The global 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 designed to slow the progression of myopia in children. These lenses control the rate at which myopia progresses by manipulating light coming through the pupil for clear close vision with fewer peripheral blur cues which signals less eye growth.
Market key trends:
One of the major trends in the myopia control lenses market is the growing demand for specialty contact lenses. Specialty contact lenses are customized lenses offering additional benefits such as eye protection from UV rays or blue light, or myopia progression control. Increasing myopia prevalence rates worldwide is resulting in higher demand for specialty lenses that can help control the progression of myopia rather than just correcting vision. According to a study published in JAMA Ophthalmology, children wearing myopia control lenses showed 60% reduced risk of myopia progression compared to single vision lenses wearers after 2 years.
SWOT Analysis
Strength: Myopia control lenses have gained popularity as they can effectively control myopia progression by up to 60% compared to single vision glasses.
Weakness: Specialized myopia control lenses are often more expensive than regular contact lenses. Compliance can also be an issue as children may find it difficult to adapt to these lenses.
Opportunity: Rising prevalence of myopia among children worldwide has opened opportunities for manufacturers to develop affordable myopia control options. Favorable reimbursement policies will further aid market growth.
Threats: Lack of strong clinical evidence and guidelines on efficacy for some products poses regulatory risks. Substitution threat from alternative options like orthokeratology and atropine eyedrops also exists.
Key Takeaways
The global Myopia Control Lenses Market Size is expected to witness high growth, exhibiting CAGR of 17% over the forecast period, due to increasing screen time among kids which is a major driver for myopia progression.
The Asia Pacific region dominates the myopia control lenses market and is expected to grow at the highest rate during the forecast period. High myopia prevalence, large target patient population and increasing adoption of myopia control solutions will boost market revenues in Asia Pacific. China, Japan and South Korea are the leading country markets in the region.
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. These companies are involved in new product launches, collaborations and marketing initiatives to consolidate their market positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it