The myopia market is expected to reach a growth rate (CAGR) of 6.14% during 2024-2034.
The market is driven by innovative treatments as well as rising occurrences among younger populations. Additionally, the surge in digital device usage has led to increased consciousness and demand for early intervention along with management strategies to combat myopia in children.
Innovative Myopia Control Therapies: Driving the Myopia Market
One of the key trends expanding the myopia market is innovative myopia control therapies that are majorly revolutionizing the management of myopia, notably among younger populations. Orthokeratology (ortho-k) lenses are a prime example of these advancements. These specially designed contact lenses are worn overnight to temporarily reshape the cornea, allowing clear vision during the day without the need for glasses or contact lenses. Studies have shown that ortho-k lenses can effectively slow the progression of myopia in children by altering the corneal curvature, thereby reducing the axial elongation of the eye, which is a key factor in myopia progression. This non-invasive approach is becoming increasingly popular among parents and eye care professionals seeking long-term solutions for managing myopia.
Request a PDF Sample Report: https://www.imarcgroup.com/myopia-market/requestsample
Another significant development in myopia control is the use of low-dose atropine eye drops. Atropine, traditionally used in higher concentrations for other eye conditions, has been found effective in slowing myopia progression at low doses with minimal side effects. Clinical trials have demonstrated that low-dose atropine can reduce the progression of myopia by approximately 50-60% in children over two years. This treatment is particularly beneficial for young patients who are at high risk of developing severe myopia. The efficacy of these drops, combined with their safety profile, makes them a valuable option in the arsenal of myopia management strategies. These innovative therapies are driving growth in the myopia market, which is responding to the increasing prevalence of myopia worldwide, particularly in urban areas where lifestyle factors like reduced outdoor activities and high digital device usage contribute to the condition. As awareness of myopia and its potential complications rises, the demand for effective management options continues to grow. The integration of advanced treatments such as ortho-k lenses and low-dose atropine into standard practice reflects a proactive approach to addressing the global myopia epidemic, aiming to improve long-term visual health outcomes for younger generations.
Advancements in Contact Lens Technology: Contributing to Market Expansion
Advancements in contact lens technology are playing a crucial role in the management of myopia, offering innovative solutions that go beyond vision correction to actively slow the progression of the condition. One of the most significant developments in this field is the introduction of multifocal contact lenses designed specifically for myopia control. For instance, CooperVision’s MiSight 1-day lenses are daily disposable lenses that have been shown to reduce the rate of myopia progression in children by up to 59% over three years. These lenses work by creating a specific optical profile that reduces hyperopic defocus on the retina, a key factor believed to drive myopia progression. The success of MiSight lenses in clinical trials has led to their approval by regulatory bodies such as the FDA, marking a significant milestone in myopia management.
Another noteworthy advancement is the development of contact lenses incorporating peripheral defocus modification technology. This technology aims to control myopia by altering the focus of light entering the eye, thereby reducing the stimulus for the eye to elongate, which is the primary cause of myopia progression. Companies like Johnson & Johnson Vision have introduced lenses that leverage this principle. Their Acuvue Abiliti lenses are designed for overnight wear and reshape the cornea to provide clear vision during the day while also slowing myopia progression. Such innovations are expanding the options available for managing myopia, making it easier for patients to find treatments that fit their lifestyles and preferences. The advancements in contact lens technology reflect the broader trends in the myopia market, which is increasingly focused on proactive and preventive approaches. As the prevalence of myopia continues to rise globally, particularly among children, these innovative lenses are becoming integral to comprehensive myopia management strategies. The development and adoption of these technologies highlight the market’s commitment to improving long-term visual outcomes and addressing the myopia epidemic effectively.
Increased Digital Device Usage and Awareness:
The increasing use of digital devices has significantly impacted the prevalence of myopia, especially among children and young adults. Prolonged screen time on smartphones, tablets, and computers has been linked to the development and progression of myopia. Studies have shown that near work, such as reading and focusing on screens for extended periods, contributes to the elongation of the eyeball, a key factor in myopia development. For instance, research published in the British Journal of Ophthalmology indicated a strong association between high screen time and the incidence of myopia among school-aged children. This trend is particularly pronounced in urban areas where digital device usage is more prevalent.
In response to the rising prevalence of myopia driven by increased digital device usage, there is a growing awareness and proactive approach towards early intervention and management. Public health initiatives and educational campaigns are being launched to inform parents, educators, and healthcare providers about the risks associated with excessive screen time and the importance of regular eye exams. For example, the “Screen Time and Eye Health” campaign by the American Academy of Ophthalmology provides guidelines on managing screen time and promoting outdoor activities to reduce the risk of myopia. Additionally, schools and pediatricians are increasingly incorporating myopia education into their programs, emphasizing the need for balanced digital device use and the benefits of outdoor play. These efforts reflect a broader trend in the myopia market towards preventive and holistic approaches to eye health. As awareness grows, there is an increasing demand for comprehensive eye care solutions, including advanced diagnostic tools and innovative treatments. The integration of public health strategies with clinical advancements underscores the commitment to addressing the myopia epidemic effectively, ensuring better visual health outcomes for future generations.
Buy Full Report: https://www.imarcgroup.com/checkout?id=8047&method=587
Leading Companies in the Myopia Market:
The market research report by IMARC encompasses a comprehensive analysis of the competitive landscape in the market. Across the global myopia market, several leading companies are pioneering advancements in treatment and management technologies. Some of the major players include Cloudbreak Therapeutics, Vyluma, and Santen Pharmaceutical. These companies are at the forefront of developing advanced treatments and technologies for myopia control, reflecting a broader trend towards proactive and preventive approaches in eye care.
Cloudbreak Therapeutics is making significant strides in the myopia market with its innovative treatment, CBT-009. CBT-009 is a novel ophthalmic formulation of atropine designed to slow the progression of juvenile myopia. Recent updates indicate that Cloudbreak has received positive feedback from the FDA and has been granted permission to proceed with Phase 3 clinical trials in the United States. This approval marks a critical milestone for CBT-009, positioning it as a potential best-in-class treatment for juvenile myopia.
Vyluma’s breakthrough myopia therapy, NVK002, is a low-dose atropine eye drop designed to slow the progression of myopia in children. Recent updates indicate that the U.S. Food and Drug Administration (FDA) has accepted Vyluma’s New Drug Application (NDA) for NVK002, with a Prescription Drug User Fee Act (PDUFA). This acceptance marks a critical milestone, bringing NVK002 closer to potentially becoming the first FDA-approved pharmaceutical treatment for pediatric myopia in the U.S.
Apart from this, Santen Pharmaceutical has recently made substantial advancements in the myopia market with its innovative treatment DE-127 (atropine sulfate hydrate ophthalmic suspension). Santen submitted an application for manufacturing and marketing approval in Japan for DE-127, aimed at slowing the progression of myopia. This application follows positive results from Phase II/III clinical trials, which demonstrated that DE-127 effectively suppresses the progression of myopia by reducing the change in spherical equivalent refraction and the elongation of the axial length of the eye over 24 weeks, with sustained benefits observed over three years.
Request for customization: https://www.imarcgroup.com/request?type=report&id=8047&flag=E
Regional Analysis:
The major markets for myopia include the United States, Germany, France, the United Kingdom, Italy, Spain, and Japan. According to projections by IMARC, the United States has the largest patient pool for myopia while also representing the biggest market for their treatment. This can be attributed to the increasing prevalence of myopia, particularly among children and adolescents across the nation.
Moreover, this surge in cases is largely attributed to lifestyle factors such as prolonged screen time and reduced outdoor activities, which have been shown to contribute to the development and progression of myopia. According to the World Health Organization (WHO), myopia affects about 30% of the U.S. population, and this number is expected to rise dramatically in the coming years.
Besides this, several leading companies are driving innovation in the U.S. myopia market. CooperVision, Johnson & Johnson Vision, and Hoya Corporation are at the forefront, developing advanced contact lenses and other myopia control products. Additionally, pharmaceutical companies like Vyluma and Santen Pharmaceutical are advancing with novel treatments like NVK002 and DE-127, respectively, which are in various stages of clinical development and regulatory approval.
Key information covered in the report.
Base Year: 2023
Historical Period: 2018-2023
Market Forecast: 2024-2034
Countries Covered
- United States
- Germany
- France
- United Kingdom
- Italy
- Spain
- Japan
Analysis Covered Across Each Country
- Historical, current, and future epidemiology scenario
- Historical, current, and future performance of the myopia market
- Historical, current, and future performance of various therapeutic categories in the market
- Sales of various drugs across the myopia market
- Reimbursement scenario in the market
- In-market and pipeline drugs
Competitive Landscape:
This report offers a comprehensive analysis of current myopia marketed drugs and late-stage pipeline drugs.
In-Market Drugs
- Drug Overview
- Mechanism of Action
- Regulatory Status
- Clinical Trial Results
- Drug Uptake and Market Performance
Late-Stage Pipeline Drugs
- Drug Overview
- Mechanism of Action
- Regulatory Status
- Clinical Trial Results
- Drug Uptake and Market Performance
Ask Our Expert & Browse Full Report with TOC & List of Figure: https://www.imarcgroup.com/myopia-market
IMARC Group Offer Other Reports:
Hearing Aid Market: The global hearing aid market size reached US$ 6.8 Billion in 2023, and projected to reach US$ 11.3 Billion by 2032, exhibiting a growth rate (CAGR) of 5.6% during the forecast period from 2024 to 2032.
Stroke Management Market: The global stroke management market size reached US$ 35.7 Billion in 2023, and projected to reach US$ 61.7 Billion by 2032, exhibiting a growth rate (CAGR) of 6.1% during the forecast period from 2024 to 2032.
Generic Oncology Drugs Market: The global generic oncology drugs market size reached US$ 29.3 Billion in 2023, and projected to reach US$ 45.9 Billion by 2032, exhibiting a growth rate (CAGR) of 4.98% during the forecast period from 2024 to 2032.
Connected Drug Delivery Devices Market: The global connected drug delivery devices market size reached US$ 864.4 Million in 2023, and projected to reach US$ 6,879.9 Million by 2032, exhibiting a growth rate (CAGR) of 25.1% during the forecast period from 2024 to 2032.
Hospital Infection Therapeutics Market: The global hospital infection therapeutics market size reached US$ 12.5 Billion in 2023, and projected to reach US$ 18.9 Billion by 2032, exhibiting a growth rate (CAGR) of 4.55% during the forecast period from 2024 to 2032.
Blood Pressure Monitoring Devices Market: The global blood pressure monitoring devices market size reached US$ 2.7 Billion in 2023, and projected to reach US$ 7.4 Billion by 2032, exhibiting a growth rate (CAGR) of 11.5% during the forecast period from 2024 to 2032.
Medical Device Security Market: The global medical device security market size reached US$ 9.7 Billion in 2023, and projected to reach US$ 30.6 Billion by 2032, exhibiting a growth rate (CAGR) of 13.18% during the forecast period from 2024 to 2032.
Compression Therapy Market: The global compression therapy market size reached US$ 3.9 Billion in 2023, and projected to reach US$ 6.4 Billion by 2032, exhibiting a growth rate (CAGR) of 5.48% during the forecast period from 2024 to 2032.
Contact US
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Phone Number: - +1 631 791 1145, +91-120-433-0800
