Myopia Treatment Market Share and Size Analysis| 2030

The market value is projected to grow from US$ 10,276.67 million in 2022 to US$ 19,571.85 million by 2030. The myopia treatment market is further anticipated to record a CAGR of 8.39% from 2022 to 2030.

Market Insights and Analyst View:

Myopia, also known as nearsightedness, is a common eye condition where a person can see objects close to them clearly but objects far away appear blurry. This happens when the eyeball is elongated or the cornea is too curved, causing light to focus in front of the retina instead of directly on it. Myopia can be inherited and usually develops during childhood or adolescence, but it can also occur in adults. One measure used to treat myopia is corrective lenses, such as glasses or contact lenses, which help focus light directly on the retina. Another measure is refractive surgery, such as LASIK or PRK, which reshapes the cornea to improve vision. Likewise, orthokeratology temporarily reshapes the cornea and reduce myopia during the day with the help of special contact lenses that are worn overnight.

Growth Drivers and Restraints:

The rising prevalence of myopia globally represents a significant public health concern, with increasing incidences observed among children and young adults, particularly. A recent study estimated that by 2050, nearly 50% of the world's population—or 5 billion people—will be myopic, up from the current average of 30%. East and South East Asia are the myopia hotspots, with 80–90% of people living with myopia in nations such as South Korea, Taiwan, Singapore, China, and Japan. The frequency of myopia is also increasing in the US; it has been reported to be 42%, nearly doubling in just three decades. Multiple factors contribute to this trend, including lifestyle changes, increased urbanization, and extensive near-work activities, such as prolonged use of digital devices and limited outdoor exposure. While genetic predisposition plays a role, environmental factors also contribute to escalating the rates of myopia substantially. The impact of these lifestyle and environmental factors has led to an enhanced understanding of the complex interplay between genetic susceptibility and environmental influences, further underscoring the need for comprehensive strategies to address this burgeoning public health issue. According to Nature Publication, from 10% in 2012 to roughly 25% in 2016, the percentage of patients with myopia has increased in Europe, reaching over 40% in 2023 and over 50% in the younger age group. As the prevalence of myopia continues to rise, there is a growing emphasis on developing proactive interventions, public health campaigns, and innovative treatment approaches to mitigate the long-term implications of high myopia and its associated ocular complications, thereby emphasizing the importance of addressing this multifaceted global health challenge.

On the other hand, the myopia treatment market faces a critical challenge due to the shortage of skilled eye care professionals specializing in myopia management. With myopia affecting millions globally, the demand for proficient optometrists and ophthalmologists trained in myopia control and management has surged. However, the shortage of specialized professionals capable of effectively implementing and monitoring myopia treatment plans, such as orthokeratology and atropine therapy, has hindered the widespread adoption of these progressive treatment methods. This shortage is exacerbated by the increasing prevalence of myopia, especially in younger populations, necessitating a proactive and comprehensive approach to myopia management. Efforts to address this shortfall entail extended education and training programs that equip eyecare professionals with the necessary skills to deliver myopia-focused care. This ensures that the market can effectively meet the escalating demand for myopia treatment and contribute to improved visual health outcomes.

Trends:

Artificial intelligence (AI) is increasingly being applied in myopia treatment. One example is using AI-powered devices to monitor and analyze eye movements and visual acuity, which can help identify early signs of myopia and track its progression. AI algorithms can also be used to develop personalized patient treatment plans based on their characteristics and medical history. In the future, AI is expected to play an even greater role in myopia treatment. For instance, researchers are exploring the use of machine learning algorithms to predict children who are at high risk of developing myopia, allowing for early intervention and prevention.

Additionally, AI-powered virtual reality systems may improve visual acuity and reduce myopia progression. Thus, the myopia treatment market is expected to see continued growth and innovation in the coming years. With the increasing prevalence of myopia worldwide, there is a growing need for effective and accessible treatments. Advancements in technology, such as AI and advanced surgical techniques, are expected to drive this growth and lead to more personalized and effective treatments for myopia. Additionally, there will likely be a greater focus on preventative measures and collaboration between industry and academia to address this global health concern.

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Myopia Treatment Market: Strategic Insights

Market Size Value in	US$ 10,276.67 million in 2022
Market Size Value by	US$ 19,571.85 million by 2030
Growth rate	CAGR of 8.39% from 2022 to 2030
Forecast Period	2022-2030
Base Year	2022

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Report Segmentation and Scope:

The myopia treatment market is segmented on the basis of type, treatment, age group, and end user. Based on type, the market is segmented into high myopia, degenerative myopia, and progressive myopia. In terms of treatment, the market is differentiated into low-dose atropine eye drops, refractive surgery, contact lenses, and ortho-K. The myopia treatment market, by age group, is divided into adult myopia and childhood myopia. In terms of end user, the myopia treatment market is segmented into hospitals and clinics, specialty clinics, and refractive surgery centers. In terms of geography, the myopia treatment market is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

Segmental Analysis:

The myopia treatment market, based on type, is segmented into high myopia, degenerative myopia and progressive myopia. The high myopia segment held the largest share in the myopia treatment market in 2022. High myopia, also known as pathological or degenerative myopia, represents an advanced form of nearsightedness characterized by a significantly elongated eyeball and an increased risk of ocular complications. Individuals with high myopia often experience severe visual impairment and are susceptible to a range of sight-threatening conditions, including retinal detachment, myopic maculopathy, glaucoma, and choroidal neovascularization. This condition typically progresses during childhood and adolescence and can significantly impact an individual's quality of life, making reading and driving more challenging.

Myopia Treatment Market, by Type – 2022 and 2030

Access Data

The myopia treatment market, based on treatment, is segmented into low dose atropine eye drops, refractive surgery, contact lenses, and ortho-k. The low-dose atropine eye drops segment held the largest share in the myopia treatment market in 2022. Low-dose atropine eye drops are a promising treatment for myopia, particularly in children and adolescents. Myopia, often known as nearsightedness, is a frequent refractive defect that results in fuzzy images of distant objects. Atropine is a medicine that can help slow down the progression of myopia by lowering the focusing muscles in the eye and dilating the pupil.

By age group, myopia treatment market is bifurcated into adult myopia and childhood myopia. The adult myopia segment held a larger share in the myopia treatment market in 2022. Adult myopia, characterized by difficulty seeing objects at a distance, often requires corrective lenses for clear vision. The onset and progression of myopia in adulthood can impact various characteristics of daily life, from reading and computer work to driving and participating in outdoor activities. Beyond the inconvenience of relying on corrective measures, adult myopia can lead to long-term ocular health concerns, including an increased risk of developing myopic maculopathy, cataracts, and glaucoma.

In terms of end user, the myopia treatment market is classified into hospitals and clinics, specialty clinics, and refractive surgery centers. The hospitals and clinics segment held the largest share in the myopia treatment market in 2022.  Hospitals and clinics are the primary healthcare facilities that offer treatments for various diseases and health conditions. The hospitals provide primary care with the best facilities and patient services. Multi-specialty hospitals and clinics offer several types of treatments for various eye conditions; an ophthalmologist in hospitals treats thousands of patients with various eye conditions. The treatments are easily performed in hospitals owing to the availability of the best doctors and assisting staff.

Regional Analysis:

The myopia treatment market, based on region, is segmented into North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. In 2022, North America held the largest share of the global myopia treatment market and the market in Asia Pacific is estimated to register the highest CAGR during 2022–2030.

The US myopia treatment market is expected to experience significant growth in the coming years. The prevalence of myopia has been increasing in recent years, which is driving the demand for effective treatments. The US has reported a prevalence of 42%, nearly doubling in just three decades, according to data released by the Myopia Institute in 2023. Furthermore, increasing awareness about myopia is also driving market growth. For instance, the Brien Holden Vision Institute's 2024 Myopia Awareness Week has selected Review of Myopia Management as its official co-sponsor. The collaboration will assist in expanding the reach of Myopia Awareness Week, which is scheduled at domestic and international levels on May 13–19, 2024. More people are becoming aware of the risks associated with myopia, such as an increased risk of developing other eye conditions—cataracts and glaucoma. This has led to a greater demand for effective treatments that can help prevent or slow down the progression of myopia. Another factor driving the growth of the myopia treatment market in the US is the availability of advanced technologies and treatments. Various treatments for myopia are now available, including corrective lenses, orthokeratology, and pharmacological treatments. These treatments are becoming increasingly sophisticated and effective, helping drive the demand for myopia treatment. Finally, the growing prevalence of myopia among children is driving the growth of the myopia treatment market in the US. As more children are diagnosed with myopia, there is a greater need for effective treatments that can help prevent or slow down its progression. This has led to increased investment in research and development of new treatments specifically designed for children. Overall, the US myopia treatment market is expected to grow in the coming years as more people become aware of the condition and demand for effective treatments.

Industry Developments and Future Opportunities:

Different initiatives by prominent players in the global myopia treatment market are listed below:

1. In October 2023, NIDEK CO LTD launched the NP-1/NP-1C Preloaded IOL Injection System. The NP-1/NP-1C is a fully preloaded injection system with an aspheric hydrophobic soft acrylic lens designed for smoother, safer, and secure IOL implantation. This newly developed injector is designed for smooth, controlled delivery. The NP-1/NP-1C allows quick and easy operation using a simple two-step process involving filling the viscoelastic material and pressing the plunger.
2. In August 2023, CooperVision MiSight 1 day contact lenses are now authorized for use in China by the National Medical Products Administration (NMPA), which regulates pharmaceuticals and medical devices. This approval comes after a thorough review process. With this new development, the creative soft contact lenses are the first product of any kind recommended in China that may reduce the axial lengthening process.
3. In August 2023, Carl Zeiss AG announced the launch of its first Myopia Centre in Bangalore, India, in collaboration with S.R. Gopal Rao’s Myopia Centre. The center will provide specialized services, including comprehensive eye examinations, advanced imaging technologies, personalized myopia management plans, and a wide range of customized spectacle frames. Launching the new center will benefit both the company and its stakeholders by slowing down myopia's progression.

Competitive Landscape and Key Companies:

Haag-Streit Holding (Metall Zug), 2EyesVision, Ziemer Group, NIDEK CO., LTD, Alcon, Carl Zeiss AG, CooperVision, Bausch Health, Johnson & Johnson Vision (Johnson & Johnson), and Topcon Healthcare Inc are among the prominent players operating in the myopia treatment market. These companies focus on the development and adoption of new technologies, advancements in existing products, and expansion of their geographic presence to meet the growing consumer demand worldwide.