The Myopia Control Lenses Market Is Estimated To Witness High Growth Owing To Rising Prevalence Of Myopia
The myopia control lenses market is estimated to be valued at US$ 1.26 Bn in 2022 and is expected to exhibit a CAGR of 17% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The myopia control lenses market comprises of multifocal contact lenses, extended depth of focus lenses, and bifocal contact lenses that are used to slow the progression of myopia in children. These lenses are designed to control eye focusing to minimize the elongation of the eyeball and slow the progression of nearsightedness. The growing prevalence of myopia among children and young adults and the need to control its progression effectively are driving the demand for myopia control lenses.
Market Dynamics:
One of the major drivers expected to boost the myopia control lenses market growth over the forecast period is the rising prevalence of myopia. According to a report by the World Health Organization, nearly half the world's population is expected to be nearsighted by 2050 due to increased usage of digital devices. Additionally, growing awareness regarding risks associated with high myopia such as glaucoma and retinal detachment is also expected to fuel the market growth during the forecast period. However, high cost associated with myopia control lenses as compared to conventional lenses and compliance issues with continuous lens wear may hamper market growth.
SWOT Analysis
Strength: Myopia Control Lenses help slow the progression of myopia in children. They are customized based on an individual's prescription needs. The lenses are made of specially designed materials that reduce the focusing power of light entering the eye.
Weakness: Myopia Control Lenses are more expensive than regular contact lenses. There is also a lack of awareness among consumers regarding their benefits. Treatment requires long-term adherence which many find inconvenient.
Opportunity: Rising prevalence of myopia worldwide especially in Asia Pacific creates a large potential customer base. Growing evidence confirming the effectiveness of these lenses in controlling myopia progression boosts their demand.
Threats: Alternative treatment options like orthokeratology and atropine drops can limit adoption. Economic slowdowns may impact discretionary healthcare spending on these lenses.
Key Takeaways:
The global Myopia Control Lenses Market Size is expected to witness high growth, exhibiting a CAGR of 17% over the forecast period, due to increasing prevalence of myopia. The market size is projected to reach US$ 1.26 billion by 2023 from US$ 0.75 billion in 2018.
Regional analysis - Asia Pacific dominates the global market and is estimated to continue its lead, growing at a CAGR of over 18% till 2030. Rapid economic development and extensive near work associated with education and office jobs have led to a surge in myopia cases across China, Japan, and other Asian countries. The United States is expected to be the second largest market owing to the availability of advanced treatment options and growing consumer awareness.
Key players operating in the Myopia Control Lenses market are Essilor International, Johnson & Johnson Vision, CooperVision, Hoya Corporation, Zeiss Group, Bausch + Lomb, Menicon Co., Ltd., SEED Co., Ltd., Alcon (Novartis), Visioneering Technologies Inc., Paragon Vision Sciences, Euclid Systems Corporation, Art Optical Contact Lens Inc., SynergEyes Inc., and Nevakar Inc. These companies are focusing on new product launches, partnerships, and expansion in emerging markets to strengthen their position.
Read More: https://www.dailyprbulletin.com/myopia-control-lenses-market-demand-growth-and-regional-outlook/