Myopia control lenses are single vision, multifocal or concentric ring designed contact lenses or glasses meant for slowing the progression or controlling the rate of myopia in children. The need for myopia control lenses has increased significantly owing to rising cases of myopia across the world. According to Prevent Blindness organization, around 2.5 billion people globally are expected to be nearsighted by 2020. Myopia control lenses help enhance clear vision, prevent faster worsening of myopia and minimize the risk of serious vision issues like retinal detachment. The global myopia control lenses market is estimated to be valued at US$ 1.46 billion in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2030.
Key Takeaways
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.
Some of the key opportunities in the myopia control lenses market include expanding availability of myopia control lens products across retail optical stores as well as online channels. Major players are focusing on new product launches and strategic collaborations to strengthen their market presence. For instance, in 2021, Hoya Vision launched a myopia control contact lens MiYOSMART in the US market.
The global myopia control lenses market is also witnessing significant expansion in regions such as Asia Pacific and Europe. Rapid urbanization, increasing spending on eyecare and rising health awareness about risks of high myopia are some factors driving adoption of myopia control lenses in these regions. Manufacturers are investing heavily in development of innovative and customized myopia control solutions to tap into lucrative opportunities across international markets.
Market Drivers
Increasing screen time among kids and extensive use of digital devices for long hours have been identified as a major driver for rising prevalence of myopia globally. Prolonged near work coupled with lack of outdoor activities is contributing significantly to higher risks of myopia at an early age. Since myopia control lenses help decelerate myopia progression related to extensive electronics use, their demand is expected to surge considerably over the forecast period.
Market Restraints
High cost of specialized myopia control lenses compared to regular eyeglasses or contact lenses remains a key restraint for widespread adoption. Additionally, lack of insurance coverage for myopia control products in certain regions hinders market revenue growth. Absence of industry standards regarding treatment efficacy for various myopia control products also poses a challenge.
Segment Analysis
The Myopia Control Lenses Market Demand is dominated by the orthokeratology sub-segment. Orthokeratology lenses are specialty rigid gas permeable contact lenses designed to reshape the cornea via a process known as "corneal molding". Overnight wear of these lenses gently reshapes the cornea to temporarily reduce myopia progression. They are much more effective than single vision glasses or contact lenses at controlling the progression of nearsightedness in children. Benefits such as immediate vision improvement, reduced need for glasses, and minimal risk of serious eye damage have made orthokeratology lenses the preferred option for parents and eye care professionals.
Global Analysis
North America holds the largest share in the myopia control lenses market owing to the growing prevalence of myopia in developed countries of the region like the United States. Asia Pacific is projected to witness the highest growth during the forecast period due to rising awareness about myopia management options and expanding consumer base in developing nations like China and India. Rapid urbanization and extensive use of digital devices are fueling the rise of nearsightedness in Asia Pacific. Europe follows in terms of revenue contribution because of better access to eyecare and presence of major market players in countries like Germany, France, and United Kingdom.
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