February 26, 2024
Myopia Control Lenses Market

Myopia Control Lenses Market is expected to be Flourished by Rising Perception Regarding Benefits of Myopia Control among Consumers

The myopia control lenses are corrective lens designed to slow the progression of myopia or nearsightedness in children. The myopia control lenses gradually change the power of the lenses over time to alter the eye’s refractive development. These lenses aim to elongate the eyeball’s axial length, thereby slowing the progression of myopia. The global myopia control lenses market currently offers various products such as spectacles and contact lenses that use multifocal design, progressive addition lenses, and other technologies to achieve myopia control treatment. The demand for myopia control lenses is rising among parents and children owing to growing awareness regarding the benefits of myopia control treatment over myopia correction treatment alone. Myopia control treatment using lenses may help reduce the need for prescription changes and slows the progression to high myopia which is associated with higher risks of eye conditions like glaucoma and macular degeneration later in life.

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 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growth in the myopia control lenses market is expected to be driven by rising perception among consumers regarding benefits of myopia control treatment and growing awareness of risks associated with high myopia progression. Studies have demonstrated that myopia control using customized lenses can significantly reduce the rate of axial elongation in children compared to single vision correction lenses alone. This in turn helps mitigate risks of vision-threatening ophthalmic complications often associated with high myopia in adulthood. Increasing product offerings from leading manufacturers especially in Asia Pacific region and expanding availability through e-commerce platforms are also assisting the market growth. However, lack of awareness in some developing regions and higher product cost remain a market restraint.

Segment Analysis

The global myopia control lenses market can be segmented based on lens type, distribution channel, add-on type and region. Based on lens type, the dominating segment is spectacles which holds around 60% share of the total market. Spectacle lenses are preferred over contact lenses as they are more comfortable to use and have lower risks of eye infections.

PEST Analysis

Political: There are no major political factors influencing the myopia control lenses market.

Economic: Rising disposable incomes in developing countries is driving higher spend on advanced eyewear. Increased eye care awareness is also supporting market growth.

Social: Growing Screen time from extensive use of digital devices especially among kids and teenagers is a major factor driving higher incidence of myopia. Social trends are creating increased demand for myopia control solutions.

Technological: Key players are investing in R&D to develop newer lens material and optical designs that can more effectively slow down myopia progression. Digitally designed Customized lenses allow for Precise vision correction.

Key Takeaways

The Global Myopia Control Lenses Market Growth 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 2031.

The global myopia control lenses market is expected to witness high growth over the forecast period supported by the rising prevalence of myopia especially in Asia Pacific and growing awareness about treatments to delay further progression. The Asia Pacific region dominates the market and is expected to grow at the fastest pace due to the huge patient pool in countries like China, Japan and South Korea where myopia rates have reached epidemic proportions.

Key players operating in the myopia control lenses market are Stack-On, Liberty Safe, Cannon Safe, Brown Safe. Key players are focused on advancements in material science and lens designs to improve the efficacy of myopia control. For instance, Signia came up with its MiYOSMART lens that uses Aspherical Design and Progressive Peripheral Add technology for myopia control. Players are also expanding their geographical presence in high potential markets through new product launches and strategic partnerships with local lens manufacturers and eye care professionals.

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