July 17, 2024
Myopia Control Lenses Market

Myopia Control Lenses Market Propelled By Rising Prevalence Of Myopia Among Children And Teens

With the increasing prevalence of myopia, commonly known as near-sightedness, among children and teenagers worldwide, the demand for myopia control lenses is experiencing significant growth. Myopia control lenses are specially designed eyeglasses prescribed to slow the progression of myopia in children. They are designed to control the retinal stretch during the emmetropization process in childhood, in order to reduce the progression of axial elongation of the eye.

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 key trends

The rising prevalence of myopia among children and teenagers is the primary driver of the myopia control lenses market. According to recent studies, the prevalence of myopia among teenagers has increased significantly over the past few decades, with over 30% of the global population suffering from the condition as of 2019. Several clinical trials have proven the efficacy of myopia control lenses in slowing the progression of myopia in children by around 60%. Moreover, increasing awareness about the advantages of myopia control lenses over conventional eyeglasses and contact lenses is further expected to support market growth over the forecast period.

SWOT Analysis

Strength: Myopia control lenses help slow the progression of myopia for children. They provide clear vision without compromising on quality.
Weakness: Myopia control lenses require frequent monitoring and compliance. People tend to have a perception that they are expensive than regular glasses.
Opportunity: Rising awareness about benefits of myopia control leads to increased adoption. Growing myopia rates among children globally boost the market growth.
Threats: Potential side effects with prolonged use concerns some parents and doctors. Alternative treatment options like orthokeratology and atropine therapy compete in the market.

Key Takeaways

The global Myopia Control Lenses Market Share is expected to witness high growth. Factors driving the market growth include rising prevalence of myopia, growing awareness about its progression, and benefits of myopia control lenses for children.

Regional analysis: Asia Pacific dominates the global market currently due to high rates of myopia among children in the region. China, Singapore and South Korea are major markets in Asia Pacific. North America and Europe are other significant regional markets and are expected to register strong growth during the forecast period.

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 players are focusing on new product launches, collaborations and geographical expansions to gain market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it