Myopia Treatment Devices Market By Treatment (Corrective Lenses, Laser Eye Surgery, Lens Implant Surgery), By Product Type (Eyeglasses, Contact Lenses, Ortho-K Lenses, Phakic Intraocular Lenses, Excimer Laser Refractive Surgery Devices), By End-User (Hospitals, Specialty Clinics, And Others), by geography, is projected to grow at a noteworthy CAGR forecast till 2027 owing to the growing burden of myopia across the globe and high adoption rate of myopia treatment devices.
The global myopia treatment devices market is growing at a CAGR of 7.57% during the forecast period from 2022 to 2027. The increase in demand for myopia treatment devices is predominantly due to the rising prevalence of myopia across the globe. Moreover, an increase in the adoption rate of myopia treatment devices is also expected to bolster the demand for these devices thereby leading to an increased market of myopia treatment devices in the upcoming years.
Furthermore, an increase in product launches of various advanced myopia management devices and rising government initiatives to raise awareness among the population regarding myopia treatment are also anticipated to spur the demand for these devices during the forecasted period.
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Myopia Treatment Devices Market Dynamics
The market for myopia treatment devices is gaining pace at present owing to the growing myopia cases across the globe. According to the World Health Organization (WHO), myopia is a type of uncorrected refractive error that is the most common cause of vision impairment among patients. Also, myopia is associated with a higher risk of cataracts and glaucoma. Moreover, as per the projections mentioned by the WHO, myopia and high myopia would affect 52% (4949 million) and 10.0% (925 million), respectively, of the world’s population by the year 2050.
In addition, as per the data published by the Australian Government in the year 2021, approximately 6.3 million people in the country were affected with short-sightedness (myopia) between the years 2017-2018. Similar trends are expected to be observed in other countries across the globe which is likely to raise the demand for treatment devices for myopia during the forecasted period.
Furthermore, approval of various myopia treatment devices in various countries across the globe to slow down the progression of the disease is also projected to augment the market in the upcoming years. For instance, on June 03, 2020, SightGlass Vision achieved CE Mark allowing European Marketing Authorization for novel eyeglasses that slow myopia progression in children. The spectacles developed by the company comprise advanced diffusion optics technology spectacle lenses.
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Hence, the above-mentioned factors are expected to increase the market for myopia management devices in the following years.
However, limitations associated with the refractive surgery procedures and stringent regulatory approval process for the myopia treatment devices are likely to impede the growth of the myopia treatment devices market.
The unprecedented COVID-19 impact had sluggish the market growth for myopia treatment devices. This is due to the implementation of stringent lockdowns across the nation, reduction in clinic visits due to reluctance among patients during the pandemic, among others. However, a sudden shift towards digital or e-learning approaches from classroom-based learning has subsequently increased myopia and its progression among the students.
For instance, as per the report published by UNESCO in the year 2020, approximately 1.37 billion students from more than 130 countries globally were affected by the pandemic as the schools and universities adopted digital learning during the pandemic to curb the infection. Thus, it is expected to increase the risk of myopia among the children which will increase the demand for the myopia treatment devices during the post-pandemic situation, thus the market will gain normalcy.
Myopia Treatment Devices Competitive Landscape and Market Segment Analysis:
Myopia Treatment Devices Market By Treatment (Corrective Lenses, Laser Eye Surgery, Lens Implant Surgery), By Product Type (Eye Glasses, Contact Lenses, Ortho-K Lenses, Phakic Intraocular Lenses, Excimer Laser Refractive Surgery Devices), By End-User (Hospitals, Specialty Clinics, and Others), and By Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In the product type segment of myopia treatment devices, the contact lenses segment is expected to hold a significant market share during the forecasted period. This is due to their wide availability and cost-effectiveness. Additionally, contact lenses allow a natural field of view, have no frames to obstruct the vision, and greatly reduce distortions. Unlike glasses, they do not fog up or get splattered by mud or rain. Thus, the benefits associated with contact lenses are likely to boost the segment market. Furthermore, as per the CDC, some contact lenses can also provide extra UV protection.
Also, the rising focus of various companies on developing technologically advanced myopia-treating contact lenses is likely to upsurge the segmental market. For instance, on January 19, 2021, CooperVision Specialty EyeCare began offering 5 mm back optic zone diameter (BOZD) customization for Paragon CRT® and Paragon CRT Dual Axis® contact lenses. The new option joined several existing customization choices, further expanding myopia management possibilities for eye care professionals.
Moreover, the approval of various contact lenses for better management of myopia progression is also a potential factor contributing to the market growth of contact lenses for myopia treatment. For instance, on September 08, 2021, Johnson & Johnson Vision received approval from Health Canada for ACUVUE® Abiliti™ 1-Day Soft therapeutic lenses for myopia management. These lenses are specifically designed for children who are 7 to 12 years old at the start of treatment.
Thus, the interplay of all the aforementioned factors is projected to bolster the myopia treatment devices market in the forthcoming years.
The Asia Pacific is expected to witness the fastest growth in the overall Myopia Treatment Devices Market:
Among all the regions, Asia Pacific is anticipated to register the fastest growth in the myopia treatment devices market during the forecasted period. This is owing to the rising prevalence of the targeted population. For instance, according to the report published by the Government of Singapore in the year 2019, the prevalence of myopia in Singapore is among the highest in the world, with 65% of children being myopic by 6, and 83% of young adults being myopic. Also, Singapore is often labelled as the “Myopia Capital of the World”. It is projected that 80 to 90% of all Singaporean adults above 18 years old would be myopic and 15 to 25% of these individuals may have high myopia by the year 2050.
Moreover, rising government initiatives to raise awareness regarding the proper management of myopia among the population in the region is also a potential factor for market growth. For instance, in support of the UN resolution “Eye health for all by 2030”, and to create public awareness on eye care, the Optometry Council of India (OCI) started a screening initiative on the occasion of World Sight Day (WSD) with 100,000 screenings in 100 days from 1st September 2021. OCI would also be releasing an awareness film on myopia and what interventions can be done to prevent myopia and myopic progression.
Furthermore, the presence of regional companies such as Menicon Co., Ltd., Kubota Pharmaceutical Holdings Co., Ltd., among others, and their increased focus towards developing novel myopia treatment market will also contribute to the fastest market growth in the region.
For instance, Kubota Pharmaceutical Holdings Co., Ltd. with its subsidiary Kubota Vision is planning to use the Kubota Glass technology which leverages nanotechnology in an electronic glasses-based device to reduce the progression of myopia by actively stimulating the retina for shorter periods while maintaining high-quality central vision and not affecting daily activities to develop smart contact lenses for the reduction of myopia progression.
Thus, all the above-mentioned factors would contribute to the regional market growth of myopia treatment devices during the forecasted period.
Some of the key market players operating in the Myopia Treatment Devices market include CooperVision (CooperCompanies), Johnson & Johnson, Essilor, Bausch & Lomb Incorporated, Menicon Co., Ltd., LUCID KOREA LTD., Alcon Inc., HOYA VISION CARE COMPANY, SynergEyes., SightGlass Vision, Inc., Ophtec BV, STAAR SURGICAL, Mark'ennovy, SCHWIND eye-tech-solutions, Euclid Systems Corporation, NIDEK USA, Inc., HORUS S.n.C. di Risoldi & C – P, Falco lenses AG, and others.