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In a significant stride towards advancing the global impact of myopia control technologies, The Hong Kong Polytechnic University (PolyU) has forged a strategic partnership with a prominent player in the manufacture of eyeglass lenses and ophthalmic instruments. This collaboration, aimed at expediting market penetration of PolyU’s proprietary myopia control lens technologies, was formalised through a licensing agreement signed at the company’s headquarters in Aalen, Germany.
The ceremony, attended by esteemed representatives from both institutions, showcased the commitment of PolyU’s School of Optometry and the company to drive innovation in the field of ophthalmic technology. Notable figures such as the Head of PolyU School of Optometry, and the Chief Technology Officer and Chief Operating Officer at the company, spearheaded the event, underscoring the collaborative spirit between academia and industry.
At the core of the agreement lies the integration of PolyU’s patented myopia control technology into the company’s specialised optical products, marking a pivotal moment in the advancement of vision care solutions. This strategic alliance not only facilitates the rapid dissemination of PolyU’s innovations but also sets the stage for long-term collaborative ventures in research and development between the two entities.
The partnership extends beyond mere technology transfer, fostering a symbiotic relationship aimed at addressing pressing ophthalmic challenges. Through joint research initiatives, the two parties endeavour to delve deeper into myopia control and explore avenues for innovation in related fields. The signing ceremony served as a precursor to fruitful discussions on future collaborative projects, signalling a shared commitment to pushing the boundaries of technological advancement.
The Director of Knowledge Transfer and Entrepreneurship at PolyU hailed the partnership as a catalyst for amplifying the societal impact of research endeavours. By leveraging the company’s global reach and industry expertise, PolyU aims to broaden the accessibility of its myopia control technologies, thereby enhancing vision preservation on a global scale.
The Chief Technology Officer and Chief Operating Officer at the company emphasised the importance of collaborative efforts in combatting progressive myopia. He underscored the critical role of academia-industry partnerships in driving innovation and fostering a deeper understanding of ophthalmic disorders, particularly among children.
PolyU’s pioneering contributions to myopia control have positioned it as a trailblazer in the field, with its advanced technologies garnering widespread acclaim since its inception in 2018. Through a combination of specialised contact lenses and spectacle lenses, PolyU has reached millions of individuals worldwide, significantly improving the quality of life for children afflicted by myopia.
Looking ahead, the partnership holds immense promise for the development of innovative solutions that transcend geographical boundaries. By synergising academic expertise with industry know-how, the collaboration seeks to redefine the landscape of vision care, ensuring that cutting-edge technologies are accessible to all. With a shared vision of advancing ophthalmic research and innovation, the two parties are poised to make significant strides in the quest for enhanced vision health worldwide.
In the forecast period (2023-2033), the vision care market is anticipated to witness a steady Compound Annual Growth Rate (CAGR) of 7.2%, with a valuation of US$89.596 billion in 2023, projected to reach US$178.9309 billion by 2033.
Various factors, including increasing eye problems, a growing elderly population, and rising usage of electronic devices leading to eye-related issues such as Asthenopia, are expected to drive the demand for vision care products. Furthermore, inadequate dietary habits and insufficient focus on health contribute to an uptick in demand for vision care services, as poor nutrition can lead to vision impairment. Enhanced accessibility to vision care products due to robust logistics and supply chains is also poised to fuel sales growth during the forecast period.
