical effectiveness of eyewear to prevent ocular injuries for industrial workers in hazardous work is another key aspect propelling new product developments. Personal protective eyewear has also witnessed some lucrative growth opportunities, especially in United Arab Emirates (UAE). The market prospects have been engendered by the continuous pace of industrialization in the UAE. Most prominently, the trend has been advancing on the back of a tremendous growth of construction and manufacturing activities coupled with stringent implementation of labor safety laws in the region.

Growing awareness about work-related eye hazards, especially in small-scale industrial enterprises, has spurred the uptake of safety glasses among industrial workers in the UAE and elsewhere in emerging economies of the Middle East.

All in all, the ever-rising demand for diverse array of products—either for optics or for general protection—among eyewear users has shaped the contours of the Middle East eyewear market.

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From Optics to Cosmetics, Contact Lenses Gather Steam

The opportunities in Middle East eyewear market to move past US$5.8 bn by 2023. Investigative ophthalmology has shed light on the characterization of materials of soft contact lens. Manufacturers now have access to information on various characteristics pertaining to ocular health, comfort level, durability, and practicality of handling, and stability of vision. Diverse as these may appear at the outset, soft contact lens manufacturers in the Middle East eyewear market have unlocked new avenues by leveraging novel approaches to design their products. An example is the use of ultra-long scan depth optical coherence tomography.

Of particular interest to them are initiatives to develop products that meet optical as well as cosmetic demands. Unarguably, the market players witness a whiff of optimism from the growing fad of colored cosmetic contact lens among younger generation.

The Middle East eyewear market has witnessed several new frontiers by growing number of patents in soft contact lens. In this regard, a range of polymers have become the subject of ongoing intense scrutiny for researchers in the Middle east eyewear market. Companies, pioneering in new materials for both soft and rigid contact lenses, are keen on prolonging the wear time and reducing complications. This, they are accomplishing by improvising the properties of contact lenses’ materials.

Designer Fashion and High-end Products Present Value-grab Opportunities

Another product category where new revenue streams have erupted is sunglasses for both ocular protection and meeting the luxury fashion trends. Over the years, a growing body of research has found new manufacturing models to develop sunglasses that offer effective UV protection from the sun exposure to the eyes. Designer fashion and high-retail-price products are piquing the curiosity of consumers notably those who shop for premium products.

In this regard, consumers are becoming aware of the verifiability of claims. In particular, a growing number of consumers are becoming more aware of spectral evaluation of eyeglass blocking efficiency of the currently available products. Brands have lodes of opportunities to capitalize on there.

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Shubham Jamdade

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