Myopia control lenses are special contact lenses or glasses designed to slow the progression of myopia or nearsightedness in children. Myopia occurs when the eyeball grows too long or the cornea is too steep, causing distant objects to appear blurry while close objects appear clear. The prevalence of myopia has been steadily rising globally and is considered an epidemic in countries like China, Singapore and South Korea where over 80% of young adults are affected. If left uncontrolled, high degrees of myopia can increase the risks of serious eye conditions later in life like glaucoma, macular degeneration and retinal detachment.
Myopia control lenses employ innovative optical design strategies like multifocal or progressive addition lenses to control axial elongation of the eyeball. They work by redistributing light rays towards the periphery of the retina to provide clear vision at all distances. This helps stimulate the biological mechanism in the eye that controls its length and curvature. Myopia control lenses are worn full-time, even during up close tasks like reading or screen time. Clinical studies have shown they can safely and effectively reduce myopia progression in children by around 60% compared to single vision glasses or no correction.
The global myopia control lenses market is estimated to be valued at US$ 1.46 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the myopia control lenses market is the growing adoption of innovative lens designs. Traditionally, multifocal soft contact lenses were the most widely used myopia control option. However, manufacturers are now developing single vision lenses enhanced with optical treatments like aberration controls, peripheral defocus and dual focus to redirect light without compromising vision. Hybrid contact lens options that combine soft and rigid lens materials are also emerging. Another important trend is the increased availability of myopia control options for younger children aged 6-8 years. Historically, treatments were limited to pre-teens but studies now indicate intervening earlier provides maximum benefits. This will extend the target patient pool and market growth potential over the coming years.
Porter’s Analysis:
Threat of new entrants: Low barriers to entry as manufacturing of myopia control lenses does not require large capital investments. However, established brands have significant customer loyalty and economies of scale which deters new players.
Bargaining power of buyers: Moderate bargaining power as buyers have multiple options but proprietary lens designs and innovations drive repeat purchases.
Bargaining power of suppliers: Low dependence on few suppliers as raw materials for lenses are commonly available.
Threat of new substitutes: Low threat as no proven alternatives exist currently for controlling eyeball elongation in children.
Competitive rivalry: Intense competition between leading brands on innovations, variety of lens designs and marketing. Price also a deciding factor for customers.
Key Takeaways:
The Global Myopia Control Lenses Market Size is expected to witness high growth over the forecast period. The global myopia control lenses market is estimated to be valued at US$ 1.46 Mn in 2024 and is expected to exhibit a CAGR of 6.9% over the forecast period 2024 to 2031.
Regional analysis: Asia Pacific region accounts for over 50% of the global myopia control lenses market share majorly driven by China, Japan and South Korea. Higher economic growth and increasing healthcare spending in Asia Pacific countries have further propelled the adoption of myopia control lenses. North America and Europe are other lucrative regions for myopia control lenses market owing to rising myopia cases and advanced healthcare infrastructure.
Key players: 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 and Sturdy Gun Safe. These players are focusing on new product launches and geographical expansions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
