Myopia control lenses are special contact lenses or spectacles designed to slow the progression of nearsightedness or myopia in children. Myopia control lenses work by allowing less light to enter the eyes and reducing the difference in focus between distant and near objects. Key features of myopia control lenses include bifocal/multifocal segments that provide clear vision at all distances and reducing eye strain. The use of myopia control lenses in children has grown in popularity as a non-invasive alternative to slowing myopia progression and reducing the risk of developing high myopia and associated eye conditions later in life. 

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 Dynamics

Increasing prevalence of myopia due to extensive use of digital devices and lack of outdoor activities is one of the major drivers for growth of myopia control lenses market. Approximately 30% of the world's population suffers from myopia which is projected to increase to 50% by 2050. In East Asian and European countries, the prevalence of myopia amongst younger generation has crossed 80% owing to lifestyle and environmental factors. Myopia control lenses address a significant unmet need by providing an effective non-invasive solution to slow myopia progression in children. Favorable reimbursement policies for myopia control lenses and growing awareness regarding vision correction options are also expected to support adoption of myopia control lenses over forecast period.

SWOT Analysis

Strength: Myopia Control Lenses offer an innovative solution to slow the progression of myopia in children. They are designed specifically for young eyes and apply optical mechanisms like reducing peripheral hyperopia to help control the progression of near-sightedness. Clinical studies have shown myopia control lenses can reduce myopia progression by 50-70% compared to single vision glasses. The unique lens design gives parents an effective non-invasive option to manage their child's myopia.

Weakness: Myopia control lenses require strict adherence to a daily wearing schedule which may be difficult for some children and families to maintain. Non-compliance can reduce their effectiveness in controlling myopia progression over time. The out-of-pocket costs of these specialized lenses are also generally higher than regular prescription glasses.

Opportunity: The prevalence of myopia amongst children and teens has been rising significantly worldwide creating a large potential market. Many parents are interested in options that can help slow down their child's nearsightedness progression given concerns about higher myopia increasing risks for serious eye diseases later in life. Increasing clinical evidence and awareness of the benefits of myopia control lenses should help drive greater adoption rates globally in the coming years.

Threats: Single vision glasses remain a cheaper alternative which some parents may opt for first before considering specialized myopia control lenses. New non-prescription options like outdoor activities that claim natural myopia control effects could impact demand. Regulatory acceptance and reimbursement policies varying between countries and healthcare systems also pose market access challenges.

Key Takeaways

The Global Myopia Control Lenses Market Demand is expected to witness high growth over the forecast period of 2023-2030 fueled by increasing myopia prevalence in pediatric populations worldwide. With an estimated market size of US$ 1.26 billion in 2023, the market is projected to expand at a CAGR of 5.4% through 2030.

Regional analysis - Asia Pacific currently dominates the global market accounting for over 40% of the total value in 2023. Countries like China, Japan and South Korea have seen especially rapid increases in childhood myopia rates in recent decades. With growing awareness and expanding healthcare infrastructure, the Asia Pacific region is likely to remain the largest and fastest growing regional market.

Key players –

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. These companies are focused on advancing myopia control lens technologies and expanding their portfolios through new product launches tailored for regional markets. Strategic partnerships are also allowing companies to broaden commercial availability and penetration.

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