July 13, 2024
Myopia Control Lenses Market

Growing Adoption To Drive The Growth Of Myopia Control Lenses Market

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 17% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Myopia control lenses are specialized contact lenses or eyeglasses designed to slow the progression of myopia in children. They are developed using certain optical designs like multifocal or executive bifocal designs to alter the eye’s focusing mechanics and consequently control axial elongation. The multifocal design offers multiple focal points to stimulate peripheral retinal defocus and produce less focusing error. Myopia control lenses have been found to reduce the rate of progression of myopia in children by around 60%. These lenses provide children an alternative to overnight orthokeratology lenses for myopia control.

Market key trends:

One of the key trends in the myopia control lenses market is the development of better optical designs to improve efficacy. Manufacturers are focusing on advanced variants of multifocal and executive bifocal lens designs that can better modulate visual stimuli in the eye. For instance, Essilor launched Stellest multifocal contact lenses which feature a proprietary design combining interrupted concentric ring technology with simultaneous vision technology. Another trend is the rising adoption in Asia Pacific due to high prevalence of myopia in countries like China, Japan and South Korea. Countries in the region have implemented national myopia control programs and increased awareness among parents about benefits of myopia control solutions. This is expected to drive robust growth of the market in Asia Pacific region over the forecast period.

Porter’s Analysis:

Threat of new entrants: Low barrier to entry as manufacturing of myopia control lenses does not require large capital investments but established brands have an edge.

Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of substitutes and price sensitivity.

Bargaining power of suppliers: A few global players dominate the supply of materials and equipment required for producing myopia control lenses giving them higher bargaining power.

Threat of new substitutes: Alternatives like refractive surgeries, spectacles and contact lenses pose threat but myopia control lenses effectively manage progress of myopia without side effects.

Competitive rivalry: Intense competition exist among key players to gain market share as the market offers significant growth opportunities.

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 among children and young adults.

The market size for Myopia Control Lenses was valued at US$ 1.26 billion in 2023. Regionally, Asia Pacific dominates global myopia control lenses market attributed to huge patient population and increasing awareness regarding benefits of myopia management. China, Japan and South Korea are fastest growing 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. Notable players are focusing on new product innovations and strategic partnerships to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it