Global Myopia Control Lens (Plastic Lens) Market By Product Type (PHEMA Soft Contact Lens, PMMA Hard Contact Lens), By End-User (Teenagers, Adults) and By Region - Global Forecast 2030

“Global Myopia Control Lens Market” is the title of a recently published market report compiled by MarketResearch.Biz. The report contains information and data, and inputs from both primary and secondary data sources, that have been verified and validated by experts in the target market. The report presents a thorough study of revenues, historical data, and information, key developments, and strategies by major players that offer vital insights and perspectives in to various scenarios market. Besides critical data and related information, the report includes key trends (both present and future), factors that are driving market growth, factors that are or could be potential restraints to market growth, as well as opportunities that can be leveraged for potential revenue generation in untapped regions and countries. It also covers threats or challenges for existing as well as new entrants in the market. The global myopia control lens market has been segmented on the basis of product type, end-user, as well as regions and countries.

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%.

Overview:

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.

Dynamics:

The growing incidence rate and prevalence of myopia among individuals of varying demographics across the world is a primary factor that is expected to have a profound impact on the revenue growth of the global myopia control lens market over the next 10 years. Moreover, the steady increase in the number of geriatric individuals worldwide is also a major factor that is expected to compliment the market growth of this global industry, as myopia can worsen with age.

That being stated, the majority of the population that is affected with myopia are those belonging to the children and adolescent age groups, and these individuals are more likely to spend more time than adults in using digital devices such as TVs, tablets, gaming devices, etc. As such, the probability of their respective conditions worsening is much higher, and this is a factor that is also expected to significantly contribute to the revenue growth of the global myopia control lens market in the years to come.

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.

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.

Segmentation of the Global Myopia Control Lens Market:

Segmentation by Product Type:

• PHEMA Soft Contact Lens
• PMMA Hard Contact Lens

Segmentation by End-User:

• Teenagers
• Adults

Segmentation by Regions:

• North America
• Europe
• APAC
• Latin America
• MEA