by Myopia Control Lenses are designed to slow down the progression of myopia, commonly known as near-sightedness, in children. These contact lenses or glasses feature a specially designed prescription that regulates focus in the eye and reduces eye strain during distance vision. Myopia Control Lenses work by manipulating light refraction to flatten the shape of the eyeball which leads to reduced axial elongation and myopia progression. Various brands offer multifocal, bifocal, or single vision designs that are tailored based on the degree of myopia. In recent years, the adoption of Myopia Control Lenses has been rising among children and teenagers as the prevalence of myopia continues to grow globally due to excessive use of digital devices and lack of outdoor activities.
The global Myopia Control Lenses Market is estimated to be valued at US$ 1.26 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising awareness regarding vision care among the growing youth population is expected to drive the growth of the Myopia Control Lenses Market over the forecast period. According to studies, over 50% of children and teenagers in Asia and Europe are myopic and the condition affects around 30% of the global population. Vision care has become an important priority among parents who seek early prevention and treatment options to slow down the progression of near-sightedness in children. Additionally, increasing product innovations by lens manufacturers to offer more customized solutions based on the degree of myopia will further aid the demand for Myopia Control Lenses during the forecast period.
Segment Analysis
The myopia control lenses market can be segmented based on type into single vision lenses, bifocal lenses, and multifocal lenses. The bifocal lenses segment is dominating currently due to improved vision and convenience of use offered by bifocal lenses. These lenses allow clear vision both at close distances for near sight activities like reading or using digital devices and also for far distances by incorporating progressive addition lenses technology.
PEST Analysis
Political: Favourable government policies and regulations supporting early childhood eye care practices are boosting adoption of myopia control lenses. Various awareness programmes conducted by eye care organizations are also supporting market growth.
Economic: Rising disposable incomes and growing awareness about benefits of myopia control treatment options are factors driving greater willingness to pay for premium myopia control lenses despite their higher costs.
Social: Changing lifestyles with increasing usage of digital devices for long hours especially among school going children is a major factor causing rapid rise in myopia cases. This is creating increased social awareness and focus on controlling progression of myopia at early stages.
Technological: Advancements in lens material and surfacing technology have improved efficacy and comfort offered by myopia control lenses. Features like progressive power profiles and aspherical designs are allowing better control over progression rates.
Key Takeaways
The global Myopia Control Lenses Market Share is expected to witness high growth over the forecast period of 2023 to 2030.
Regional Analysis: The Asia Pacific region currently dominates the market led by countries like China, Japan, and India. In China, adoption of multifocal and bifocal myopia control lenses is high especially in tier 1 cities where focus on childhood eye care is maximum.
Key players operating in the myopia control lenses market are Stack-On, Liberty Safe, Cannon Safe, Brown Safe, Mesa Safe, Fort Knox, Blue Dot Safes, SecureIt Gun Storage, Amsec, Gardall Safe, GunVault, First Alert, Rhino Metals, Barska, V-Line Industries, SentrySafe, Homak Manufacturing, Gun Safe America, Superior Safe Company, Sturdy Gun Safe. Among these, GunVault, Stack-On and Liberty Safe are leading players due to their wide product portfolios and strong distribution networks across various countries.
*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.
