by Myopia control lenses help slow progression of myopia in children by manipulating light signals to the retina. Myopia control lenses are specially designed soft contact lenses or spectacle lenses that alleviate the risk factors causing progression of myopia. Contact lenses slow progression by reducing light entering the eye and spectacle lenses work by introducing positive optical corrections at the periphery that counteract the excessive axial elongation causing myopia. The global myopia control lenses market is seeing wide adoption due to growing cases of childhood myopia among youngsters and lack of outdoor activities boosting near work activities such as increased screen time.
The global Myopia Control Lenses Market is estimated to be valued at US$ 1.26 Billion in 2023 and is expected to exhibit a CAGR Of 5.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising awareness among consumers: The growing awareness among parents and ophthalmologists regarding advantages of using myopia control lenses at an early age is expected to drive market growth over the forecast period. Parent are more cautious now about controlling progression of myopia in children as it can lead to other serious eye problems in adulthood such as glaucoma and retinal detachment if not controlled at an early stage.
Increasing product adoption and demand: The increasing adoption of myopia control contact lenses and spectacle lenses globally due to benefits such as slowing progression by 30-50% compared to single vision lenses is fueling market growth. The demand for myopia control lenses from pediatricians is also on the rise owing to growing cases of high myopia in children, which is expected to create lucrative opportunities for market players over the forecast period.
Segment Analysis
The Myopia control lenses market is dominated by the progressive addition lenses (PAL) sub-segment which accounts for around 60% of the total market share. It is the preferred type of lens used as it allows gradual progression of myopia over 3 years by altering the power of the spectacle. PAL lenses act as a multifocal lens and help reduce dependence on spectacles while controlling myopia progression by enabling clear vision from distance to near.
PEST Analysis
Political: The favorable regulations around the globe supporting usage of myopia control lenses as an alternative to spectacles are boosting market growth. Many countries are implementing awareness campaigns to manage increasing myopia cases.
Economic: Rising disposable incomes and growing health expenditure is increasing adoption of premium vision care solutions like myopia control lenses globally. The overall cost of untreated myopia is also encouraging use of such lenses.
Social: Growing awareness about adverse effects of high dependence on digital devices and spectacles is driving social change. People are adopting preventive measures like myopia control lenses to delay progression.
Technological: Innovations in material science, lens designs and treatment modalities are aiding effective control of myopia progression. Manufacturers are introducing advanced single vision and multifocal myopia control lenses.
Key Takeaways
The Global Myopia Control Lenses Market Demand is expected to witness high growth in the forecast period led by rising prevalence of myopia worldwide, especially in Asia Pacific region. The Asia Pacific region dominates the market currently owing to high myopia rates in major economies like China, Japan and India. Countries like China, Japan and South Korea are aggressively promoting usage of myopia control lenses among children and adolescents through awareness campaigns and subsidies.
Key players operating in the myopia control lenses market are Novartis AG, Abbott Laboratories, Mylan N.V., Merck KgaA, Bayer AG, Pfizer Inc., Novo Nordisk A/S, QuatRx Pharmaceuticals, Teva Pharmaceutical Industries Ltd., Amgen, Inc., and Eli Lilly and Company. Novartis AG leads the market with its MiSight and MiSight 1 day brands offering progressive addition lenses designed specifically for myopia control.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
