Market Overview
Myopia control lenses are specially designed eyeglasses used to reduce the progression rate of short-sightedness or myopia in children. These proprietary single vision or multi-focal lenses aim to alter the eye’s visual experience and training in a way that may help slow the progressive lengthening of the eye and thus slower myopia progression. Myopia control lenses offer benefits like reduced pace of myopia progression, extended times between spectacle changes and delayed need for stronger prescriptions. The Global Myopia Control Lens 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 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. Rising prevalence of myopia globally especially in Asia Pacific region is a major driver boosting demand for myopia control lenses. Technological advancements like introduction of new proprietary lens designs and multifocal contact lenses are expanding options available for myopia control.
Market Trends
Increased adoption of myopia control lenses among parents and eye care professionals due to growing awareness about benefits is a key trend. Manufacturers are focusing on development of affordable myopia control products to increase access and adoption in developing regions. Entry of new players and launch ofapps to track myopia progression is expected to make myopia control mainstream in coming years.
Market Opportunities
Untapped regions especially Middle East and African countries present lucrative opportunities owing to rising disposable income and increasing healthcare spending. Partnerships with eyecare professionals and educational campaigns on handling digital devices can help stakeholders tap latent demand and slow myopia progression in younger age groups.
Impact of COVID-19 on Myopia Control Lenses Market
The outbreak of COVID-19 pandemic has impacted the growth of myopia control lenses market worldwide. During the initial stages of lockdown imposed across various regions globally, production of myopia control lenses was hampered due to restrictions imposed on manufacturing facilities. The supply chain was disrupted leading to shortage of lenses in the market. Closure of optical stores contributed to decline in sales of lenses. However, with relaxation in lockdown restrictions and reopening of manufacturing units and retail stores, the supply and demand of lenses is recovering gradually.
Manufacturers are focusing on establishing robust supply chains and implementing safety protocols at production facilities to mitigate future disruptions. Tele-ophthalmology and online consultations along with online channels for purchasing lenses have provided momentum to market during lockdown. In the post-COVID scenario, consumer preference for myopia control lenses is expected to increase compared to pre-COVID levels driven by rising health awareness. Efforts of key players to educate customers through digital platforms about benefits of myopia control lenses in managing near-sightedness will further aid market growth.
In terms of geography, Asia Pacific accounted for major share of the myopia control lenses market in terms of value prior to COVID-19 pandemic owing to large population base and growing cases of myopia in countries like China and Japan. Within Asia Pacific, China holds significant share currently due to presence of leading manufacturers. However, increased awareness about myopia management among consumers in Western European countries is driving fastest growth of the market in the region post COVID-19.
Myopia Control Lenses Market in Asia Pacific Region
Asia Pacific represents the most lucrative region for myopia control lenses market globally. Countries like China, Japan, India, South Korea and Southeast Asian nations account for bulk of the market share in the region. As per statistics, prevalence of myopia in children and young adults is increasing at an alarming rate in Asia Pacific countries. According to a recent study, over 90% urban Chinese students suffer from myopia. Such high caseload along with policies by governments to curb increasing rates of myopia drives the adoption of myopia control lenses in Asia Pacific region.
China dominates Asia Pacific Myopia Control Lenses Market Demand both in terms of production and sales volume. Presence of leading manufacturers has made China an attractive sourcing base for lenses. However, other Southeast Asian countries are emerging as high potential markets. Increasing disposable incomes, growing middle class population and rising healthcare spending especially on vision care are some factors fueling demand in Southeast Asia. Countries like Singapore, Vietnam and Malaysia are witnessing fastest growth currently in the region. Retail and online channels are expanding in these developing Asian markets which is positively impacting the myopia control lenses business.
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