Myopia control lenses help slow the progression of nearsightedness or myopia in children. Myopia control lenses are designed to alter the way light enters the eye in an effort to minimize eye growth and reduce nearsightedness progression.
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 key trends:
Increased awareness among parents regarding the benefits of myopia control lenses has been a major driver for the market growth. More parents are now informed about the long term impacts of high myopia such as cataracts, glaucoma and retinal detachment. Therefore, parents are increasingly willing to pay premium prices for myopia control lenses which help reduce the progression of myopia in children. This has resulted in higher sales and increased demand for myopia control lenses globally over the past few years.
Segment Analysis
The global myopia control lenses market is dominated by multifocal contact lenses segment. Multifocal contact lenses utilize progressive addition lenses principle to reduce distance focusing demand on eyes which helps control myopia progression. These lenses provide clearest vision at distance as well as near vision without compromising on distance sharpness. Multifocal contacts are preferred choice of eye care professionals as they do not hinder normal activities like other myopia control options.
Key Takeaways
The Global Myopia Control Lenses Market Demand is expected to witness high growth over the forecast period.
Regional analysis:
Asia Pacific region dominates the market currently. Countries like China, Japan and South Korea have highest myopia prevalence rates worldwide which is the major factor for region's large market share. Key players in the region are focusing on expanding product portfolio and footprints in other emerging markets to tap growth opportunities.
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. Stack-On and Liberty Safe are prominently marketing multifocal and single vision myopia control lenses. Cannon Safe has strong presence with orthokeratology lens offerings. The companies are engaged in new product launches and geographical expansion initiatives.
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