by The Myopia Control Lenses Market is estimated to be valued at US$ 1.26 billion in 2022 and is expected to exhibit a CAGR of 17% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Myopia Control Lenses are specialty contact lenses or eyeglasses designed to slow the progression of nearsightedness in children. They work by reducing the eye’s focusing power slightly compared to standard corrective lenses. This subtle difference causes the eye to engage its natural focusing ability more, which may help slow further elongation of the eyeball and reduce nearsightedness progression. The target market for myopia control lenses are children between the ages of 8-14 years who have a prescription of -1.00 to -4.00 diopters.
Market Dynamics:
The key drivers spurring the growth of myopia control lenses market are rising prevalence of myopia across the globe and increase in awareness regarding benefits of controlling myopia progression in children. As per statistics, around 30% of the world’s population suffers from myopia and it is estimated that half of the world will be nearsighted by 2050 if steps are not taken to control its progression. Also, progressive myopia in children can lead to other serious vision conditions like cataracts, glaucoma, and retina detachment in later life. Myopia control lenses offer an effective non-invasive option to halt or slow down the worsening of nearsightedness and reduce the risks associated with high myopia. Furthermore, technological advancements in lens material and designs, which provide better vision correction and higher patient comfort, are also fueling the demand for myopia control lenses.
Segment Analysis
The global Myopia Control Lenses market is dominated by the multifocal soft contact lens segment. These lenses come in both single vision and multifocal designs to control the progression of myopia. They help provide clear peripheral vision and reduced focusing on close objects, thus controlling the elongation of the eyeball and myopia progression. Multifocal soft contact lenses are favored by majority of optometrists and patients due to their high comfort levels compared to rigid lenses.
PEST Analysis
Political: Governments across different countries are increasingly focusing on myopia control and management programs to curb the rising cases of high myopia. Some governments provide insurance coverage and subsidies for myopia control products.
Economic: The economic costs of treating high myopia and its related complications are substantial. Myopia control products despite their high costs prove beneficial in the long-run by reducing the need for expensive vision correction procedures.
Social: Increased awareness about the risks of high myopia and benefits of early intervention have driven greater acceptance of myopia control products among consumers. More parents are willing to opt for these lenses to retard myopia progression in children.
Technological: Advancements have led to development of innovative myopia control lens designs, materials and treatment options. Companies are focusing on methods like multifocal soft lenses, orthokeratology and bifocal spectacles to effectively control axial length elongation in kids.
Key Takeaways
The global Myopia Control Lenses Market Size is expected to witness high growth, exhibiting CAGR of 17% over the forecast period 2023-2030, due to increasing prevalence of myopia worldwide especially in Asia Pacific region. The Asia Pacific region currently dominates the market and is expected to retain its pole position during the forecast period attributed to growing cases in major Asian countries like China, India, Japan and South Korea.
Regional analysis The Asia Pacific region is expected to be the fastest growing as well as the largest market for myopia control lenses. High prevalence of myopia in countries like China, Japan and South Korea is a key factor driving market growth in the region. As per statistics, China has the highest myopia rate globally with over 90% of its teenagers affected. This has prompted the nation to introduce widespread myopia control programs.
Key players operating in the myopia control lenses market are Essilor International, Johnson & Johnson Vision, CooperVision, Hoya Corporation, Zeiss Group, Bausch + Lomb, Menicon Co., Ltd., SEED Co., Ltd., Alcon (Novartis), Visioneering Technologies Inc., Paragon Vision Sciences, Euclid Systems Corporation, Art Optical Contact Lens Inc., SynergEyes Inc., Nevakar Inc. The major players are focusing on new product launches, geographical expansion and mergers & acquisitions to strengthen their market position. Key players like Essilor and Zeiss are involved in extensive R&D to develop innovative myopia control solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
