The CR39 eyeglasses market in India has been immensely driven by the Increasing population, high prevalence of vision impaired people, augmenting spending capacity, changing lifestyle of people, rising awareness, and age related macular degeneration among growing geriatric population. Innovative products by manufacturers and increasing demand among children are other major aspects which are expected to further fuel the CR39 eyeglasses market in India. It has been estimated that CR39 eyeglasses market was worth INR ~ million in FY’ 2011 which increased to INR ~ million in FY’ 2016, exhibiting a CAGR of ~% from FY’ 2011 to FY’ 2016.
The emergence of ecommerce platform for retail of prescription eyeglasses in India is also the major factor which has led to the high growth of CR39 eyeglasses demand in India in between FY’ 2011 to FY’ 2016.
Year 2010 marked the establishment of ecommerce platform for purchasing eyeglasses in India by the name of Lenskart. India based Valyoo Technologies Pvt. Ltd. founded this company with an aim to sell eyewear online including prescription glasses. This led to easy accessibility and reach towards expensive and diverse range of prescription eyeglasses. People living in Tier II cities, Tier III cities and rural region of India got attracted towards the website, though very less started purchasing eyeglasses online from Lenskart, overall increasing the demand for eyeglasses in India subsequently for CR39 eyeglasses.
World renowned GKB Ophthalmics Ltd. also went online in October 2011 providing the exclusive range of prescription glasses from INR ~ to INR ~. The platform increased the reach of people towards expensive glasses, benefiting the overall market.
Figure: India CR39 Eyeglasses Market Size by Revenue in INR Million, FY’ 2011 – FY’ 2016