Myopia Control Lens (Plastic Lens) Market Estimated To Achieve a Valuation of UЅD $273,626.6 Мn by 2030
There are four accepted types of myopia control treatments – orthokeratology, atropine eye drops, multifocal contact lens, and in some cases bifocal or multifocal eyeglasses. These contact lens are made from plastic materials, usually hydrogel, silicone hydrogel, and hypergel, that are able to mix well with the fluid in an individual’s eye.
The Global Myopia Control Lens Market was valued at UЅD $137,798.5 Мn in 2020, and is projected to achieve a valuation of UЅD $273,626.6 Мn by 2030, at a САGR of 8.4%. The 5-year (2020–2025) cumulative revenue of this market is projected to be over $199,766.5 Mn, and is estimated to increase substantially over the latter part of the forecast period.
The increasing rate of myopia prevalence and incidence being registered across the world in a primary factor that is anticipated to continue to augment the revenue growth of the Global Myopia Control Lens Market in the foreseeable future. Myopia is a disorder that has been found to mostly affect children and adolescents, and although there have been numerous innovations in the field of ophthalmology which are expected to lower the dependency of individuals on the use of glasses, in recent times, a growing number of these individuals are becoming more exposed to various electronic devices such as tablets, laptops, mobile phones, etc., for long durations of time. This is also a major factor that is slated to further contribute to the market growth of this global industry in the years to come. Additionally, the steady increase in the geriatric population across the world is another major factor that is also expected to aid in boosting the overall projected revenue growth of the Global Myopia Control Lens Market, as these individuals are more susceptible to developing disorders such as this.
However, in light of the recent COVID-19 outbreak, the operations of numerous industries have either been temporarily halted or are functioning with a minimal workforce due to enforced lockdowns and imposed restrictions by respective governing bodies. The global myopia control lens market is no different, and this factor is anticipated to have an immensely negative impact on the revenue growth of this industry. Moreover, numerous technological advancements in the field of ophthalmology such as the introduction of advent of refractive surgery, etc., is gradually lowering the dependency of an individual on glasses or lens, and this is a factor that could potentially restrain market growth for the global myopia control lens industry in the coming years.
Nonetheless, numerous studies have now indicated that children who wear multifocal lenses stood a 25% lesser chance of myopia progression. This is a significant factor that could boost the revenue growth opportunities for the global myopia control lens market in the foreseeable future.
Segmentation of the Global Myopia Control Lens Market is as follows:
In terms of type, the PMMA hard lens segment accounted for the maximum number of revenue shares of the global myopia control lens market in 2020, and is expected to continue doing so over the forecast period. The pHEMA soft lens segment is also anticipated to index a high CAGR over the next 10 years.
With regards to end-user, the teenagers segment accounted for the highest number of revenue shares of the global myopia control lens market in 2020, and is anticipated to index a high CAGR over the next decade. However, the adults segment is indicative of registering the highest CAGR over the forecast period.
Key Players: EssilorLuxottica S.A., Alcon Inc., Bausch Health, Carl-Zeiss-Stiftung (ZEISS), HOYA Corporation, Brighten Optix, Mingyue Optical, Shanghai Weixing Optical Co. Ltd., Jiangsu Green Stone Optical Co. Ltd.
Regional Segmentation and Analysis:
The markets in Europe accounted for the maximum number of revenue shares of the global myopia control lens market in 2020, and are indicative of remaining this industry’s front-runner over the next decade. However, the markets China are anticipated to index the highest CAGR over the course of the forecast period.
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