July 24, 2024

AI-Powered Myopia Control Lenses Market Driven By Rising Prevalence Of Myopia Among Children And Young Adults Globally

Myopia control lenses are designed to slow the progression of myopia in children and young adults. Recent studies show that these lenses can slow the worsening of myopia by approximately 50% compared to single vision lenses. The lenses work by allowing less light into the eye which reduces focusing on near objects. This helps encourage the eye to maintain a longer focal length and thereby reducing nearsightedness progression. Wearing these specialized lenses for a few hours each day can significantly reduce the risk of developing high myopia and its associated ocular complications later in life.

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 5.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

 

One of the major trends in the myopia control lenses market is the development of innovative lens designs. Manufacturers are focusing on developing unique multifocal or digital designs that can more effectively control myopia progression compared to traditional concentric ring designs. For instance, some new lens designs feature multiple focal points arranged in a linear progressive addition layout (PAL) pattern instead of concentric rings. These are more natural for the eyes to adapt to compared to rings. Additionally, digitally designed myopia control lenses allow customized corrections and accurately control higher-order aberrations to enable clear vision without compromises. Such advanced innovations are expected to push the adoption of myopia control lenses over the forecast period.

Porter’s Analysis

Threat of new entrants: Low barrier to entry helps new players enter the market and gain market share, but established players hold significant brand value.

Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes, but high prices of lifestyle drugs maintain profitability.

Bargaining power of suppliers: Established suppliers can affect prices due to proprietary technologies and manufacturing expertise.

Threat of new substitutes: Substitutes are available but differ in efficacy, safety profile and target patient type.

Competitive rivalry: Intense competition exists among major players to gain higher market share through new product launches and expansion to emerging regions.

Key Takeaways

The Global Myopia Control Lenses Market Demand is expected to witness high growth.

Regional analysis:

North America region is expected to dominate the market during the forecast period due to high awareness levels and easy availability of myopia control lenses products. The Asia Pacific region is expected to witness fastest growth rate owing to rising awareness about myopia control in densely populated countries like China and India with supportive government initiatives.

Key players:

Key players operating in the Myopia Control Lenses market are Novartis AG, Abbott Laboratories, Mylan N.V., Merck KgaA, Bayer AG, Pfizer Inc., Novo Nordisk A/S, QuatRx Pharmaceuticals, Teva Pharmaceutical Industries Ltd., Amgen, Inc., and Eli Lilly and Company. Novartis AG dominates the market with wide product portfolio and global presence.

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