April 22, 2024
Myopia Control Lenses Market

Myopia Control Lenses Market Are Estimated To Witness High Growth Owing To Advancements In Corrective Lens Technology

The myopia control lenses market has been witnessing significant growth owing to the growing prevalence of myopia globally. Myopia control lenses are specialty contact lenses or eyeglasses designed to help slow the progression of nearsightedness in children. These lenses distribute peripheral hyperopic defocus to inhibit the axial elongation of the eyeball. The global demand for myopia control lenses has increased rapidly in the recent past due to the rising awareness about the benefits of controlling myopia at an early stage. The Global Myopia Control Lenses Market is estimated to be valued at US$ 1.46 Mn 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.

The growing myopia prevalence among children and teenagers globally presents significant growth opportunities for players in the myopia control lenses market. Manufacturers are investing heavily in R&D to develop advanced myopia control lenses with better efficacy and comfort.

Recent technological advancements in corrective lens technology have allowed manufacturers to develop specialty myopia control lenses that can effectively slow myopia progression without compromising vision quality. Multi-focus and progressive addition lenses are some of the new myopia control lens designs gaining popularity.

Market Drivers

The major driver for the myopia control lenses market is the growing prevalence of myopia among children and teenagers. According to recent studies, the prevalence of myopia has increased significantly across both developing and developed countries. For instance, the prevalence of myopia in East Asian countries is as high as 90% in some urban areas. This has generated a strong demand for effective interventions and myopia control options like specialty contact lenses and myopia control eyeglasses. Stringent regulatory approvals and clinical validations of various myopia control lens designs are further supporting the market growth.

Current challenges in Myopia Control Lenses Market

The Myopia Control Lenses Market Demand is relatively new and thus still in the nascent stage. The key challenges being faced are lack of awareness among consumers, high costs associated with these lenses, preference for conventional spectacles over specialty lenses and reluctance to undergo long term treatments. As myopia is gradually becoming a global epidemic, creating widespread awareness about potential risks and benefits of myopia control lenses is crucial. Affordability needs to be improved to drive mass adoption. Extensive clinical research and evidence is also required to establish efficacy and long term effects of different myopia control options. Overall acceptance and trust in this category of lenses will develop gradually over time as more patients try them out successfully.

SWOT Analysis

Strength: Myopia Control Lenses help manage progression of nearsightedness and lower risk of developing high myopia and associated vision complications. They provide an alternative to older children who can no longer be fitted with contact lenses.
Weakness: High upfront costs make lenses inaccessible for many. Long term usage commitment required with unclear efficacy for all individuals.
Opportunity: Growing myopia rates worldwide indicate a huge target population. Successful outcomes can motivate increased uptake.
Threats: Conventional eyeglasses remain popular due to affordability. Alternatives like treatments with drops or implants may emerge as competition. Regulatory clarity is still evolving for some myopia control products.

Geographical regions of concentration

In terms of value, the market is currently concentrated in Asia Pacific region driven by high myopia rates in countries like China, Japan, South Korea and Singapore. These East Asian nations account for over 70-80% of total myopia control lenses sold globally currently.

Fastest growing geographical region

North America region is poised to emerge as the fastest growing market for myopia control lenses during forecast period from 2024 to 2030. Successful awareness campaigns, strong preference for advanced vision care products and presence of major players are driving above average growth in the US and Canada markets.

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