Myopia control lenses are prescription eyeglasses or contact lenses designed to slow the progression of nearsightedness or myopia in children. These lenses have optics engineered to reduce eye focusing on close objects. Myopia control lenses are an alternative to standard prescription lenses and can help manage myopia in children. The adoption of myopia control lenses is expected to rise due to increasing awareness about vision care and the risks associated with high myopia progression in children.

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 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity

The rising awareness regarding vision care presents a significant market opportunity for myopia control lenses. Studies indicate that about 25% of the world's population suffers from myopia, making it one of the leading causes of vision impairment. However, myopia induced by excessive near work can be controlled by adopting preventive measures like myopia control lenses. As parents become more conscious about their child's vision health, the demand for myopia control lenses is expected to surge during the forecast period. Moreover, increasing product availability through e-commerce platforms and expanding network of optometrists are also expected to support the growth of the myopia control lenses market.

Porter’s Analysis

Threat of new entrants: The myopia control lenses market has high capital requirements and patents held by existing companies. This creates barriers for new companies.

Bargaining power of buyers: Individual buyers have low bargaining power as there are limited options but group buyers like optometrists may be able to negotiate prices.

Bargaining power of suppliers: Limited options for raw materials provide suppliers with some pricing power however companies can source from multiple suppliers to avoid dependence.

Threat of new substitutes: New technological advancements like digital treatments may emerge as substitutes but existing products have brand loyalty and proven results.

Competitive rivalry: Being a highly specialized market, companies compete on technology, brand positioning and price to gain market share. Patents create differentiation.

SWOT Analysis

Strengths: Proven effectiveness in slowing myopia progression. Established brand names inspire consumer trust.

Weaknesses: Higher costs than ordinary lenses impact affordability. Requires ongoing monitoring limiting adoption in rural areas.

Opportunities: Growing middle class in Asia Pacific is driving demand. Digital technologies may integrate with lenses.

Threats: Alternate vision correction methods like orthokeratology and digital treatments pose competition. Regulations can affect pricing.

Key Takeaways

The Global Myopia Control Lenses Market Growth is expected to witness high over the forecast period of 2024 to 2031 due to the rising prevalence of myopia globally which is projected to affect nearly 5 billion people by 2050. 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 2024-2031.

Regional analysis indicates Asia Pacific will dominate the market owing to large population centers in China and India where myopia impact is highest. Germany and United States will also see significant adoption of myopia control lenses due to growing awareness and availability of latest products and technologies in optical stores and online portals. Rising disposable incomes in middle class households of developing economies will further drive the myopia control lenses market over the forecast period.

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