The myopia control lenses are specialized prescription eyeglasses or contact lenses designed to slow the progression of nearsightedness or myopia in children. Myopia control lenses redistribute light to the peripheral part of the retina to influence refractive development. Some myopia control lenses are designed to elongate the eye or limit the amount of light reaching the back of the eye using multifocal or centralized light design. Wearing myopia control lenses at an early age can potentially delay the onset of high degrees of nearsightedness that negatively impact quality of vision.

 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 Opportunity:

The opportunity to reduce the prevalence of myopia presents a significant market opportunity for myopia control lenses. Global data suggests that nearly 30% of the world's population suffers from myopia and it is projected that nearly 50% of the world will be nearsighted by 2050 if corrective measures are not taken. High prevalence of myopia is seen in East and Southeast Asian countries with estimates as high as 80-90% of the young population being affected. Increasing myopia rates can lead to increased risk of vision threatening eye conditions later in life. Myopia control lenses offer an affordable and non-invasive option to slow the progression of nearsightedness and reduce the risk of developing high degrees of myopia. Their widespread adoption can help lower the social and economic burden associated with uncorrected refractive errors globally.

Porter's Analysis:
Threat of new entrants: Low-high barrier to entry due to high capital investments for R&D and manufacturing. Established players dominate the market.
Bargaining power of buyers: Moderate as alternatives are available in the market. Buyers can negotiate on price.
Bargaining power of suppliers: Moderate as raw materials for lenses are widely available. Suppliers can shift to other buyers.
Threat of new substitutes: Moderate threat as contact lenses are a substitute. Technological advancements can lead to new substitutes.
Competitive rivalry: High as major players compete on innovations, quality and pricing.

SWOT Analysis:
Strengths: Large R&D investments help develop innovative products. Established brand image and recognition.
Weaknesses: High dependency on eye-care professionals. Significant training required for proper fitting and application.
Opportunities: Increasing myopia rates globally. Growing awareness regarding vision correction benefits potential growth.
Threats: Stringent regulatory approval process increases costs. Reimbursement policies vary significantly across regions.

Key Takeaways:
The global Myopia Control Lenses Market Share is expected to witness high growth.

Regional analysis: The Asia Pacific region holds the largest share currently due to the high prevalence of myopia in countries like China, Japan and South Korea. China accounts for over 50% of the global myopia population. Favorable government initiatives and guidelines for myopia management in the country boost market growth. Japan is another major market owing to initiatives by associations to spread awareness regarding myopia control options.

Key players operating in the myopia control lenses market are Johnson & Johnson, Bausch Health, CooperVision, Lucid Korea, Zeiss, Euclid Systems and Alpha Corporation. Johnson & Johnson dominates with innovations in dual-focus and multifocal myopia control lenses under the Acuvue brand. Bausch Health offers myopia control lenses under the brands such as Stellest, MiSight and O2Optix.

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