Global Myopia Treatment Devices Market Trends, Growth, Outlook, Share & Forecast | 2024 - 2032

The global myopia treatment devices market has witnessed significant growth in recent years and is expected to continue expanding due to the rising prevalence of myopia worldwide. With a market value of approximately USD 7.21 billion in 2023, it is projected to grow at a compound annual growth rate (CAGR) of 9.10% from 2024 to 2032, reaching a market size of USD 15.79 billion by 2032. Myopia, commonly known as nearsightedness, is a refractive error in the eye where distant objects appear blurry, and it is becoming increasingly common, especially in urban environments.

This blog post will provide an in-depth analysis of the global myopia treatment devices market, covering key players, market segments, trends, size, growth projections, the impact of COVID-19, and market insights that will help stakeholders understand the dynamics of this expanding sector.

Overview of Myopia and Myopia Treatment Devices

Myopia is a refractive vision disorder that affects millions of people worldwide. As per the World Health Organization (WHO), the global prevalence of myopia has been steadily increasing, particularly in East Asia. This trend is linked to various environmental and genetic factors, including prolonged near-vision tasks (such as reading and screen use) and a lack of outdoor activities during childhood.

Myopia treatment devices aim to correct or manage this refractive error. The most common types of devices include eyeglasses, contact lenses, and innovative technologies such as myopia control lenses, orthokeratology (corneal reshaping), and implantable contact lenses. These devices play a critical role in reducing the progression of myopia, improving visual acuity, and enhancing the quality of life for affected individuals.

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Key Players in the Global Myopia Treatment Devices Market

Several key players are driving the growth and development of the myopia treatment devices market. These companies focus on innovative solutions, mergers, and strategic partnerships to expand their market presence. Some of the major players include:

1. Johnson & Johnson Vision
   Headquartered in Jacksonville, Florida, Johnson & Johnson Vision is one of the leading players in the myopia treatment devices market. The company is known for its advanced contact lenses, including its myopia management solutions like the ACUVUE brand, which offers lenses specifically designed to slow down the progression of myopia in children and young adults.

2. CooperVision, Inc.
   CooperVision is another prominent player, specialising in the design, manufacture, and marketing of contact lenses. Their myopia management lenses, such as MiSight® 1 day, are particularly effective in controlling myopia progression in children, and they continue to innovate in the field.

3. Essilor International S.A.
   Headquartered in Charenton-le-Pont, France, Essilor is one of the largest global ophthalmic optics companies. They are involved in the development of myopia management lenses, providing solutions for both myopic correction and prevention. Essilor's myopia control lenses are widely used in clinics and optometry practices.

4. Carl Zeiss AG
   Based in Oberkochen, Germany, Carl Zeiss AG is a significant player in the global ophthalmic market. The company’s innovative myopia management lenses and diagnostic tools help practitioners monitor and control myopia progression in children and adults.

5. Bausch + Lomb
   Bausch + Lomb, a division of Bausch Health Companies Inc., is a leader in vision care products, including contact lenses for myopia correction. Their myopia control lenses are gaining popularity for slowing myopia progression in young children.

6. Shamir Optical Industry Ltd.
   Shamir, an Israel-based company, offers advanced myopia treatment options, including progressive lenses and specialty lenses designed to reduce myopia progression, especially in children.

7. Orthokeratology Companies
   There are several niche companies in the market specialising in orthokeratology lenses, such as Paragon Vision Sciences and the proprietary brands like DreamLens and CRT (Corneal Refractive Therapy). These devices are designed to reshape the cornea overnight to slow myopia progression.

Key Segments of the Myopia Treatment Devices Market

The myopia treatment devices market can be divided into several segments based on product type, end-users, and geographic regions. Understanding these segments is crucial for businesses and investors who want to gain a deeper insight into the market’s dynamics and make informed decisions.

By Product Type

1. Contact Lenses
   Contact lenses have emerged as one of the most popular and effective solutions for myopia correction. They offer comfort, convenience, and aesthetic benefits over eyeglasses. Myopia management contact lenses, such as those made with special designs to control myopia progression, are becoming increasingly popular.

2. Eyeglasses
   Eyeglasses remain the most widely used solution for myopia treatment. Innovations in lens technology, such as bifocal and progressive lenses, are helping improve visual clarity and reduce eye strain. Additionally, myopia management eyeglasses are being developed to slow the progression of the condition.

3. Orthokeratology Lenses
   Orthokeratology (ortho-k) lenses are gaining popularity as a non-surgical method for controlling myopia. These special contact lenses reshape the cornea overnight, temporarily correcting myopia during the day. This segment is anticipated to see significant growth, especially among children.

4. Implantable Contact Lenses (ICLs)
   ICLs are a surgical alternative for people with severe myopia. These lenses are implanted into the eye to correct refractive errors. Though less common than other treatments, ICLs represent a growing market for patients seeking permanent solutions to myopia.

5. Other Devices
   Other devices include myopia management tools, such as atropine eye drops (though not technically a device, they are often used in conjunction with devices for myopia control).

By End-User

1. Hospitals and Eye Care Clinics
   Hospitals and specialised eye care clinics are the primary end-users of myopia treatment devices. These facilities often offer a range of myopia management services, including eye exams, contact lens fitting, and surgery.

2. Optometry Practices
   Optometrists play a crucial role in diagnosing and treating myopia. Many optometrists now offer myopia control lenses, particularly for children, as part of their services.

3. Home Care Settings
   With the growing adoption of contact lenses, a significant portion of the myopia treatment market is also driven by home care settings, where patients can use corrective devices without the need for constant supervision.

By Geography

The global myopia treatment devices market is divided into key geographic regions, including:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Among these regions, Asia-Pacific holds the largest market share, driven by the high prevalence of myopia in countries like China, Japan, and South Korea. North America and Europe are also significant contributors to the market, with ongoing advancements in eye care technology and high healthcare expenditure.

Market Outlook and Growth Projections

The global myopia treatment devices market is expected to experience strong growth from 2024 to 2032. The market was valued at USD 7.21 billion in 2023 and is projected to grow at a CAGR of 9.10%, reaching USD 15.79 billion by 2032.

This growth is primarily driven by:

• Rising Prevalence of Myopia:
  Myopia has reached epidemic levels globally, particularly among children and young adults. The increasing number of people affected by this condition is driving demand for effective treatment devices.

• Technological Advancements:
  Innovations in myopia management, such as myopia control contact lenses, orthokeratology, and surgical options like ICLs, are propelling the market forward.

• Awareness of Myopia Control:
  Growing awareness among parents and children about the importance of managing myopia progression is fuelling demand for early intervention devices.

• Increasing Healthcare Investments:
  Governments and private sectors are investing heavily in improving eye care services, which in turn supports the market for myopia treatment devices.

Market Trends

Several key trends are shaping the future of the myopia treatment devices market:

• Adoption of Myopia Control Lenses:
  Myopia management lenses designed to slow down myopia progression are becoming more popular, especially among children.

• Digital Eye Strain Awareness:
  As screen time increases, particularly among children and young adults, there is greater awareness of the link between digital eye strain and myopia progression. This is driving interest in myopia management solutions.

• Telemedicine and Remote Eye Care:
  The rise of telemedicine and remote monitoring solutions in eye care is expanding access to myopia treatment, particularly in underserved regions.

COVID-19 Impact on the Myopia Treatment Devices Market

The COVID-19 pandemic had a mixed impact on the myopia treatment devices market. On one hand, lockdowns and restrictions led to disruptions in elective surgeries and eye care services. On the other hand, the increased screen time during the pandemic contributed to an accelerated progression of myopia, particularly in children, leading to heightened awareness and demand for myopia control devices post-pandemic.

Market Insights

• Myopia's Rising Prevalence:
  The rising incidence of myopia is directly linked to lifestyle factors, such as increased time spent on close-up tasks and reduced outdoor activities. This is particularly evident in urban environments.

• Innovative Myopia Control Methods:
  The market is witnessing significant innovation, with companies focusing on non-invasive treatments and novel contact lens designs to control myopia progression. These treatments are increasingly preferred over traditional refractive surgeries.