MYOPIA CONTROL LENSES MARKET ANALYSIS

Market Challenges And Opportunities

Global 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 global 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, thus leading to higher demand for myopia control lenses. In May 2021, according to an article published by National Center for Biotechnology Information, myopia prevalence in urban children aged 5 to 15 years increased from 4.44% in 1999 to 21.15% in 2019. Myopia prevalence is expected to rise to 31.89% in 2030, 40.01% in 2040, and 48.14% in 2050. The generational effect (induced by the nature of the ailment lasting a lifetime once formed) will result in a 10.53% increase in myopia prevalence across all age groups during the next three decades (2020-2050).
• Growing awareness and concern for eye health: There is an increased 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 is expected to drive the adoption of myopia control lenses as a proactive measure to address the condition and reduce the potential risks. For instance, in July 2022, HOYA Vision Care, a pioneer in optical technology innovation, launched the 'Myopia Care for Kids,' a global myopia education and marketing campaign. The initiative's goals are twofold: first, to raise awareness about the growing global rise of myopia in children, which typically begins in children ages 6-14, and second, to provide detailed information about the innovative MiYOSMART spectacle lens which is designed specifically for kids to slow down myopia progression in children ages 8-13.
• Advancements in lens technology: The continual advancements in lens technology have played a pivotal role in the growth of the global 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 of the global myopia control lenses. 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.

Global 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 caters specifically to the pediatric population. For instance, on April 04, 2023, HOYA Vision Care, a pioneer in optical technology innovation, launched the MiYOSMART sun range, with a global roll-out set to begin in April 2023 and a planned reach of 30 countries in the next months. MiYOSMART Chameleon photochromic spectacle lenses and MiYOSMART Sunbird polarized spectacle lenses were developed using D.I.M.S. Technology to slow down myopia progression in children while giving protection from intense sunlight.
• 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 which are tailored to the specific needs and preferences of these regions. For instance, on August 21, 2023, ZEISS, a global pioneer of science in optics and optoelectronics, announced the opening of its first Myopia Centre in India in collaboration with S.R. Gopal Rao Opticians & Optometrists, the veteran optician in Karnataka. The ZEISS-supported Myopia Centre, located in the heart of Bengaluru, India, meets the eye care needs of children with vision-related challenges.
• 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.

Global 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, thus making them less accessible to certain populations. Additionally, availability of myopia control lenses may be limited in certain regions or healthcare settings, thereby limiting their accessibility for those who could benefit from them. In December 2021, according to an article published by NCBI, annual prevalence-based direct expenditures for myopia were from US$ 14-26 (USA), US$ 56 (Iran), and US$ 199 (Singapore) per capita, respectively. Annually, the direct costs of contact lenses ranged from US$ 198.30 to US$ 378.10, while spectacles and refractive operations cost US$ 342.50 and US$ 19.10, respectively.
• 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.

Counterbalance: More awareness programs need to be carried out by the key market players for the adoption of myopia control lenses among the general public. The cost and affordability needs also to be considered by them, so that they are accepted by a wider section of the population.