Myopia Control Lenses Is Estimated To Witness High Growth Owing To Growing Awareness About Vision Problems
Myopia control lenses are specialized prescription eyeglasses or contact lenses designed to slow the progression of myopia or nearsightedness in children. These lenses control myopia progression through optical designs and patented technology like concentric rings, progressive surface modifications, and peripheral lens zones. Myopia control is important as it prevents myopic children from becoming highly myopic adults at risk of eyesight threatening conditions like retinal detachment and myopic maculopathy.
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 Opportunity:
Growing awareness about vision problems and associated risks is driving the demand for myopia control lenses. According to a study, the prevalence of myopia has increased dramatically across the world over the past few decades, especially in East and Southeast Asian countries. This alarming myopia boom has given rise to initiatives by optometrist organizations, eye care professionals, and government bodies to spread awareness about early myopia onset, progression risks, and myopia control options like specialized lenses. Increased consumer education on vision health and growing preference for non-invasive treatments are expected to boost sales of myopia control lenses, presenting lucrative opportunities for players in this market.
Porter's Analysis
Threat of new entrants: Low capital requirements for new players like online retailers make the threat of new entrants moderate. However, established brands have strong customer loyalty and distribution networks.
Bargaining power of buyers: Individual buyers have moderate bargaining power due to availability of substitutes. However, large volume buyers like optometry clinics and eye care centers have high bargaining power to negotiate on price and payment terms.
Bargaining power of suppliers: Suppliers of raw materials like contact lenses have moderate-to-high bargaining power due to limited alternatives and innovations. Suppliers can demand better pricing and trade terms.
Threat of new substitutes: Emerging alternatives like digital vision correction techniques pose a medium threat. However, myopia control lenses offer effective treatment at an early age.
Competitive rivalry: The presence of major brands has led to intense competition. Companies compete on product innovations, customization, and expanding availability.
SWOT Analysis
Strengths: Lenses help slow progression of near-sightedness in children. Clinical trials show their effectiveness. Rising myopia rates boost demand.
Weaknesses: High costs can limit adoption. Lack of treatment guidelines and oversight in some regions. Devices require strict compliance.
Opportunities: Expanding into developing nations experiencing myopia boom. New materials and technologies to enhance features. Growing urbanization increases eye strain cases.
Threats: Alternatives like surgery or digital devices may reduce usage over time. Economic slowdowns lower discretionary spend on vision correction. Limited compliance affects outcomes.
Key Takeaways
The Global Myopia Control Lenses Market Demand is expected to witness high growth over the forecast period driven by rising prevalence of near-sightedness globally especially in Asia Pacific countries like China, Singapore and South Korea.
Regional analysis:
Asia Pacific dominates the market currently accounting for over 50% share followed by Europe and North America. China, Japan and South Korea are experiencing unprecedented surge in myopia rates among school going kids due to extensive use of digital devices, lack of outdoor activities etc. Stakeholders are focusing on these high potential countries for faster adoption of myopia control solutions.
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. These companies are focusing on new product launches, targeting Asian markets and strategic partnerships to strengthen their market share.
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