Myopia control lenses are specially designed soft contact lenses meant to slow the progression of myopia in children and young adults. The lenses are manufactured using unique optical designs and materials that aim to control the axial elongation of the eye and minimize the spherical equivalent refractive error. Myopia control lenses provide a non-invasive alternative to traditional corrective eyewear and reduce the risks associated with high levels of myopia such as glaucoma, cataracts and macular degeneration. The use of myopia control lenses has grown in popularity among parents who wish to delay or prevent their children from becoming highly nearsighted.

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:

One of the key trends in the myopia control lenses market is the increasing adoption of innovative lens designs and materials. Manufacturers are focusing on leveraging advanced optical engineering and material technology to enhance the efficacy of myopia control treatment. For instance, some lenses feature aspherical designs and progressive addition lenses to naturally control visual stimuli and minimize refractive errors. Similarly, unique biomaterials that mimic natural eye tissues are being utilized to influence scleral remodeling for myopia progression. Additionally, multifocal contact lenses that incorporate concentric ring patterns are gaining popularity due to their ability to control higher levels of nearsightedness. Strong focus on clinical validation of novel myopia control solutions through extensive trials and collaborations with eye care experts is expected to further cement the demand for technologically advanced lenses over the forecast period.

Porter’s Analysis

Threat of new entrants: Low barriers to entry in terms of technology and global supply chains but established brands have pricing power and control significant market share.

Bargaining power of buyers: Buyers have moderate bargaining power due to presence of several vendors and substitutes but branded players hold pricing advantage.

Bargaining power of suppliers: Suppliers have low bargaining power as raw materials are commonly available and there are several supplier options.

Threat of new substitutes: Threat from new substitutes like contact lenses is low as myopia control lenses have advantage of slowing progression.

Competitive rivalry: Intense competition among key players to gain market share through new product launches and partnerships.

Key Takeaways

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

Regional analysis:

The Asia Pacific region is the largest and fastest growing market for myopia control lenses globally driven by large population suffering from myopia. China dominates the Asia Pacific myopia control lenses market. North America and Europe are other major regions for myopia control lenses market.

Key players:

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 SecureIt Gun Storage have strong focus on partnerships and new product development.

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