Myopia Control Lens (Plastic Lens) Market Infographics Description:
- Infographics: Myopia Control Lens (Plastic Lens) Market was valued at US$ 128,174.6 Mn in 2019.
- Worldwide Myopia Control Lens (Plastic Lens) sector is projected to reach US$ 273,626.6 Mn in 2029 at a CAGR of 7.9% from 2019 to 2029.
- The PMMA Hard Lens segment in the global myopia control lens market is estimated to account for a majority revenue share of 64.5% in 2019, owing to factors such as increasing prevalence of myopia affecting a high percentage of the population
- Among all the end user segments, Adults is expected to register highest CAGR of over 9.5%, owing to increasing disposable income and rising middle class income, particularly in developing countries.
- Europe market is expected to dominate the global myopia control lens market and is expected to account for the largest market revenue share as compared to that of markets in other regions.
Myopia Control Lens (Plastic Lens) Market Scope and Estimation (2023-2033)
- The Myopia Control Lens (Plastic Lens) Market is projected to reach USD 4.8 billion by 2033, up from USD 1.5 billion in 2023.
- This market is experiencing a growth rate of 12.6% annually from 2024 to 2033.
- Multifocal contact lenses are the leading product type, holding a 43% share of the market.
- Teenagers are the largest consumer group for these lenses, accounting for 54% of the market.
- Optometry clinics are the main distribution channel, with a dominant 47% market share.
- North America leads in sales, holding a 33.5% share of the global market.
Market Key Players
- CooperVision, Inc.
- Essilor International S.A.
- Bausch + Lomb
- Johnson & Johnson Vision Care, Inc.
- Menicon Co., Ltd.
- Hoya Corporation
- Euclid Systems Corporation
- Paragon Vision Sciences
Growth Drivers and Strategic Developments
The global myopia control plastic lens market is experiencing significant growth due to the rising prevalence of nearsightedness worldwide. Currently, approximately 30% of the global population suffers from myopia, with projections suggesting this could escalate to 50% by 2050, affecting around 5 billion people. This surge is driving demand for innovative myopia control solutions, notably in plastic lens technologies. Prominent market players are enhancing their competitive edge through extensive research and development initiatives and strategic mergers and acquisitions to expand their product offerings.
Technological advancements in ophthalmology present both opportunities and challenges for the myopia control lens market. While new products such as multifocal contact lenses for children offer promising avenues for growth by effectively slowing myopia progression, refractive surgeries that reduce dependence on corrective lenses pose a potential threat to market expansion. These surgeries are becoming increasingly accessible and affordable, often covered by medical insurance, which could diminish the demand for traditional myopia control lenses.
Several key players are making notable contributions to the market. CooperVision, for example, was recognized with a German Innovation Award for their MiSight 1 day lens, which is specifically designed to slow myopia progression in children and is now available in over 30 countries. Similarly, Essilor International’s HOYA Vision Care division launched the “Myopia Care for Kids” campaign to increase awareness and promote their MiYOSMART spectacle lenses, aimed at managing myopia in children aged 8-13.
Bausch + Lomb have secured an exclusive global licensing agreement with BHVI to enhance their myopia control contact lens offerings, underscoring their commitment to addressing this widespread vision issue. Additionally, Johnson & Johnson Vision Care received FDA approval for their Acuvue Abiliti lenses, designed for nightwear to curb myopia progression in children between 6 to 12 years old.
These developments highlight the dynamic nature of the myopia control lens market, driven by both technological innovation and strategic market activities. Companies are increasingly focused on developing products that not only meet the growing need for effective myopia management but also comply with safety standards to ensure broader market acceptance. This trend is likely to continue, fostering further growth and innovation in the sector.
