(Albany, USA) According to the latest report published by DelveInsight “Myopia Treatment Devices Market Insight,” the global Myopia Treatment Devices Market is anticipated to witness stellar growth owing to the rising government initiatives to raise awareness among the population regarding myopia treatment, increase in myopia affected cases across the globe, rise in product launches of various advanced myopia management devices. This report will provide an in-depth understanding of the Myopia Treatment Devices market which will further benefit the competitors or stakeholders operating in the Myopia Treatment Devices market.
The Myopia Treatment Devices market is anticipated to boost as the demand for these devices is increasing at a considerable rate owing to the rising prevalence of myopia, worldwide. Additionally, an increase in the adoption rate of Myopia Treatment Devices is further expected to bolster the global market for Myopia Treatment Devices during the forecast period (2024-2030).
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Key Takeaways from the Myopia Treatment Devices Market Report
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Myopia Treatment Devices
Myopia, or near-sightedness is a refractive vision disorder that causes blurred sight at a distance. It occurs when the length of the eye (known as axial length) is too great; myopia progresses as axial length increases with age. The devices such as eyeglasses, contact lenses, and Ortho-K lenses, among others which are used to slow down the progression of myopia are termed myopia treatment devices.
Children who are at high risk of progressive myopia (due to a family history of the condition, early age of onset, and lengthy durations of close work) may benefit from treatment options that have been found to slow the advancement of myopia. These treatments for myopia include bifocal spectacle or contact lens prescription, orthokeratology, eye drops, or a combination of these. Myopia control may assist protect eye health since those with extreme myopia are more likely to develop cataracts, glaucoma, and myopic macular degeneration.
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Myopia Treatment Devices Market Insights
Geographically, the global Myopia Treatment Devices market is studied for North America, Europe, Asia-Pacific, and the Rest of the World. APAC is projected to witness the fastest growth during the study period. This is owing to the rising prevalence of the targeted population. Moreover, rising government initiatives to raise awareness regarding the proper management of myopia among the population in the region is also a potential factor for Myopia Treatment Devices market growth.
Furthermore, the presence of regional companies such as Menicon Co., Ltd., Kubota Pharmaceutical Holdings Co., Ltd., among others, and their increased focus on developing novel Myopia treatment options will also contribute to the fastest Myopia Treatment Devices market growth in the region. For instance, Kubota Pharmaceutical Holdings Co., Ltd. with its subsidiary Kubota Vision is planning to use the Kubota Glass technology which leverages nanotechnology in an electronic glasses-based device to reduce the progression of myopia by actively stimulating the retina for shorter periods while maintaining high-quality central vision and not affecting daily activities to develop smart contact lenses for the reduction of myopia progression.
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Myopia Treatment Devices Market Dynamics
The Myopia Treatment Devices market is gaining pace at present owing to the growing myopia cases across the globe. Furthermore, approval of various myopia treatment devices in various countries across the globe to slow down the progression of the disease is also projected to augment the Myopia Treatment Devices market in the upcoming years. For instance, on June 03, 2020, SightGlass Vision achieved CE Mark allowing European Marketing Authorization for novel eyeglasses that slow myopia progression in children. The spectacles developed by the company comprise advanced diffusion optics technology spectacle lenses. Hence, the above-mentioned factors are expected to increase the Myopia Treatment Devices market in the future.
However, limitations associated with the refractive surgery procedures and stringent regulatory approval process for the myopia treatment devices are likely to impede the growth of the Myopia Treatment Devices market.
Moreover, the unprecedented COVID-19 impact had sluggish the Myopia Treatment Devices market growth. This is due to the implementation of stringent lockdowns across the nation, and the reduction in clinic visits due to reluctance among patients during the pandemic, among others. However, a sudden shift toward digital or e-learning approaches from classroom-based learning has subsequently increased myopia and its progression among the students. For instance, as per the report published by UNESCO in the year 2020, approximately 1.37 billion students from more than 130 countries globally were affected by the pandemic as the schools and universities adopted digital learning during the pandemic to curb the infection.
Thus, it is expected to increase the risk of myopia among the children which will increase the demand for the myopia treatment devices during the post-pandemic situation, thus the Myopia Treatment Devices market will gain normalcy.
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Scope of the Myopia Treatment Devices Market Report
DelveInsight Analysis: The Myopia Treatment Devices market size is expected to grow at a CAGR of 7.57% during the study period (2021-30).
Table of Contents
1. Report Introduction
2. Executive summary
3. Regulatory and Patent Analysis
4. Key Factors Analysis
5. Porter’s Five Forces Analysis
6. COVID-19 Impact Analysis on Myopia Treatment Devices Market
7. Myopia Treatment Devices Market Layout
8. Global Company Share Analysis – Key 3-5 Companies
9. Myopia Treatment Devices Market Company and Product Profiles
10. Project Approach
11. About DelveInsight
About DelveInsight
DelveInsight is a leading Business Consultant, and Market Research firm focused exclusively on life sciences. It supports Pharma companies by providing comprehensive end-to-end solutions to improve their performance.
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