Global Teenager Myopia Control Market Analysis Comprehensive Report 2019–2027

The global teenager myopia control market was valued at USD 553.2 Million in 2019 and is projected to reach USD 1,576.9 Million by 2027, expanding at a CAGR of 15.1% during the forecast period. Myopia is a medical condition, associated with the blurring of vision. Myopia is also known as nearsightedness. A person suffering from myopia has difficulty to see objects from afar. The person can clearly see objects that are placed close. If the cornea is too curved or eyeball is too long, chances of myopia increase. The light entering the eye is scattered, which leads to the blurred vision. Incidences of myopia in teenagers has increased over the past few years.

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Market Dynamics

The market is driven by factors such as rising prevalence of myopia, increasing number of diabetics growing screen time, rising incidence of distance vision impairment. Conversely, lack of early diagnosis and shortage of ophthalmologists are key restraints of this market. Growing awareness regarding teenage myopia control in emerging counties and increasing awareness for myopia by government are boosting the market.

Segmental Outlook

On the basis of product types, the global Teenager Myopia Control market is segmented into spectacles, contact lens, ortho-K, and atropine. The ortho-K segment is anticipated to expand at a CAGR of 15.6% during the forecast period. Several consumers are adopting ortho-k for the correction of myopia, as they are more convenient to use, thus boosting segment growth. The contact lens segment is estimated to hold 47.1% share of the market in 2020 owing to its increasing demand in the teenage population.

Based on distribution channels, the market is segmented into hospitals, optometry clinics, and others. The optometry clinics segment is projected to hold a major share of the market during the forecast period owing to the increasing incorporation of the teenager myopia control in a majority of optometry clinics globally. In terms of value, the hospitals segment is anticipated to expand at a significant CAGR during the forecast period. Several consumers purchase medicines from hospitals due to convenience, which in turn boosts the growth of the segment.

Regional Outlook

In terms of regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a promising region for the market. The region constituted 47.0% share of the market in 2020. The market in the region is projected to expand at a CAGR of 15.6% during the forecast period due to increasing awareness of eye disorders, growing per capita spending, and market saturation in developed economies are encouraging the market players to expand their presence in emerging economies. The market in North America is projected to expand at a CAGR of 14.8% due growing prevalence of myopia in the region.

Competitive Landscape

Key players in the market include Johnson & Johnson Vision, CooperVision, Bausch & Lomb, HOYA Corporation. These companies are considered manufacturers of teenager myopia control based on their revenue, research development (R&D) activities, regional presence, and supply chain management system.

The players are adopting key strategies such as acquisition, and geographical expansion where potential opportunity for the teenager myopia control extraction is added in the company’s capacity.

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