Myopia Control Lens (Plastic Lens) Market Size, Share, Growth, and Industry Analysis, By Type (Myopia Control Spectacle Lenses, Multi-focal Soft Contact Lenses & Orthokeratology Lenses), By Application (Children & Teenagers), and Regional Forecast to 2032

MYOPIA CONTROL LENS (PLASTIC LENS) MARKET OVERVIEW

The global Myopia Control Lens (Plastic Lens) Market size was USD 1.08 billion in 2023 and is projected to touch USD 4.36 billion by 2032, exhibiting a CAGR of 16.8% during the forecast period.

Myopia, or nearsightedness, is being diagnosed at a much greater rate among children and adolescents all over the world. This new market-the myopia control lens (plastic lens)-adjusts the way light enters the eye and therefore focuses on the retina, slowing the progression of the said myopia. Because of the increasing awareness of the early need for management of myopia, parents and eye care professionals are increasingly turning toward specialty lenses such as soft contact lenses and orthokeratology lenses. Advances in lens technology and materials providing increased comfort and effectiveness have further spurred the market. With rising demands for myopia control, the demand for myopia control lenses is expected to boost the market with growth in the years to come.

GLOBAL CRISES IMPACTING MYOPIA CONTROL LENS (PLASTIC LENS) MARKET COVID-19 IMPACT

Myopia Control Lens (Plastic Lens) Market Had a Positive Effect Due to Increased Screen Time During COVID-19 Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

At the initial stages, the concern was also how the pandemic would affect health care services and the potential drop in eye examinations and lens sales. However, increased screen time due to homeschooling and working from home triggered heightened awareness amongst parents and caregivers about myopia and its progression, which led them to seek solutions more proactively. This led to an increased demand for myopia control lenses manifold because families concentrated on the health of their children's eyes and sought intervention to mitigate the deterioration of myopia in children and adolescents.

LATEST TREND

"Adoption Of New Technologies to Drive Market Growth"

Perhaps the most evident trend driving growth in the myopia control lens market is the adoption of new technologies dedicated to the management of myopia progression. It has mainly involved developments like dual-focus and multifocal lenses, with superior refractive correction compared to others while simultaneously slowing myopia progression. This is complemented by an emergent need for digital eye care solutions, including tele optometry and online consultations, that effortlessly make eye care services and myopia management products accessible. Growing consciousness among parents about the necessity of early intervention in the control of myopia, along with conscious efforts by eye care professionals to popularize special lenses, add more fuel to the growth of the market. This trend reflects a general commitment to doing better for children's eye health and properly checking the global epidemic of myopia.

MYOPIA CONTROL LENS (PLASTIC LENS) MARKET SEGMENTATION

BY TYPE

Based on Type, the global market can be categorized into Myopia Control Spectacle Lenses, Multi-focal Soft Contact Lenses & Orthokeratology Lenses

• Myopia Control Spectacle Lenses: These are specially designed eyeglass lenses whose designs control the severity of myopia by modifying how light reaches the retina, hence, to reduce its impact. They don't interfere with the children and young adolescents' daily activities and comfort as they are designed for daily wear.
• Multi-focal Soft Contact Lenses: This type of contact lenses contains zones of different power zones with the aim of properly focusing light on the retina, thereby correcting vision and preventing the advancing myopia. Eye care professionals and parents find them very popular in controlling myopia while offering flexibility and comfort.
• Orthokeratology Lenses: Usually known as ortho-k, these are rigid gas-permeable lenses that are worn at night to temporarily alter the shape of the cornea so the patient can see clearly during the daytime without wearing lenses. This is considered one of the most effective treatment methods for controlling myopia progression, and it is useful for children and teens.

BY APPLICATION

Based on application, the global market can be categorized into Children & Teenagers

• Children: This application segment is referred to the growing needs for myopia control solutions among younger children who are increasingly being diagnosed with myopia at earlier ages. With increased usage in screens and near-work activities, parents and eye care professionals are looking for effective interventions to manage and slow down myopia progression to have better long-term eye health.
• Adolescent: Myopia control lens in the adolescent segment constitutes a substantial market share, since most teenagers would undergo marked alterations in their visual capability with increased academic stress and marked exposure to screens. Myopia control lenses for teenagers help to manage the needs of corrective vision combined with the treatment of myopia, thereby making adequate solutions to the lives of this active group without further deterioration of the eyesight.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

DRIVING FACTORS

"Incidence of Myopia Among Children and Adolescents to Boost the Market"

This is an important driving factor that will fuel the myopia control lens (plastic lens) market growth isincidence of myopia among children and adolescents. Inclusion of increasing incidence of myopia is mainly due to a change in lifestyle-because of more time spent indoors in front of electronic devices, less sports activities, and intense academics, which promotes awareness among parents and healthcare professionals about the need for early intervention. What has propelled this rising concern is the need for specialized myopia control solutions. The parents are looking for ways to ensure their children's myopia does not progress with the comfort of maximum prevention and management. Preventive care for eyes, coupled with the development of revolutionary lens technologies, has led to this growth and compelled families to try out myopia control lenses as a viable solution.

"Increasing Awareness of Long-Term Risks to Expand the Market"

The major expansion drivers for the myopia control lens, or plastic lens market, include increasing awareness of long-term risks related to myopia and the demand for management solutions. As study after study continues to point out the potential complications of high myopia, including retinal detachment and glaucoma, parents and eye care professionals bring this preventive measure to the fore. The solutions also remain quite attractive to consumers in combination with novel lens technology, such as dual-focus and multi-focal designs, which increase the effectiveness of myopia control solutions. Market expansion is seen further through pediatric eye care initiatives and educational campaigns on myopia management, promoting early intervention and easy access to specialized lenses. In addition, the adoption of eHealth solutions, including remote optometry and web consults, is opening myopia management resources access, thus expanding market reach and contributing to revenue growth.

RESTRAINING FACTOR

"High Cost to Potentially Impede Market Growth"

One of the potential restraint factors that could impact the market growth of myopia control lens (plastic lens) is that it is pricey, mainly concerning specialty lenses and treatment. Many myopia-control solutions like orthokeratology lenses and advanced multifocal lenses are more costly compared to standard prescription eyewear. This cost can discourage some parents to opt for these new solutions, especially when the insurance coverage for vision care is very limited in certain geographical locations. The perception that glasses which are designed for their kind of condition are not necessary or myopia is not a debilitating condition that requires interference will make consumers hesitant to spend on this type of product. In consequence, market growth is restricted due to the costs and levels of awareness regarding the need for myopia management.

OPPORTUNITY

"Preventative eye care and early intervention to Create Opportunity for the Product in the Market"

Preventative eye care and early intervention in general form an important opportunity for the myopia control lens (plastic lens) market. Parents and health professionals are actively seeking effective management strategies in increasing numbers as awareness of the long-term implications of untreated myopia is growing. This trend will be an opportunity for manufacturers to innovate on these control lenses, including new advanced technologies such as digital solutions and personalized fitting options specially designed for the needs of children and adolescents. Moreover, partnerships with schools and pediatric eye care programs will allow for outreach and education activities that create further demand for myopia control solutions in the end. The companies will benefit by being positioned as leaders in preventative eye care, for tapping into this growing market segment and working toward better long-term vision health among youths.

CHALLENGE

"Lack Of Knowledge Could Be a Potential Challenge for Consumers"

The main challenge for consumers in the myopia control lens market is a lack of knowledge about options for managing myopia. Parents may not understand the progression of myopia, what they can expect, or they might not fully appreciate the benefits of using specific lenses designed to control myopia. This lack of knowledge fosters myths about the effectiveness of myopia control lenses, discouraging them from trying remedies that might help cure or alleviate the condition. Not only do the ranges of these products vary but so does their access, impacting consumers, particularly in under-resourceful regions of eye care. Without proper education and information concerning long-term benefits of early intervention and available choices, consumers may not find an efficient approach to the management of vision at a suitable time and may lead to increased deteriorating myopia and accompanying health risks.

MYOPIA CONTROL LENS (PLASTIC LENS) MARKET REGIONAL INSIGHTS

• NORTH AMERICA

Myopia control lens in North America, and more particularly the United States myopia control lens (plastic lens) market is currently the most prominent. High degrees of awareness of myopia and its long-term implications are the growth drivers. Furthermore, advanced healthcare infrastructure coupled with leading eye care professionals and higher parental awareness of myopia management in the region propels demand for innovative solutions which are specialized spectacle and contact lenses, coupled with ongoing research and development into lens technology.

• EUROPE

Control lenses of myopia are gaining acceptance in Europe because of the ever-rising prevalence rates among children and teenagers. The UK, Germany, and France are taking projects that ensure eye health and thus prevent further progression in cases of myopia, boosting this market. Regulatory differences across countries and varying degrees of consciousness among consumers may affect market penetration and adoption.

• ASIA

Myopia control lenses in the Asian market are rapidly growing in areas such as China, South Korea, and Japan-where myopia rates are the world's highest. The children in these areas have increased screen time as well as academic pressures that have led to growing concerns over myopia, which in turn has been translated into increased demand for effective management solutions. Governments and healthcare organizations are also implementing myopia control, paving the way for specialty lenses to take the seat expected of them. Given the above fact, the Asian market is an area with obvious growth potential, mainly because of the large population, focusing on pediatric eye health.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

Some of the key industry players in this regard are HOYA Corporation, ZEISS, EssilorLuxottica, and CooperVision. These companies are primarily moving forward to dictate market trends through continuous efforts for innovation and strategic expansion into various markets. They acquire advanced technology and undertake massive research to produce localized products specific for myopia control. Some of their specialized items include multifocal lenses and innovative contact lenses designed especially for children and adolescents. Other companies like Ovctek, Alpha Corporation, EUCLID, and Brighten Optix are also very supportive to the market by launching innovative solutions for the increasing prevalence of myopia around the world. Other companies that enhance their presence in the market by producing good quality lenses include Lucid Korea, WeiXing Optical, Contex, and Jiangsu Green Stone Optical (SETO). These together are bringing growth to the myopia control lens market through a combination of awareness creation, ease of accessibility, and effective management of eye health.

TOP LIST OF MYOPIA CONTROL LENS (PLASTIC LENS) MARKET COMPANIES

• HOYA Corporation (Japan)
• ZEISS (Germany)
• EssilorLuxottica (France)
• CooperVision (USA)
• Ovctek (Taiwan)
• Alpha Corporation (Japan)
• EUCLID (USA)
• Brighten Optix (USA)
• Lucid Korea (South Korea)
• WeiXing Optical (China)
• Contex (Denmark)
• Jiangsu Green Stone Optical (SETO) (China)
• Conant (USA)

KEY INDUSTRY DEVELOPMENT

March 2023: CooperVision recently launched several new international markets for its innovative MiSight ^{®} 1 day contact lenses, particularly designed to control myopia in children, a condition that is slowed by a unique dual-focus design still giving clear vision. This simply reflects CooperVision's aim to address the increasingly high rise in myopia and give better eye care solutions to younger populations.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.