Myopia Control Lenses Market Future Scope and Latest Trends Analysis Report

Myopia Control Lenses Market worth $4.29 Bn by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Myopia Control Lenses Market- (By Lens Type (Multifocal Lenses, Orthokeratology Lenses, Dual-Focus Lenses, Peripheral Defocus Lenses), By Age Group (Children, Adults), By Distribution Channel (Optometry Clinics, Optical Retail Stores, Online Retail)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Myopia Control Lenses Market is valued at US$ 1.17 Bn in 2022, and it is expected to reach US$ 4.29 Bn by 2031, with a CAGR of 15.7% during a forecast period of 2023-2031.
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Myopia control lenses are phrases used to indicate the additional clinical care needed for myopic children and adults. Daily disposable lenses make wearing glasses simple and secure for even the youngest toddlers. Myopic defocus, an approach to modifying how the eye focuses light, is made possible with these lenses, allowing for more effective correction and management of myopia. An increased chance of developing significant eye disorders such as retinal detachment, glaucoma, and myopic maculopathy has raised awareness among parents, healthcare providers, and individuals about the long-term hazards connected with myopia. Future myopia control glasses are becoming increasingly popular as a preventative method to correct. The myopia control lenses sector has the potential for innovation and distinction because to the continuous advancements in lens technology. The use of myopia control lenses on a large scale is impeded by various problems, including their elevated cost and restricted accessibility. The creation of regulations stimulates the need for myopia control lenses, fostering increased competition and ultimately driving market growth.

List of Prominent Players in the Myopia Control Lenses Market:
• Essilor International
• Johnson & Johnson Vision
• CooperVision
• Hoya Corporation
• Carl Zeiss Group
• Bausch + Lomb
• Menicon Co., Ltd.
• SEED Co., Ltd.
• Alcon (Novartis)
• Visioneering Technologies Inc.
• Paragon Vision Sciences
• Euclid Systems Corporation
• Art Optical Contact Lens Inc.
• SynergEyes Inc.
• Nevakar Inc.
• Fielmann AG,
• Rodenstock
• Others

Market Dynamics:

Drivers-
Growing demand for myopia control lenses owing to their rising disposable income, myopia's increasing prevalence and the constant improvements in lens technology, etc., is a key factor likely to grow the target market. The growing incidence of myopia around the globe, especially among children and young adults, is a major factor fueling the demand for myopia control lenses. Myopia control lenses are becoming increasingly popular as they become necessary to combat the epidemic of rapidly worsening nearsightedness. The growth rate of the myopia control lenses market will also be influenced favourably by other variables, such as the development of new technology and improving research and development factors expected to augment the growth of the global myopia control lenses market.

Challenges:
The prime challenge is a lack of awareness and restriction of their availability and compliance with medication because of lockdowns and isolation in emerging countries, which is predicted to slow down the growth of the myopia control lenses market. However, despite the public's growing familiarity with the issue of myopia, there remains a great deal of ignorance about how to manage the condition and the various treatment options available, including myopia control lenses. The demand for these lenses and the execution of efficient myopia treatment measures may be hampered by a lack of public knowledge. The medication's associated negative effects will also hamper the development of the overall growth of the myopia control lenses market over the coming years.

Regional Trends:
North America is projected to grow at a high CAGR in the near future because of advanced medical facilities and widespread knowledge about myopia and its treatment. The prevalence of myopia control lenses is fueled by the growing awareness of the risks associated with untreated myopia and the emphasis on early management. Besides, Europe had a considerable share in the market due to its developed economy and high rates of myopia, but also progress in lens technology, collaborative efforts in the study of myopia, and a proactive strategy for dealing with the problem. This is due to the adoption of innovative methods by the major players in the myopia control lenses market. Moreover, the existence of significant market players and the growing cooperation between major players for market penetration in the area enables an opportunity to grow the global Myopia Control Lenses market.

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Recent Developments:

• In Aug 2022, The CooperVision MiSight® 1 day Myopia Control Contact Lens has been recognized as the recipient of the prestigious 2022 German Innovation Awards. MiSight® 1 Day, a dual-focus contact lens intended for daily disposable use, has been made accessible in over 30 countries to mitigate the progression of myopia in children. The product obtained CE certification, as well as authorization from the U.S. FDA and the National Medical Products Administration (NMPA) of China.

• In Oct 2020, Bausch Health and BHVI Announced an Exclusive Global Licensing Agreement for Myopia Control Contact Lens. Bausch + Lomb was focused on finding global solutions to treat myopia.

Segmentation of Myopia Control Lenses Market-
By Lens Type-
• Multifocal Lenses
• Orthokeratology Lenses
• Dual-Focus Lenses
• Peripheral Defocus Lenses
By Age Group-
• Children
• Adults
By Distribution Channel-
• Optometry Clinics
• Optical Retail Stores
• Online Retail
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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