MYOPIA CONTROL LENSES MARKET ANALYSIS

The global Myopia Control Lenses market size was valued at US$ 1.26 billion in 2023 and is expected to reach US$ 3.79 billion by 2030, grow at a compound annual growth rate (CAGR) of 17% from 2023 to 2030

This Myopia Control Lenses market growth is driven by the increasing awareness among parents, eyecare professionals, and individuals about the long-term risks associated with myopia and the importance of managing its progression. With advancements in lens technology and a growing body of scientific research supporting their effectiveness, myopia control lenses are becoming a preferred choice for individuals looking to slow down the progression of their myopia. The market is witnessing innovation in lens designs, including multifocal, dual-focus, and orthokeratology lenses, offering personalized solutions for patients of different age groups and lifestyles.

Furthermore, governments, healthcare organizations, and educational institutions are recognizing the significance of myopia control as a public health issue. This recognition has led to the implementation of strategies that promote the use of myopia control lenses as part of comprehensive myopia management programs. Collaborations between eyecare professionals, researchers, and policymakers are driving the adoption of these lenses, thereby contributing to the market's growth. With the market poised for expansion, eyewear manufacturers and industry players are investing in research and development efforts to introduce innovative myopia control lens solutions, ultimately benefiting individuals seeking effective means to address their myopia.

Myopia Control Lenses Market Regional Insights

• North America: North America is the largest market for Myopia Control Lenses, accounting for a share of over 25.4% in 2022. North America is expected to have a significant market share in the myopia control lenses market. The region has a well-developed healthcare infrastructure and a high level of awareness about myopia and its management. The presence of key market players, technological advancements, and a strong research base contribute to the growth of the market in this region. Additionally, increasing concerns about myopia-related eye health issues and the emphasis on early intervention are driving the adoption of myopia control lenses.
• Europe: Europe is the second-largest market for Myopia Control Lenses, accounting for a share of over 32.1% in 2022. Europe is another important market for myopia control lenses. The region has a high prevalence of myopia, especially in countries like Germany, France, and the UK. Growing awareness about myopia management and the long-term impact of myopia on eye health are propelling the demand for myopia control lenses. Furthermore, the European market benefits from advancements in lens technology, research collaborations, and a proactive approach towards myopia control.
• Asia-Pacific: Asia Pacific is the fastest-growing market for Myopia Control Lenses, accounting for a share of over 28.6% in 2022. The Asia-Pacific region is experiencing a significant increase in myopia cases, particularly among younger populations. Countries such as China, Japan, South Korea, and Singapore have witnessed a high prevalence of myopia and are actively addressing this public health concern. The rising awareness about myopia control and the strong emphasis on children's eye health in these countries are driving the demand for myopia control lenses. Additionally, the presence of a large population and increasing disposable income levels contribute to market growth in this region.

Figure 1. Global Myopia Control Lenses Market Share (%), by Region, 2023

Myopia Control Lenses Market Drivers:

• Rising Prevalence of Myopia: The escalating prevalence of myopia worldwide, particularly among children and young adults, is a significant driver for the myopia control lenses market. As myopia rates continue to increase, there is a growing need for effective solutions to manage and slow down its progression, leading to higher demand for myopia control lenses.
• Growing Awareness and Concern for Eye Health: There is a heightened awareness among parents, healthcare professionals, and individuals about the long-term risks associated with myopia, such as an increased likelihood of developing serious eye conditions like retinal detachment, glaucoma, and myopic maculopathy. This growing awareness and concern for eye health drive the adoption of myopia control lenses as a proactive measure to address the condition and reduce the potential risks.
• Advancements in Lens Technology: The continual advancements in lens technology have played a pivotal role in the growth of the myopia control lenses market. Manufacturers are developing specialized lenses with innovative designs and materials that effectively address myopia progression. These lenses include multifocal lenses, dual-focus lenses, orthokeratology lenses, and other specialized designs tailored for myopia control. The availability of such advanced lens options contributes to increased acceptance and adoption among patients and eyecare professionals.
• Scientific Research and Evidence: The mounting body of scientific research and clinical studies supporting the efficacy of myopia control lenses has significantly influenced market growth. Numerous studies have demonstrated the ability of specific lens types, such as multifocal lenses or orthokeratology lenses, to slow down the progression of myopia in children and adolescents. This research has provided strong evidence for the effectiveness of myopia control lenses and has increased their acceptance and recommendation by eyecare professionals.

Myopia Control Lenses Market Opportunities:

• Increasing Demand for Pediatric Myopia Management: The rising prevalence of myopia in children and adolescents has created a significant opportunity for myopia control lenses. As parents become more aware of the potential long-term risks associated with myopia, they are actively seeking solutions to manage and slow down its progression in their children. Manufacturers can capitalize on this demand by developing specialized myopia control lenses that cater specifically to the pediatric population.
• Technological Advancements: Continuous advancements in lens technology offer opportunities for innovation and differentiation in the myopia control lenses market. Manufacturers can explore new materials, designs, and manufacturing techniques to enhance the effectiveness and comfort of myopia control lenses. Customizable and personalized lenses that consider individual eye characteristics and lifestyle factors also present an avenue for growth.
• Expansion in Emerging Markets: There is considerable potential for market expansion in emerging economies where the prevalence of myopia is rapidly increasing. Countries in Asia, such as China, India, and Southeast Asian nations, present significant opportunities due to their large populations and growing middle-class segment. Manufacturers can focus on these markets by establishing partnerships, distribution networks, and marketing strategies tailored to the specific needs and preferences of these regions.
• Collaboration with Eyecare Professionals: Collaborating with eyecare professionals, including optometrists and ophthalmologists, is crucial for the success of myopia control lenses. Building strong relationships and providing education and training to eyecare professionals can enhance their understanding of myopia management and increase their confidence in prescribing and recommending myopia control lenses. Such collaborations can lead to increased adoption and market penetration.

Myopia Control Lenses Market Trends:

• Increasing Emphasis on Early Intervention: There is a growing recognition of the importance of early intervention in managing myopia. Eyecare professionals and parents are becoming proactive in addressing myopia in children at an early stage to slow down its progression. This trend has led to an increased demand for myopia control lenses as a preventive measure.
• Technological Advancements: Advancements in lens technology continue to shape the myopia control lenses market. Manufacturers are investing in research and development to improve the design, materials, and functionality of lenses. This includes the development of specialized lens designs, such as multifocal lenses and dual-focus lenses, which provide better myopia control outcomes.
• Customization and Personalization: There is a growing demand for customized and personalized myopia control lenses. Eyecare professionals are recognizing the importance of individualized approaches to myopia management, considering factors such as the patient's eye characteristics, lifestyle, and visual needs. Manufacturers are responding to this trend by offering lenses that can be tailored to meet the specific requirements of each patient.
• Integration of Digital Technologies: The integration of digital technologies in the myopia control lenses market is gaining traction. Digital solutions, such as smart contact lenses or wearable devices, are being explored to monitor and manage myopia progression. These technologies offer opportunities for real-time monitoring, data collection, and personalized treatment adjustments.

Myopia Control Lenses Market Restraints:

• Limited Awareness and Education: Despite increasing awareness about myopia, there is still a lack of comprehensive understanding among the general public regarding myopia control and the available treatment options, including myopia control lenses. Limited awareness can hinder the demand for these lenses and the implementation of effective myopia management strategies.
• Affordability and Accessibility: Cost and accessibility are significant barriers to the widespread adoption of myopia control lenses. Some specialized lenses, such as orthokeratology lenses, can be relatively expensive, making them less accessible to certain populations. Additionally, availability of myopia control lenses may be limited in certain regions or healthcare settings, limiting their accessibility for those who could benefit from them.
• Compliance and Adaptation Challenges: Successfully managing myopia with myopia control lenses requires consistent and proper usage. However, ensuring patient compliance can be a challenge, particularly with younger patients who may experience difficulties adapting to the lenses or adhering to the prescribed wearing schedules. Poor compliance can limit the effectiveness of myopia control lenses in slowing down myopia progression.

Recent Developments

New product launches

• In April 2023, SightGlass Vision announced the launch of its new myopia control spectacle lens technology, Diffusion Optics Technology. This technology uses thousands of micro-dots to softly scatter light to reduce contrast on the retina, a unique mechanism of action to control myopia progression in children.
• In March 2023, CooperVision announced the launch of its new myopia control contact lens, MiSight® 3 Day. This lens is designed to slow the progression of myopia in children ages 8-12 by using a combination of peripheral defocus and asphericity.
• In January 2023, HOYA announced the launch of its new myopia control contact lens, MyoSmart. This lens uses a combination of peripheral defocus and asphericity to slow the progression of myopia in children ages 8-12.

Acquisition and partnerships

• In 2022, Johnson & Johnson Vision acquired SightGlass Vision, a company that develops myopia control lenses. This acquisition gave Johnson & Johnson Vision access to SightGlass Vision's Diffusion Optics Technology, a unique myopia control lens technology.
• In 2021, Hoya acquired LenSx, a company that develops laser eye surgery technology. This acquisition gave Hoya access to LenSx's myopia control laser therapy, which is FDA-approved for the treatment of myopia in adults.
• In 2020, EssilorLuxottica acquired ZeeWa, a company that develops myopia control contact lenses. This acquisition gave EssilorLuxottica access to ZeeWa's proprietary myopia control lens technology, which is designed to slow the progression of myopia in children.

Figure 2. Global Myopia Control Lenses Market Share (%), by Type, 2023

Top companies in Myopia Control Lenses Market

1. Essilor International
2. Johnson & Johnson Vision
3. CooperVision
4. Hoya Corporation
5. Zeiss Group
6. Bausch + Lomb
7. Menicon Co., Ltd.
8. SEED Co., Ltd.
9. Alcon (Novartis)
10. Visioneering Technologies, Inc.
11. Paragon Vision Sciences
12. Euclid Systems Corporation
13. Art Optical Contact Lens, Inc.
14. SynergEyes, Inc.
15. Nevakar Inc.

Definition: Myopia control lenses are specialized eyewear designed to manage and slow down the progression of myopia, also known as nearsightedness. These lenses employ various optical techniques, such as multifocal designs, orthokeratology, or peripheral defocus, to reshape the way light enters the eye and optimize visual clarity.