Growing Safety Concerns among Workforce and New Regulations to Fuel Demand for Prescription Glasses
Prescription safety glasses are extensively used in both industrial setting as well as non-industrial environments. The adoption of prescription safety glasses is on the rise, particularly in industries, including manufacturing, automotive, construction, mining, and healthcare, among others. The meteoric rise in the adoption of prescription glasses can be attributed to a host of factors, including stringent workplace safety guidelines, increasing awareness regarding eye injuries, and the development of new eye care products.
As per the National Institute for Occupational Safety and Health, around 2,000 workers suffer from eye injuries on a daily basis, which thereby increases the need for optimum eye care and safety in such environments. Another major factor that is projected to boost the demand for prescription safety glasses during the forecast period is the significant rise in the number of individuals with vision deficiency. Adoption of prescription safety glasses among sportspersons, particularly involved in shooting, hunting, cycling, adventure sports, has witnessed a considerable surge in recent times due to which the market for prescription safety glasses is set to grow at a steady pace in the coming years. The strides taken by the e-Commerce sector is expected to provide companies involved in the prescription safety glasses market an ideal platform to enhance sales. At the back of these factors, the global prescription safety glasses market is expected to attain a value of ~US$ 861 Mn by the end of 2027.
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Polycarbonate and CR-39 to Remain Most Sought-after Lens Material
Stringent regulations pertaining to workforce safety have played a key role in increasing the demand for prescription safety lenses over the past few years. While prescription safety glasses are increasingly being used for personal use worldwide, the demand for the same in professional environments is set to remain higher. Companies operating in the current prescription safety glasses market are likely to focus on improving the durability of their products as well as the materials that are being used to develop these products.
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Over the past decade, polycarbonate has gained a great amount of popularity particularly for applications that require high levels of safety. As customers continue to emphasize the durability of prescription safety glasses, polycarbonate continues to remain a popular choice of lens material. Some of the other properties of polycarbonate including the optimum thickness, impact resistance, flexibility, and exceptional UV blockage are expected to drive the sales of polycarbonate prescription safety glasses in the upcoming years. Polycarbonate has also emerged as an ideal choice among individuals that require corrective lenses owing to its ideal composition, comfort, and clarity. Polycarbonate prescription safety glasses are increasingly being used across a host of industrial environments as they comply with the laid down guidelines. Despite having a significantly high market share, CR-39 prescription safety glasses are tipped to remain the first choice of customers over the forecast period, owing to its exceptional optical properties, pricing, and lightweight nature.
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Sales via e-Commerce Websites Set to Grow
Over the past decade, the overall progress made by the e-Commerce sector opens up new sales avenues for companies operating in the current prescription safety glasses market. Companies operating in the current market landscape are expected to focus on formulating effective digital marketing strategies to improve their brand presence and visibility. With the advent of multiple e-Commerce websites within the prescription safety glasses market, market participants are increasingly listing their products on these platforms to augment sales. Some of the key strategies deployed by companies to improve sales include discounts, promotional strategies, discounts, return policies, and more. Online retail is set to gain fast-paced momentum in the current market landscape due to which, the prescription safety glasses market will witness considerable growth in the forthcoming years. Despite a significant rise in the number of online sales, offline sales and distribution channels will continue to have a higher market share and value over the forecast period.
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The global prescription safety glasses market is expected to grow at a steady CAGR of ~4% during the forecast period. Some of the key factors that are likely to influence the growth of the market during the timeframe of the study include stringent regulations pertaining to workforce safety, significant progress in the development of new materials used to manufacture prescription safety glasses, and a considerable rise in the number of individuals with vision deficiencies worldwide. Companies operating in the prescription safety glasses market landscape should focus on improving their sales through both, online as well as offline channels, and invest resources in developing effective marketing strategies to enhance their brand presence.
Prescription Safety Glasses Market: Overview
- According to Transparency Market Research’s latest market report on the prescription safety glasses market for the period 2019–2027 (wherein 2019 to 2027 is the forecast period and 2018 is the base year), increasing number of vision deficiencies, and growing concerns about eye safety in manufacturing industries and the construction sector is anticipated to drive the prescription safety glasses market.
- Globally, revenue generated by the prescription safety glasses market accounted for around US$ 584.6 Mn in 2018, which is expected to expand at a CAGR of ~4.4% in terms of value throughout the forecast period.
Increase in Number of People with Vision Deficiencies: A Key Driver
- According to a study conducted by National Institutes of Health, around 90% of people in the U.S. in the age group 20 – 39 years are visually impaired, which can be corrected with glasses or contact lenses. Increasing number of eye deficiencies is projected to fuel the usage of prescription glasses in the coming years.
- Uncorrected eye refractive errors, cataract, glaucoma, and infections are the major causes of vision impairment. Furthermore, extensive usage of smartphones and computers have led to vision troubles globally. Nowadays, a vast majority of people wear glasses or contact lenses. More than 6 in 10 people wear glasses due to eye defects.
- Prescription safety glasses are custom created, taking into consideration every individual’s prescription needs so that these glasses can be used as a replacement for prescription glasses. Though safety eyewear provides eye protection at workplaces, prescribed safety eyewear helps to provide correct vision which aids in completing the job at workplaces efficiently. Hence, the growing number of vision deficiencies among the population is set to drive the prescription safety glasses market globally.
Technological Advancements and Growing Personal Safety Awareness: Market Opportunity
- Innovation and technological advancements in eyewear are expected to create favorable opportunities in the market. Prescription safety glasses provide protection from dust, and impact & chemical splash in hazardous working environments, which is anticipated to drive the market in the near future.
- The world has seen many technological advancements over the last few years, and Univet, one of the leading manufacturers of prescription safety glasses, has come up with the revolution of protective eyewear by manufacturing augmented reality safety glasses. Rising technological advancements and manufacturing of comfortable eyewear is likely to create vital opportunities for prescription safety eyewear in the coming years.
- Prescription safety eyewear manufacturers are striving to develop new designs, styles, and features to improve the user’s comfort as well as minimize the cost. This is anticipated to create lucrative opportunities for manufacturers of prescription safety glasses in the near future.
- The prescription safety glasses market has the opportunity to tap unexplored markets in South America, and Middle East & Africa. Manufacturers of prescription safety glasses have huge opportunity to cater to untapped markets in these regions.
Affordability or High Cost of Prescription Safety Glasses Likely to Hinder Market Growth
- High cost of prescription safety glasses is a major issue, especially in emerging economies. Prescription safety glasses are unaffordable to people working in the labor sector.
- Affordability is the major concern as prescription safety glasses are a costlier than regular safety glasses. Several industry manufacturers tend to buy low cost safety gear equipment, which can impact the sales of prescription safety glasses.
- In addition, availability of alternatives such as face shields, and safety goggles may hinder the growth of the market
Prescription Safety Glasses Market: Competition Landscape
- Detailed profiles of manufacturers of prescription safety glasses have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the prescription safety glasses market include
- EssilorLuxottica SA
- Wiley X Inc.
- Pyramex Safety
- Radians, Inc.
- MCR Safety
- Univet S.r.l.
- UVEX GROUP
- Bollé Safety
- Honeywell International Inc.
- HOYA Corporation (3M)
- Kimberly-Clark Corporation
- Phillips Safety Products
Prescription Safety Glasses Market: Key Developments
- Prominent manufacturers in the prescription safety glasses market are increasing investment on research & development to undertake advancements in technologies to fulfill the demand in the market. Manufacturing companies are also planning to expand their presence in various geographies through mergers & acquisitions and tie-ups with distributors and retailers.
- Some other key developments in the prescription safety glasses market are as follows:
- In July 2019, EssilorLuxottica announced the acquisition of GrandVision to create a global eye care and eyewear company. Through this acquisition, EssilorLuxottica will expand its optical retail platform, primarily in Europe, by adding more than 7,200 stores globally, and over 37,000 employees. The company is majorly focusing on strengthening its presence across the globe and continuously taking steps to become a global leading company in the field of eyewear.
- In March 2017, Wiley X Inc. added three new products in Black Ops Collection Climate Control™ WX Enzo sunglasses to its industry-leading line-up, which provides advanced protection with distraction free vision for a wide range of activities
- In June 2016, WILEY X® EUROPE expanded its business across the Middle East & Africa market in order to increase its customer base and meet the growing demand for its products across the EMEA region
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