The Myopia Control Lenses Market Is Estimated To Witness High Growth Owing To Opportunity Of Addressing Rising Prevalence Of Myopia
The myopia control lenses market comprises of ophthalmic lenses designed specifically to slow the progression of myopia in children. Myopia or nearsightedness occurs when the eyes grow too long, causing distant objects to appear blurred. It has become one of the most common vision conditions affecting children and teenagers today. The adoption of smartphones and lack of outdoor activities have significantly contributed to the rising cases of myopia globally. Myopia control lenses utilize unique lens designs and light-management technologies which aim to correct vision while also controlling the axial length growth of the eyes.
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 5.4% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing prevalence of myopia worldwide presents a major market opportunity for myopia control lenses. As per the report, over 30% of the world's population suffers from myopia today and it is expected to affect nearly 50% of the global population by 2050. Several Asia Pacific countries are already reporting myopia rates over 80-90% in school going children and young adults. If preventive measures are not taken on priority, high myopia cases leading to retinal detachments and other ocular diseases are also projected to rise substantially. Myopia control lenses can play a pivotal role in addressing this growing public health concern by slowing the progression of nearsightedness in children and teenagers. The availability of clinically-proven and affordable myopia control lens options for pediatric use will prepare a viable solution to curb the myopia epidemic worldwide.
Porter's Analysis
Threat of new entrants: Low-moderate as this is an established market that requires substantial R&D investments and regulatory approvals to enter.
Bargaining power of buyers: Moderate as major buyers are large optical chains, retailers and hospitals who can negotiate on price and quality standards.
Bargaining power of suppliers: Moderate as key raw materials suppliers include plastic polymer producers and lens manufacturers who have established distribution networks.
Threat of new substitutes: Low as there are limited substitutes that can correct myopia effectively and safely in children.
Competitive rivalry: High due to presence of large multinational players investing in new product technologies and launches.
SWOT Analysis
Strength: Strong R&D prowess and technological expertise in developing innovative lenses that can effectively control myopia progression in children. Wide portfolio of contact lenses and eyeglasses catering to all types and degrees of myopia.
Weakness: High manufacturing and marketing costs involved in developing and commercializing new myopia control products. Stringent regulatory norms that increase time-to-market for new products.
Opportunity: Growing prevalence of myopia globally driven by increased use of digital devices offers potential for market expansion. Untapped growth opportunities in developing Asian and Latin American markets.
Threats: Threat from low-cost generic competitors in Asia. Potential health risks from prolonged usage that act as deterrent in some regions.
Key Takeaways
The Global Myopia Control Lenses Market Demand is expected to witness high growth over the forecast period of 2023-2030. North America and Europe hold significant shares currently due to developed optical infrastructure and awareness levels. However, Asia Pacific region is witnessing fastest growth fueled by large underserved patient populations in China, India and Southeast Asia coupled with rising disposable incomes.
Regional analysis shows the Asia Pacific region dominating the global market with over 45% share in 2023 owing to high prevalence of myopia in countries like China, India, Singapore and South Korea. Rapid economic development leading to lifestyle changes and increased digital device dependence among young children is fueling market growth in the region.
Key players operating in the myopia control lenses market are Novartis AG, Abbott Laboratories, Mylan N.V., Merck KgaA, Bayer AG, Pfizer Inc., Novo Nordisk A/S, QuatRx Pharmaceuticals, Teva Pharmaceutical Industries Ltd., Amgen, Inc., and Eli Lilly and Company. Companies are investing in clinical trials and product innovations to develop myopia management options beyond traditional approaches. Multifocal soft contact lenses and orthokeratology contact lenses are emerging as popular alternatives to slow myopia progression.
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