Visioneering Tech secures medical device registration in Hong Kong

• Visioneering’s NaturalVue Multifocal contact lenses are offered for the control of myopia progression
   
• Hong Kong has one of the highest rate of myopia compared to any other region

Visioneering Technologies, Inc., a U.S. medical device company that produces NaturalVue Multifocal 1 Day Contact Lenses, recently announced that it has been granted registration by the Department of Health in Hong Kong for its recently unveiled as well as anticipated products. The registration will reportedly cover all of the uses of NaturalVue Multifocal offered by the company, for the control of myopia progression.

Visioneering Technologies has been selling transformational disposable contact lenses for daily use that addresses two populations, one is the paediatric myopia, which means nearsightedness among children and the other is presbyopia, which means loss of near vision in people aged over 40-45 years.  

According to reports, it has been estimated by the researchers that more than 25% of younger population ranging from 5-9 years old are myopic in Hong Kong and this condition worsens in their adolescence, to the point that more than 90% of the population aged between 20-24 year old suffer from myopia.

Hong Kong experiences the highest rate of myopia compared to any other region which results in a market size of close to USD 100 million.

Apparently, the registration is Visioneering’s first in Asia and it plans to launch it in Hong Kong. Although contact lenses are sold without any registration in the country, this registration will permit sales via regulated channels like hospitals and the company will have a certain foothold in the myopia progression control space.

The company will be working to establish a partnership for distribution before the commercial launch, that will take place in Hong Kong over 2019.

The addressable market for paediatric myopia in the United States alone is slated to be valued at USD 2 billion per year. It has been estimated by Visioneering that the Chinese market can be as big as USD 11 billion, with equally sizeable markets to be found in Japan, Southeast Asia, Hong Kong and Korea.

 

Source credit- https://vtivision.com/2019/07/vti-expands-into-asia/