Myopia Control Devices Market
Number of pages: 100 | Report Format: PDF | Published date: November 15, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market size value in 2021 |
US$ 11.25 billion |
|
Revenue forecast in 2030 |
US$ 19.94 billion |
|
Growth Rate |
CAGR of 6.57% from 2022 to 2030 |
|
Base year for estimation |
2021 |
|
Forecast period |
2022-2030 |
|
Segments covered |
perspectives, type, distribution channel, and region. |
|
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global myopia control devices market was valued at US$ 11.25 billion in 2021 and is expected to register a revenue CAGR of 6.57% during the forecast period.
Market Fundamentals
Myopia, often known as near-sightedness, is a refractive eye condition that impairs near vision. Myopia progresses when axial length lengthens with age. It happens when the length of the eye, or axial length, is abnormally sized. Myopia control devices include but are not limited to, eyeglasses, contact lenses, Ortho-K lenses, and other items used to stop the growth of myopia.
[7823134]
Market Dynamic
The increased prevalence of myopia around the world is responsible for the rise in the demand for myopia treatment technologies. Additionally, it is expected that an increase in the adoption rate of myopia control devices would support the demand for these devices, increasing the market revenue for these devices during the forecast period. Additionally, it is expected that an increase in the number of advanced myopia management device product launches and increased government measures to enhance public awareness of myopia treatment would increase the demand for these devices during the forecast period.
However, the high cost of these devices and stringent regulations in product approval are likely to hamper the revenue growth of the global myopia control devices market to some extent.
Market Ecosystem
The global myopia control devices market is analyzed from three perspectives: type, distribution channel, and region.
Myopia Control Devices Market by Type
[1231244]
Based on type, the global myopia control devices market is segmented into eyeglasses, contact lenses, ortho-k lenses, and others.
The contact lens segment dominates the global myopia control devices market in terms of revenue. Since these are aesthetically pleasing and provide a natural field of view without any frame obstruction, these are in great demand.
Myopia Control Devices Market by Distribution Channel
Based on the distribution channel, the global myopia control devices market is segmented into online and offline.
The offline segment dominates the global myopia control devices market with its high revenue share. The high revenue share of this segment is attributed to the consumers' shifting desire for testing products before planning to buy them. The revenue growth for this segment is expected to be accelerated by the expansion of distribution facilities used by major manufacturers.
On the other hand, the online segment is also expected to register a high revenue CAGR during the forecast period.
Myopia Control Devices Market by Region
Based on region, the global myopia control devices market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the global myopia control devices market in terms of revenue share. The large revenue share of North America is attributed to the growing prevalence of myopia among children and adults affected by the augmented use of laptops, computers, smartphones, and other gadgets. Furthermore, factors such as the rise in the geriatric population and the occurrence of myopia are likely to increase the market revenue for spectacles in this region.
Competitive Landscape
The prominent players operating in the global myopia control devices market are:
Strategic Developments
The global myopia control devices market is expected to grow at a revenue CAGR of 6.57% during the forecast period.
CooperVision, Inc., Kubota Vision Inc., are Johnson & Johnson are among the key players in the global myopia control devices market.
The contact lenses segment dominates the global myopia control devices market revenue.
Asia Pacific region is expected to register the highest revenue growth in the global myopia control devices market during the forecast period.
*Insights on financial permanence are subject to the availability of information in the public domain
Recommended Reports