by Myopia control lenses are specialty contact lenses or spectacles that are designed to slow the progression of myopia in children. They work by reducing the amount of light that enters the eye, which controls eyeball elongation and myopia progression. Myopia control lenses alter the light distribution and focusing properties of the eye to manipulate visual signals that drive eye growth. The global myopia control lenses market offers a variety of products such as contact lenses and spectacles. Contact lenses for myopia control include orthokeratology contact lenses and soft multifocal contact lenses. Orthokeratology contact lenses are worn overnight to gently reshape the cornea and reduce nearsightedness during waking hours. Soft multifocal contact lenses have different optical powers in different areas of the lens to distribute focus across the retina. The spectacles segment includes dual-focus and progressive addition lenses designed specifically for myopia control.
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:
Growing prevalence of myopia around the world serves as a key driver for the myopia control lenses market. According to a 2019 study published in Ophthalmology, the global prevalence of myopia in those under 20 years is estimated at 32.4%, which is projected to increase to 40.7% by 2050. Rising cases of childhood and teen myopia is putting pressure on eye care professionals and parents to explore treatment options to slow progression. Myopia control lenses help reduce myopia progression by 0.2 to 0.3 diopters per year, protecting children and teens from developing high degrees of nearsightedness. The other driver is increasing awareness about myopia control and benefits of myopia control lenses through patient education programs. Organizations such as the International Myopia Institute are engaged in initiatives to educate parents, children and eye care professionals on evidence-based interventions for myopia control. Their efforts are helping drive early adoption of myopia control lens technologies around the world.
Segment Analysis
The global myopia control lenses market can be segmented based on product type, distribution channel and age group. Based on product type, the bifocal lenses segment currently dominates owing to easy availability and affordability. However, multifocal lenses are expected to witness higher growth in coming years due to greater efficacy in controlling myopia progression.
PEST Analysis
Political: The market is positively influenced by regulations supporting myopia control among children. Various countries are focusing on awareness campaigns.
Economic: Rising disposable incomes in developing nations is driving market growth. However, inflationary pressures may impact certain consumer segments.
Social: Increasing awareness about benefits of myopia control and vision correction among parents is a key factor. Growing social stigma against poor eyesight is also propelling the market.
Technological: Advancements in lens material and design are helping improve efficacy and comfort levels. Digital surfacing technology is enabling customization.
Key Takeaways
The Global Myopia Control Lenses Market Demand is expected to witness high growth.
Regional Analysis:
North America currently dominates due to high awareness and availability of advanced products in countries like the US and Canada. Asia Pacific is expected to be the fastest growing region with China, India and Japan witnessing increased adoption.
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 capture major market share owing to their wide distribution network and brand recognition. SecurIt Gun Storage and Amsec are also prominent players focused on innovative solutions.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
