April 12, 2024
Myopia Control Lenses Market

Myopia Control Lenses Market Trends By Growing Emphasis On Delaying Myopia Progression

The Myopia Control Lenses market is characterized by extensive usage of multifocal, bifocal or progressive addition lenses for prolonging the axial length of the eyeball. Children aged 6-14 suffering from low degrees of myopia are most commonly prescribed these lenses. The lenses helps slow down the progression of myopia by introducing optical design methods like concentric rings, radial spokes and peripheral add powers that shift myopic defocus towards hyperopic defocus to restrain eyeball elongation. The Global Myopia Control Lenses Market is estimated to be valued at US$ 1.46 Bn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Myopia Control Lenses Market Demand 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.

The growing prevalence of myopia among children and adolescents worldwide is a key factor estimated to propel the market growth over the forecast period. Vision correction procedures such as orthokeratology and multifocal soft contact lenses are gaining popularity in controlling myopia progression. However, many parents still prefer spectacle lenses due to easy application and better patient compliance.

Key players are rapidly expanding their geographical presence through business agreements with regional eye care professionals to effectively reach out to target markets. Players are also increasing product portfolio diversity with the launch of hybrid and multifocal myopia control lens designs, coating technologies for greater comfort along with advanced myopia control capabilities to address unmet needs.

Market Key Trends

One of the major trends contributing to the myopia control lenses market growth is the increasing adoption of orthokeratology. Orthokeratology uses specialty contact lenses that are worn overnight to gently reshape the curvature of the cornea to reduce myopia levels during the day. It offers better correction compared to spectacle lenses and is gaining popularity for slow progression in younger children and teenagers. Key players are focusing on enhancing product designs, receiving approvals and penetrating medical channels for expanded access and uptake of orthokeratology.

Porter’s Analysis

Threat of new entrants: Low manufacturing and brand recognition barriers make entry easy in this market. However, established brands have strong customer loyalty and distribution channels.

Bargaining power of buyers: Individual buyers have high bargaining power given the availability of substitutes, but business buyers have moderate power as customized lenses require long-term partnerships.

Bargaining power of suppliers: A few large manufacturers control key materials supply globally, giving them significant influence over lens makers.

Threat of new substitutes: Existing non-lens treatments like orthokeratology and atropine have considerable market share. New technologies pose a constant threat.

Competitive rivalry: The market faces intense competition with numerous global and regional players. Fierce rivalry exists on pricing, innovation, and branding.

Geographical Regions

North America accounts for the largest market value share currently due to rising myopia prevalence and awareness. In the Asia Pacific region, China, Japan and South Korea are major manufacturing and consumption centers, making it the fastest growing region globally driven by increasing disposable incomes.

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