Continued growth in the Nordic optical retail market
A number of factors are driving the growth of the Nordic optical retail and eye health market. We are living longer, which creates a greater need for vision correction. We are spending more and more time in front of computer, tablet and mobile phone screens, causing an increase in near-sightedness, especially among younger people. And finally, spectacles have become a fashion accessory that is being replaced more and more frequently.
According to a market study commissioned by Synsam in 2024, the size of the Nordic optical retail sector is estimated to amount to just over SEK 25 billion in 2024. The optical retail market, through its link to eye health, is more resilient to economic fluctuations compared with other retail segments and is thus less exposed to a shift from physical stores to online sales.
1. Spectacles, contact lenses and sunglasses
The industry’s most important product category is spectacles, with frames and lenses together accounting for approximately 70 percent of the market. Contact lenses make up approximately 15 percent of the market, and most contact lens wearers wear spectacles or sunglasses to complement them. With the exception of Denmark, Nordic subscription services for contact lenses are still relatively undeveloped. Sunglasses, the third product category, account for about 15 percent of the market.
2. Trends
There are three key trends behind the continued growth in the optical retail sector that are contributing to continued stability and volume growth in the Nordic market.
2.1. Higher life expectancy
As life expectancy in the Nordic countries increases, so too does the need for vision correction, which in turn is driving increased sales of spectacles and other products.
2.2. More time spent in front of screens
Today, we are spending more and more time in front of screens on mobile phones, tablets and computers. Increased screen time, combined with more time spent indoors and less time outdoors in natural light, is making nearsightedness more common in all age groups, especially among younger people. By 2050, it is estimated that 50 percent of the Nordic population will be near-sighted, compared with around 34 percent today. Over time, these developments will increase the need for computer glasses, progressive spectacles and contact lenses.
2.3. Shorter lifespan
Spectacles are not only a medical necessity – they are also a fashion statement, which, according to the study, means that the number of pairs of spectacles each person owns will increase, and the time between changing spectacles will become shorter.
3. Channels
The vast majority of spectacles and sunglasses are purchased from traditional optical retailers, partly as a natural consequence of the need for eye examinations. Contact lenses are the product category that is mostly sold online in the optical retail sector. Around a tenth of the total volume of non-prescription sunglasses is purchased online; the share for spectacles is significantly lower.
