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

The global myopia treatment devices market is experiencing significant growth due to the rising prevalence of myopia worldwide. Myopia, also known as nearsightedness, is a refractive error where distant objects appear blurry while close objects are seen clearly. With more people suffering from myopia, especially in urban populations, the demand for effective treatment devices is on the rise. The market reached an estimated value of approximately USD 7.21 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 9.10% from 2024 to 2032, ultimately reaching a value of USD 15.79 billion by 2032. This blog post delves into the key drivers, trends, market share, and growth projections for the myopia treatment devices market.

1. Market Overview

The myopia treatment devices market comprises a range of medical devices aimed at treating or managing myopia. These devices include spectacles, contact lenses, and surgical solutions. The rising prevalence of myopia, especially among children and young adults, is one of the key factors contributing to the rapid growth of the market.

In 2023, the market for myopia treatment devices was valued at around USD 7.21 billion. As more individuals experience myopia due to lifestyle factors like increased screen time, urbanisation, and genetic predisposition, the demand for corrective devices and surgeries continues to rise. According to projections, the market is expected to grow at a CAGR of 9.10% over the forecast period, reaching an estimated USD 15.79 billion by 2032.

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2. Drivers of Market Growth

Several factors are driving the growth of the global myopia treatment devices market:

2.1. Rising Prevalence of Myopia

The global prevalence of myopia is increasing, particularly in younger populations. Studies show that myopia affects nearly 30% of the world’s population, with projections indicating that it will affect half of the global population by 2050. This surge in cases is primarily attributed to factors such as urbanisation, high screen time, and a lack of outdoor activities. This increase in myopia cases is fueling the demand for treatment devices.

2.2. Technological Advancements in Treatment Devices

Innovative technologies have revolutionised the myopia treatment landscape. The development of myopia control contact lenses, advanced surgical procedures, and the introduction of low-dose atropine eye drops have created more treatment options for patients. These advancements are expected to significantly expand the market and provide new opportunities for manufacturers.

2.3. Growing Awareness of Myopia and Its Consequences

As more people become aware of the long-term risks associated with untreated myopia, such as an increased risk of cataracts, glaucoma, and retinal damage, there is a greater emphasis on early intervention. This growing awareness is encouraging individuals to seek out effective treatment options, driving the market’s growth.

2.4. Increasing Disposable Income

The rising disposable income, particularly in emerging markets, is contributing to the growth of the myopia treatment devices market. As consumers have more purchasing power, they are more likely to invest in advanced treatment devices such as custom contact lenses and surgical treatments, thereby boosting market demand.

3. Market Segmentation

The myopia treatment devices market can be segmented based on product type, treatment modality, age group, and region. Let’s explore these segments in detail.

3.1. By Product Type

The myopia treatment devices market is primarily segmented into the following categories:

Spectacles: Spectacles have traditionally been the most common treatment for myopia. They are available in a wide variety of designs, materials, and lens types, including single vision, bifocal, and progressive lenses. Although the growth in this segment is stable, newer alternatives such as contact lenses and surgical treatments are increasingly gaining market share.
Contact Lenses: Contact lenses are becoming an increasingly popular choice for myopia treatment, especially with advancements in technology. Contact lenses, including scleral lenses, ortho-k lenses (orthokeratology), and myopia control lenses, are designed to correct myopia and, in some cases, even slow its progression in children and adolescents.
Surgical Devices: Surgical treatments such as LASIK (Laser-Assisted in Situ Keratomileusis) and SMILE (Small Incision Lenticule Extraction) are seeing growing adoption among patients with higher degrees of myopia. The demand for surgical devices is expected to increase as the technology advances, offering more precise and safer procedures.
Atropine Eye Drops: Low-dose atropine eye drops have emerged as a promising treatment for controlling myopia progression, particularly in children. The use of atropine eye drops is gaining traction, offering a non-invasive treatment option for myopia management.

3.2. By Treatment Modality

The market is also segmented based on treatment modality:

Non-surgical Treatments: This includes spectacles, contact lenses, and pharmacological treatments such as atropine drops. These treatments are preferred by patients seeking non-invasive options for myopia control.
Surgical Treatments: These include LASIK, photorefractive keratectomy (PRK), and other laser-based eye surgeries. Surgical treatments are gaining popularity due to their effectiveness in correcting myopia, especially in adults with moderate to high refractive errors.

3.3. By Age Group

Children and Adolescents: This group represents a significant portion of the myopia treatment devices market due to the increasing incidence of myopia among younger populations. Devices such as myopia control contact lenses and atropine drops are particularly popular in this age group.
Adults: Adults, especially those aged 18-45 years, also contribute to the market, with an increased demand for LASIK surgery, spectacles, and contact lenses.

3.4. By Region

North America: North America holds a significant share of the global myopia treatment devices market, driven by the high prevalence of myopia and the availability of advanced treatment options. The United States is a key contributor to this market.
Asia-Pacific: The Asia-Pacific region is expected to witness the highest growth during the forecast period, primarily due to the increasing urbanisation, rising disposable incomes, and high prevalence of myopia in countries like China and India.
Europe: Europe is another prominent market for myopia treatment devices, with countries like Germany, France, and the UK leading in terms of market share. The increasing adoption of advanced treatment modalities is contributing to the market’s growth in this region.

4. Trends in the Myopia Treatment Devices Market

Several key trends are shaping the myopia treatment devices market:

4.1. Increasing Adoption of Myopia Control Lenses

The increasing adoption of myopia control lenses, such as orthokeratology (ortho-k) and multifocal contact lenses, is one of the most significant trends in the market. These lenses have shown promise in slowing the progression of myopia in children and are gaining popularity among parents looking for long-term solutions for their children’s eye health.

4.2. Focus on Preventative Myopia Treatments

As the prevalence of myopia continues to rise, there is an increased focus on preventative treatments. This includes the use of low-dose atropine eye drops and myopia control contact lenses. These treatments are aimed at slowing the progression of myopia in children, thus preventing the need for more intensive corrective measures later in life.

4.3. Technological Advancements in Surgical Procedures

Advancements in surgical technologies, including the development of more precise laser systems for LASIK and other refractive surgeries, are driving the growth of the surgical treatment segment. Newer techniques offer better safety profiles, reduced recovery times, and more predictable outcomes.

4.4. Shift Towards Customised Treatment Options

There is a growing trend toward personalised treatment options, particularly in the contact lens and surgical treatment segments. Customised contact lenses, which are tailored to the specific needs of the patient’s eye, are gaining popularity due to their enhanced comfort and effectiveness.

5. Market Share and Competitive Landscape

5.1. Market Share Analysis

In 2023, the global myopia treatment devices market was valued at USD 7.21 billion, with a strong market share held by players in the spectacles and contact lens segments. However, surgical treatments are rapidly gaining ground, particularly in North America and Europe, where advanced technologies and high levels of disposable income support the growth of this segment.

5.2. Key Market Players

The global myopia treatment devices market is highly competitive, with numerous companies involved in the production and distribution of treatment devices. Key players include:

Johnson & Johnson Vision: Known for its range of contact lenses and surgical solutions.
Novartis (Alcon): A leader in eye care and myopia management solutions.
Bausch & Lomb: A prominent player in the contact lens market with a strong portfolio of myopia control lenses.
Essilor: A leading manufacturer of spectacles and lenses, particularly in the myopia treatment segment.

6. Forecast for the Myopia Treatment Devices Market (2024-2032)

The global myopia treatment devices market is projected to grow at a CAGR of 9.10% from 2024 to 2032. By 2032, the market is expected to reach USD 15.79 billion. This growth will be driven by technological innovations in treatment options, increasing awareness of myopia management, and the rising prevalence of myopia, particularly in younger populations.