The optical market - Spain

1.2 A fast-growing global market

Global market size

Optical market size World, ****-****, in billions of US$ CAGR (***): +*.* CAGR (***): +*.*% Source: ****

The global optics market, which includes eyewear, contact lenses, sunglasses and other eyewear products, was estimated at around US$***.* billion in **** and is expected to reach a value of US$***.* billion by ****.

There are * main categories within the optical market: prescription eyewear (***) readers and contact lenses. In the North American eyewear market, sunglasses are the leading product category in terms of unit sales.

The United States was the world's largest market in ****, with revenues three times those of France, the second largest market. Vision Source: ****

Several trends account for this growth, including the aging population, which increases demand for eyewear, and rising disposable incomes, which make it possible to buy better-quality eyewear.

Sunglasses continue to be an important growth driver, as tourism continues to expand and the public becomes more aware of the health risks associated with sun exposure. What's more, sunglasses have always been a fashion item. From flagship models launched by the major brands to affordable eyewear marketed by the major optical chains, the sunglasses market is booming worldwide, especially in Europe.

Spain's high penetration rate

Proportion of population with glasses Europe, ****, in percent Source: ...

1.3 A growing national market

Spanish market size

The optics market in Spain is growing again. In ****, the sector in Spain recorded sales of *.** billion euros, an increase of *.*% on the previous year.

Despite the recovery in ****, the sector has not yet returned to pre-pandemic levels, following the collapse in consumption caused by the Covid-** crisis. Moreover, according to DBK, we can expect a slowdown in growth and a reduction in sales by ****, due to the impact of inflation, which will erode Spaniards' purchasing power.

By ****, ** companies involved in the manufacture or import of optical products were operating in the Spanish market. [***]

Optical sector sales Spain, ****, in millions of euros Source: ****

The different segments

Breakdown of sales by product type Spain, ****, in Source: ****

Ophthalmic lenses account for almost **% of market value. Next come spectacle frames (***). Maintenance and other services still account for *.*% of sales.

1.4 Optical foreign trade

Here we consider the data provided by UN Comtrade for the following product categories:

**** **** **** And their sub-categories

These three codes include prescription glasses, contact lenses, sunglasses and frames.

Foreign trade in optics Spain, ****-****, in millions of US$ Source: UN Comtrade The chart above illustrates the trade in eyewear in Spain. It shows that Spain imports more eyewear than it produces and exports. Indeed, the coverage rate (***) was **% in ****, implying that imports are almost twice as important in value terms as exports.

Main countries supplying optics by value Spain, ****, % of total Source: ****

The chart above shows France's main trading partners for eyewear, led by China (***) .

Main optical customer countries by value Spain, ****, as % of total Source: ****

France's main optical customers are mainly European, with France in first place (***).

2.1 Incompressible demand

In ****, the main vision problems in Spain will be myopia, astigmatism, presbyopia and hypermetropia. The following graph shows the main vision problems among the visually impaired population. Myopia accounts for around **% of all cases of visual impairment in Spain.

Main vision problems among Spaniards Spain, ****, in Source: ****

Vision problems according to age Spain, ****, in Source: ****

Vision problems do not necessarily increase with age, and vary according to age. For example, among young people, myopia is the major visual impairment (***).

2.2 A preference for glasses

A preference for glasses Do you usually use a vision correction system? Spain, ****, in Source: White Paper Spectacles are the most common type of correction worn by the spectacle-deficient population (***). **% of people with a visual problem wear no correction at all. Evolution of demand Evolution of the population wearing glasses Spain, ****-****, in Source : White Paper In ****, **% of the visually impaired population owned prescription glasses in Spain, a figure up on ****. Thus, **% of the total Spanish population owns glasses.

Demand by age

Eyeglass wear by age Spain, ****, in Source: ****

Contrary to popular belief,**-** year-olds are the most likely to wear glasses.

Various types of eyewear

Different types of eyewear Spain, ****, in Source: White Paper The most popular type of eyewear is normal lenses, followed by progressive lenses (***), which together account for almost ***% of eyewear worn in Spain.

Purchase frequency

Frequency of eyewear purchases Spain, ****, in Source: White Paper Generally speaking, spectacle wearers buy new glasses once every two years .

2.3 Sunglasses

In Spain, the market for sunglasses is significantly larger than in most developed countries, due to the favorable climate for their use and historically high tourism. In ****, frames and sunglasses accounted for **.*% of total optical market volume in the peninsula. However, containment phases and a drastic reduction in tourist arrivals led to a drop in activity of over **% in ****, before recovery began in ****.

The sunglasses market in Spain grew by *% in **** compared with ****, exceeding pre-pandemic levels. According to the Spanish Association of Optics Manufacturers (***), this growth is attributed to the lifting of COVID-** restrictions and the end of the mask requirement in May ****. The importance of offering products that combine fashion and visual health in shop windows is emphasized. The AEO also points out that market studies for **** show positive results, with the return of luxury tourism and an increase in fashion purchases, contributing to higher average sales values. It stresses the importance of linking fashion to visual health to stimulate the optical sector. Source: ****

Number of sunglasses sold per year

Trend in number of sunglasses sold Spain, **** ****, in numbers Source: ****

Between **** and ****, ***,*** more sunglasses were sold, an increase of **.*%.

2.4 Lenses, increasingly popular

Evolution of demand

Evolution of the lens population Spain, ****-****, as % of population with sight problems Source: ****

Between **** and ****, the share of the population wearing lenses is on the rise (***). In Spain in ****, **% of the total population will be wearing contact lenses .

Lenses, widely worn by young people

Lens wear by age Spain, ****, in Source: ****

As the graph above shows, contact lenses are mainly worn by a younger population, with older people having little interest in this type of product. In fact, **% of **-** year-olds with sight problems wear lenses, compared with *% of those over **.

Contact lenses, mainly worn by women

Lens wear by gender Spain, ****, in Source: White Paper Women are much more likely than men to wear contact lenses. In fact, **% of women with sight problems wear contact lenses, compared to just **% of men.

3.1 The care pathway and the various healthcare professionals involved

Here's a diagram of the market structure:

Only an ophthalmologist (***). During the appointment, the specialist examines the eyes through various tests, then draws up the prescription according to the person's specific needs. The first prescription is valid for one year, and once renewed, lenses can be purchased for a further * years. Patients can then purchase their lenses through a variety of distribution channels, mainly opticians or the Internet.

The various healthcare professionals involved in the treatment process are :

Ophthalmologists are medical doctors who can issue prescriptions for glasses or contact lenses. The optician is usually the person who delivers the glasses or contact lenses, and can provide advice on how to use them. Orthoptists can carry out re-education or visual assessments, and often work in collaboration with an ophthalmologist.

And let's not forget optical equipment manufacturers, wholesalers and central purchasing agencies, who are the hidden part of the iceberg.

3.2 Optical equipment production in Spain

The eyewear and contact lens production process

The production sites of the optical market are diverse, from the big leaders established in Spain and Europe (***) to the historic houses and the new brands and start-ups that are emerging. Depending on the range, glasses and lenses are not all manufactured in the same place.

Here's what a production cycle looks like for Ray-Ban eyewear (***), with production separated into frames and lenses:

Frame: Eyeglass frames are generally made of metal or a type of plastic called cellulose acetate.

Source: ****

Lenses:

Source: ****

3.3 Distribution in the optical market

Overview of the optical retailing

Number of establishments Spain, ****-****, in units Source: ****

Number of industry professionals Spain, ****-****, in units Source: ****

We can see that the number of establishments and staff has increased in recent years, reaching **,*** optical retailers for a total of **,*** opticians in ****.

Optician activity is particularly concentrated in the north of Spain, but also in the autonomous community of Castilla-La Mancha.

Distribution channels

Breakdown of establishments by type Spain, ****, in Source: ****

Breakdown of sales by type of establishment Spain, ****, in Source: ****

In ****, the number of independents is low (***), whereas cooperatives, branches and franchises have fewer stores, but generate a greater share of sales.

3.4 Ophthalmologists, prescribers of eyewear

Consultation locations

Where do you have your eye examinations performed? Spain, ****, as % of total Source: ****

In Spain , opticians and ophthalmologists are logically the preferred places for consultations .

Main hospitals

Hospitals with the best reputation for the ophthalmology specialty Spain, ****, index Source: ****

The hospitals with the best reputation for optahlmology in Spain are Hospital Universitario Ramón y Cajal and Hospital Universitario La Paz . NB: This reputation index ranges from * to ****, with **** corresponding to the hospital with the highest reputation in this specialty. This index was developed by MERCO coporate reputation business monitor.

4.1 Market products

General overview

Broadly speaking, the three main sectors of the eyewear industry include :

Eyewear (***) Sunglasses Contact lenses

The product range is broad, and is measured according to the different needs of the eye. Glasses with different types of lenses, contact lenses, sunglasses with polarized lenses or different colors for a specific need, the optical market offer is divided into several media. What's more, the product range also includes a wide price range, where premiumization is an integral part of the market.

Below is a more detailed breakdown of each of the components in the three categories.

Glasses and lens types

There are three main types of lenses available from an optician

single vision lenses : these correct myopia, hyperopia and astigmatism. These lenses are either spherical or aspherical. progressive lenses : these correct presbyopia. They can be used for both near and far vision, and are divided into three vision zones: the upper part of the lens to correct distance vision, the lower part to correct near vision, and the middle part to correct medium-distance vision. There are three categories for this type of lens: General lenses, suitable for most people Customized products that offer more options and a better fit Individualized, high-end, ...

4.2 Eyeglass and contact lens prices

Here are the average prices of various optical products in Spain.

Corrective lenses

Price trends for corrective lenses Spain, ****-****, in euros Source: ****

The average selling price of corrective lenses in Spain in **** is **.** euros, up *% on ****.

Prescription glasses

Eyewear price trend (***) Spain, ****-****, in Source: ****

The average selling price of prescription glasses in Spain in **** is ***.* euros, up on **** and ****.

Sunglasses

Sunglasses price trend Spain, ****-****, in euros Source: Modae The average selling price of sunglasses in Spain in **** is **.** euros, up **% on ****.

Optical expenditure per person Spain, ****, in euros Source: ****

On average, Spaniards who made the above optical purchases in **** spent *** euros on frames, *** euros on sunglasses, *** euros on prescription glasses and *** euros on contact lenses.

5.1 Legislation and recommendations

Prescription eyewear

Prescription spectacles are Class I medical devices and must therefore comply with the safety, efficacy and quality requirements laid down in Royal Decree ***/**** governing medical devices . These requirements include the data that must appear on the label, which in the case of the products in question are as follows:

Surname and first name or company name and address of the manufacturer and of the person responsible for marketing in the European Union, or of the importer, as the case may be. Information strictly necessary for identification of the product by the user. Batch or serial number. Special instructions for use

In the case of these products, the instructions for use must clearly mention the prescription of the glasses and the indication that their use must be preceded by a prior diagnosis by an ophthalmologist or optician-optometrist.

These products must also bear the CE conformity mark on the product, the outer packaging and the instructions.

In addition, distribution companies and establishments selling prescription eyewear to the public must give prior notification of this activity to the health authorities of the Autonomous Communities.

Source: ****

Sunglasses

The European Consumer Centre in Spain (***) reminds us of the importance of protecting eyes from the ...

5.2 Financing and grants

ForMUFACE affiliates, partial financial assistance is available for a variety of ophthalmic treatments and services. This assistance includes subsidies for eyeglasses, progressive eyeglasses, lens replacement, contact lenses, therapeutic lenses, low vision cases and prismatic aids. However, it is important to note that there are exceptions and limitations in terms of application frequency and documentation requirements.

In the ISFAS area, for members of the Guardia Civil and the armed forces, aids are also available for glasses, contact lenses, therapeutic lenses, low vision cases and refractive surgery. The amount of the subsidy varies according to the type of intervention, and specific conditions apply, such as the minimum diopter for claiming the subsidy and the minimum age for refractive surgery.

On the other hand, social security covers the cost of ophthalmological consultation, diagnosis and treatment of visual problems such as cataracts. However, there is no assistance for the purchase of prescription glasses.

In addition, occasional campaigns are organized by the Autonomous Communities to help cover the costs of certain ophthalmological services and treatments. For more information on any public campaigns, we recommend consulting local medical centers and social services offices.

Source: ****

6.1 Player segmentation

• CECOP
• Générale d'optique (GrandVision)
• Essilor Luxottica groupe
• Afflelou
• Krys Group
• Optical Center