Myopia Control Lenses Market Size is valued at USD 1.34 Bn in 2023 and is predicted to reach USD 4.30 Bn by the year 2031 at a 15.81% CAGR during the forecast period for 2024-2031.
Myopia control lenses refer to corrective lenses worn by nearsighted people of any age. They work by reshaping the cornea or redirecting light to reduce excessive eye growth. These lenses are most effective when started at a young age and require regular monitoring by an eye care professional. Daily disposable lenses make it easy and safe for even the smallest children to wear glasses. These lenses enable myopic defocus, altering how the eye focuses light resulting in more efficient methods of correcting and managing myopia.
Myopia control is increasingly being prioritized by governments, healthcare providers, and academic institutions. Because of this understanding, initiatives have been launched to increase the uptake of myopia control lenses as part of overall myopia management initiatives. The adoption of these lenses and the market expansion are the result of collaborative efforts among eye care providers, researchers, and legislators. Since the market for corrective lenses for nearsightedness is expected to grow, companies in the eyewear industry are devoting resources to R&D to develop new and improved myopia control lens solutions.
Care for myopia is increasingly being approached individually, with doctors considering a patient's unique eye anatomy, way of life, and visual requirements. Lens makers are reacting to this trend by creating products that may be customized to the needs of individual customers. It drives expansion globally and is expected to boost market expansion in the coming years.
Competitive Landscape
Some Major Key Players In The Myopia Control Lenses Market:
- Essilor International
- Johnson & Johnson Vision
- CooperVision
- Hoya Corporation
- Carl 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.
- Nevakar Inc.
- Fielmann AG,
- Rodenstock
- Others
Market Segmentation:
The Myopia control lenses market is segmented based on lens type, age group, and distribution channel. As per the lens type, the market is segmented into multifocal lenses, orthokeratology lenses, dual-focus lenses, and peripheral defocus lenses. By age group, the market is segmented into children and adults. According to the distribution channel segment, the market is divided into optometry clinics, optical retail stores, and online retail.
Based On Lens Type, The Multifocal Lenses Myopia Control Lenses Devices Segment Is Accounted As A Major Contributor To The Myopia Control Lenses Market.
The multifocal lenses myopia control lenses category is expected to hold a major share of the global market in 2024. It is attributed to multifocal lenses because you can see clearly at all ranges of distances. People who once required corrective lenses often no longer do so after undergoing cataract surgery due to using multifocal lenses. They can see far away without corrective lenses and efficiently use a computer.
The Adult Segment Witnessed Growth At A Rapid Rate.
The adult segment is projected to grow rapidly in the global myopia control lenses market. The average adult now spends at least 8.5 hours per day staring at a screen, putting undue strain on their eyes' focusing muscles. It can cause myopia to worsen and also causes headaches and eye strain and the need for myopia control lens treatment, especially in countries such as the US, Germany, the UK, China, and India.
In The Region, The North American Myopia Control Lenses Market Holds A Significant Revenue Share.
The North American myopia control lenses market is expected to record the maximum market share in revenue in the near future. It can be attributed to the rising elderly population, expanding medical tourism industry, and rising incidence of eye illnesses. In addition, the presence of key market competitors and improvements in lens technology fuel expansion in the region's industries. In addition, Asia Pacific is estimated to grow rapidly in the global myopia control lenses market because of the proliferation of public education initiatives, low-cost generic alternatives, bettering healthcare facilities and growing financial support from the business and medical communities.
Recent Developments:
- In Aug 2022, The CooperVision MiSight® 1 day Myopia Control Contact Lens has been recognized as the recipient of the prestigious 2022 German Innovation Awards. MiSight® 1 Day, a dual-focus contact lens intended for daily disposable use, has been made accessible in over 30 countries to mitigate the progression of myopia in children. The product obtained CE certification, as well as authorization from the U.S. FDA and the National Medical Products Administration (NMPA) of China.
- In Oct 2020, Bausch Health and BHVI Announced an Exclusive Global Licensing Agreement for Myopia Control Contact Lens. Bausch + Lomb was focused on finding global solutions to treat myopia.
Myopia Control Lenses Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 1.34 Bn |
|
Revenue Forecast In 2031 |
USD 4.30 Bn |
|
Growth Rate CAGR |
CAGR of 15.81% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn, volume (units) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Lens Type, Age Group, Distribution Chanel |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
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. Fielmann AG, Rodenstock |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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