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.
Myopia Treatment Devices: An Overview
Myopia, or nearsightedness, is a refractive vision disorder that causes blurred sight at a distance. It occurs when the length of the eye (known as axial length) is too great; myopia progresses as axial length increases with age. The devices such as eyeglasses, contact lenses, Ortho-K lenses, among others which are used to slow down the progression of myopia are termed as myopia treatment devices.
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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.
COVID-19 Impact on 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.
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Myopia Treatment Devices 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.
Myopia Treatment Devices is expected to Witness the Fastest Growth in Asia Pacific
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.
Myopia Treatment Devices Companies
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.
Global Myopia Treatment Devices Market Drivers
The major factor driving the demand for Myopia Treatment Devices is the rising burden of myopia across the globe. In addition, 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. Additionally, the rise 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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