Global Multifocal Glasses for Children Market 2023-2030

Global Multifocal Glasses for Children Market 2023-2030

Global Multifocal Glasses for Children Market Size, Share & Trends Analysis Report by Type (Plastic and Polycarbonate), by Application (Myopia, Presbyopia, Hyperopia and Astigmatism), and by End-User (Hospital and Optical Shop), Forecast Period (2023-2030)

The global multifocal glasses for children market is anticipated to grow at a CAGR of 38.8% during the forecast period. The growth of the market is attributed to the factors such as increasing prevalence of eye diseases such as vision impairment, blindness, myopia, and presbyopia. The prevalence of myopia in children and adolescents is rapidly increasing in many parts of the world, due to lifestyle changes for children. According to the International Agency for the Prevention of Blindness, in 2020, 60% of children in Asia and 40% of children in Europe had myopia. In children aged 0-14 years, there are 1.4 million children with blindness, 22.6 million children with moderate to severe sight loss and 46.6 million children with mild sight loss. 448 million children and adolescents have refractive errors: This is comprised of 339.4 million with myopia ≤-0.75D in 2020 and 109.3 million with vision impairing hyperopia in 2020.

Segmental Outlook

The global multifocal glasses for children market is segmented based on the type, application, and end-user. Based on the type, the market is segmented into plastic and polycarbonate. Based on the application, the market is sub-segmented into myopia, presbyopia, hyperopia, and astigmatism. Further, based on end-user, the market is segmented into hospital and optical shop. Among the types, the polycarbonate sub-segment is anticipated to hold a considerable share of the market, owing to its anti-reflective ultraviolet radiation. According to the National Institutes of Health, Polycarbonate absorbs all ultraviolet (UV) radiation below 380 nanometers distinct from crown glass and CR-39® which have to be treated to provide UV protection. The inclusion of UV absorbers also prevents the lens material from weathering and becoming brittle.

The Myopia Sub-Segment is anticipated to Hold Prominent Share in the Global Multifocal Glasses for Children Market

Among the application, the myopia sub-segment is anticipated to hold a prominent share of the global multifocal glasses for children market across the globe, due to the increasing prevalence of myopia. According to the National Library of Medicine, 41.9% of patients suffered myopia, out of which around 2.7% of patients had high myopia. The prevalence of myopia increased with age from 14.7% in 5- to 7-year olds to 59.0% in 17- to 19-year olds. High myopia also increased with age from 0.6% in 5- to 7-year olds to 4.9% of 17- to 19-year olds.

Myopia typically develops between the ages of 8 and 16 and continues to worsen until the eye stops growing typically by the time the child reaches 20 years. According to Optometrists Network, A research study, conducted in Hong Kong including children 8-13 years old, with myopia between -1.00 and -5.00 diopters, compared children who wore multifocal lenses, to children who wore single vision lenses over two years. According to the results of this study, the children who wore multifocal lenses reported 25 percent decrease in myopia progression and 31 percent less axial elongation (eye growth). Moreover, the reduction of myopia progression became more noticeable when the lenses were worn for five hours a day and further enhancement of these positive results was achieved when lenses were worn for seven hours or more per day.

Regional Outlook

The global multifocal glasses for children market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, the North America regional market is expected to cater prominent growth over the forecast period, owing to the technical advancement in multifocal lenses. For instance, in June 2023, Bausch + Lomb Corp. launched Bausch + Lomb INFUSE® Multifocal silicone hydrogel (SiHy) daily disposable contact lenses in the US. Featuring a next-generation material infused with ProBalance Technology for all-day comfort and the company’s unique 3-Zone Progressive design, the new lens addresses the dynamic vision needs of patients with presbyopia by delivering clear vision with seamless transitions across near, intermediate and distance vision while helping to minimize contact lens dryness.

Global Multifocal Glasses for Children Market Growth by Region 2023-2030

Source: OMR Analysis

The Asia-Pacific Region is Expected to Grow at the Highest CAGR of the Global Multifocal Glasses for Children Market

Among all regions, the Asia-Pacific region is anticipated to emerge as the fastest-growing regional market over the forecast period. The region is expected to witness significant growth owing to the rising vision impairment, blindness, rising governments focus, and NGO programs. The economic burden of childhood blindness is more pronounced in developing countries in comparison to developed countries. According to the Orbis report, an estimated 1 in 1000 children between 0-15 years are blind in India. Studies have shown that developing countries have 12 to 15 blind children for every 10,000 children, compared to 3- or 4-blind children per 10,000 children in developed countries. Furthermore, Orbis's India Childhood Blindness Initiative is the program of Orbis, which is focused on identifying tertiary level eye hospitals where Child Eye Centers could be established. In both India and Nepal, more than 60% of cataract surgeries is performed by the NGO sector which only accounts for a third of all ophthalmologists. Orbis has established 33 children’s eye care centers across 17 states in India.

Market Players Outlook

The major companies serving the global multifocal glasses for children market include Bausch & Lomb Incorporation, Hoya Corp., Carl Zeiss Meditec AG, Alcon Inc., HumanOptics AG, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2022, SIFI S.p.A. launched Evolux, a novel extended monofocal intraocular lens (IOL), based on a hydrophobic material and a non-diffractive profile.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global multifocal glasses for children market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.