While contact lenses can be sold without registration in Hong Kong, the registration allows for sales through regulated channels such as hospitals
US-based medical device company and producer of the NaturalVue (etafilcon A) Multifocal 1 Day Contact Lenses Visioneering Technologies announce that it has received registration from Hong Kong’s Department of Health for its current and anticipated products.
The registration covers the use of the Company’s NaturalVue Multifocal for myopia progression control.
Visioneering sells patented revolutionary daily disposable contact lenses that address two underserved populations: presbyopia (loss of near vision in people over 40-45), and paediatric myopia (nearsightedness in children).
Strong need for myopia management solutions
With a population of almost 7.5 million people, Hong Kong is a thriving and viable market for vision correction. Researchers estimate that over 25% of 5-9 year olds in Hong Kong are myopic, and the condition worsens through adolescense such that over 90% of 20-24-year-olds have myopia. Based on these estimates, Hong Kong has one of the highest rates of myopia of any region1, resulting in an approximate addressable market size of nearly US$100m. Myopia increases the risk of serious ocular conditions such as cataracts, retinal detachment, glaucoma and other potentially blinding diseases2.
Data presented in January 2019 by eye care practitioners showed in 141 children wearing NaturalVue Multifocal an average decrease of myopia progression of 90%, compared to the rate of progression prior to wearing NaturalVue, and a 55% decrease in the pace of lengthening of the eye (n=36)3. Inhibition of myopia progression was consistent between children who had worn the lens daily for one year and those who had worn the lenses daily for up to 4 years.
Initial entry into Asia follows rapid expansion into other regions
With this registration in hand, the Company’s first in Asia, Visioneering will now aim to launch in Hong Kong. While contact lenses can be sold without registration in Hong Kong, the registration allows for sales through regulated channels, such as hospitals, and allows for our specific claim of myopia progression control. The Company will now work to establish a distribution partnership in anticipation of commercial launch in Hong Kong in 2019.
In the US alone, the addressable market for paediatric myopia is estimated at US$2bn per annum. Visioneering estimates the market in China to be as large as US$11bn, with sizable markets also in Japan, Korea, Southeast Asia, and Hong Kong. In just over two short years since its IPO, Visioneering has obtained clearances and launched its products for myopia progression control and presbyopia in Australia, New Zealand, the UK, and the Nordics.
Visioneering Technologies CEO Stephen Snowdy, PhD, said: “Coming off of another record quarter of sales and shipments, we’re excited by this latest development. Hong Kong is an important market for us because it represents our initial entry into Asia. While Hong Kong is a relatively small market by population, the prevalence and severity of myopia indicate a strong need for our NaturalVue Multifocal product. We look forward to bringing our solution to the eye care professionals and patients in Hong Kong, and will now turn our efforts into solidifying the partnerships required there.”
Visioneering Technologies Inc. (ASX: VTI) is an innovative eye care company committed to redefining vision. Since its founding in 2008, Visioneering has brought together clinical, marketing, engineering, manufacturing and regulatory leaders from top vision care businesses to provide new solutions for presbyopia, myopia and astigmatism.
Headquartered in the US, Visioneering designs, manufactures, sells and distributes contact lenses. Its flagship product is the NaturalVue® Multifocal contact lens, and VTI has expanded its portfolio of technologies to address a range of eye care issues. The company has grown operations across the United States, Australia and Europe and is expanding into Asia with a focus on markets with high rates of myopia.
Source: Company Press Release