The ‘Global Myopia Treatment Devices Market Trends, Price, Share, Size, Report and Forecast 2023-2031’ by Expert Market Research gives an extensive outlook of the global myopia treatment devices market, assessing the market on the basis of its segments like treatment, product type, distribution channels, and major region.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Myopia Treatment Devices Market Price, Share, Size, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2016-2031)
• Forecast CAGR (2023-2031): 9.1%
• Forecast Market Size (2031): USD 14.5 billion
The market for myopia treatment devices is expected to grow as a result of the increased prevalence of myopia worldwide, which is driving up demand for these devices at a significant rate. The increase in initiatives by various governments to educate the public about myopia treatment, rise in the number of myopia-related cases around the world, and the increase in the number of advanced myopia management device product launches are also expected to contribute to the growth of the global myopia treatment devices market.
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Rising cases of vision loss and rising incidences of distance vision deficiencies brought on by uncorrected myopia are some of the reasons driving the expansion of the myopia treatment devices market. Correction of peripheral refractive errors/aberrations and extended outdoor activity are two treatment strategies with potential. By using orthokeratology or wearing specially made contact lenses during the day, peripheral refractive error/aberrations can be corrected. These therapy possibilities are the subject of extensive research at the moment and are likely to further supplement the growth of the global myopia treatment devices market.
Myopia Treatment Devices Industry Definition and Major Segments
Myopia (near-sightedness) is a widely prevalent vision condition that causes distant objects to appear blurry while nearby objects are seen clearly. In myopia, the eye’s shape improperly bends light rays, causing the image to focus in front of the retina rather than on the retina. Since myopia typically runs in families, children of myopic parents are more likely to become myopic as well. Environmental variables, such as reading, writing, or spending a lot of time in front of a computer, can also lead to myopia. Treatments comprise of supportive lenses, implants, and surgeries, depending upon the severity of the condition and its progression rate.
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Based on treatment, the market is segmented into:
• Corrective Lenses
o Prescription Lenses
• Laser Eye Surgery
• Lens Implant Surgery
On the basis of product type, the market is categorised into:
• Contact Lenses
• Ortho-K Lenses
• Phakic Intraocular Lenses
• Excimer Laser Refractive Surgery Devices
Based on distribution channels, the market is divided into:
• Speciality Clinics
On the basis of region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Myopia Treatment Devices Market Trends
The approval of various myopia treatment devices in multiple countries around the world to halt the spread of the condition is expected to catalyse the growth of the myopia treatment devices market in the upcoming years. Widespread prevalence of myopia, increasing awareness regarding treatment devices, and improvements in ophthalmology and optometrist networks are increasing the demand for myopia treatment devices.
By product type, contact lenses are anticipated to hold a significant market share as they allow for a natural field of vision, don’t restrict vision with frames, and significantly lessen distortions. Contact lenses do not fog up, get splattered by mud, or become wet like glasses do, and are becoming widely available and reasonably priced. The various advantages of wearing contact lenses are projected to grow the demand for contact lenses in the overall market for myopia treatment devices.
Regionally, North America has led the global myopia treatment devices market due to the high prevalence of eye disease, expansion of the medical sector, and rising geriatric population. Meanwhile, the Asia Pacific market for myopia treatment devices has grown significantly with increased prevalence of myopia, improvements in eyecare facilities, and rising availability of various myopia treatment devices.
Key Market Players
The major players in the global myopia treatment devices market report are:
- CooperVision, Inc. (Cooper Companies, Inc.)
- Johnson & Johnson Services, Inc.
- Essilor International
- Bausch & Lomb Inc.
- Lucid Korea Co., Ltd.
- Euclid Systems Corp.
- Nidek Co., Ltd.
- Falco Linsen AG
- Schwind Eye Tech Solutions GmbH
- SynergEyes Inc. (Abb Optical Group)
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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