Orthokeratology refers to a type of corneal refractive therapy that uses specially designed gas-permeable contact lenses, worn overnight, to temporarily flatten the cornea and correct refractive errors. By wearing these contact lenses, the shape of the cornea can be modified, allowing one to see clearly during waking hours without glasses or contact lenses. The global Orthokeratology market involves companies that manufacture orthokeratology contact lenses as well as those providing orthokeratology services. These contact lenses are used for correcting myopia, hyperopia, and astigmatism. With the growing trend of vision correction without glasses, orthokeratology is gaining popularity.
The global Orthokeratology Market is estimated to be valued at US$ 64.74 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing awareness regarding vision correction without glasses through orthokeratology is one of the major drivers for the growth of this market. Significant increase in myopia rates worldwide has led to demand for alternative vision correction options like orthokeratology lenses which improve visual acuity without dependence on glasses. Furthermore, rising disposable income has also fueled the adoption of orthokeratology among consumers as it eliminates the hassle of wearing glasses. Additionally, ongoing advancements in orthokeratology contact lens technology and design has resulted in improved efficacy and comfort. For example, introduction of silicone hydrogel material lenses has enhanced oxygen permeability and improved patient comfort. Such product innovations are also boosting the orthokeratology market growth over the forecast period.
Segment Analysis
The global orthokeratology market is dominated by the children segment. Currently, about 55% of the orthokeratology market share is attributed to the children segment. This is mainly because orthokeratology helps correct myopia or near-sightedness in children at an early stage, thereby preventing further progression of the condition. As parents are becoming increasingly aware about the benefits of orthokeratology for children, the segment is witnessing strong growth over the forecast period.
PEST Analysis
Political: Regulations regarding the use of orthokeratology for myopia control in children are being eased in various countries, favoring market growth. For instance, in 2019, FDA approval was given for the use of orthokeratology in correcting low myopia in children aged 8-14 years.
Economic: Rising disposable incomes and growing middle class populations globally are fueling adoption of orthokeratology, especially in developing regions. However, high procedure costs could limit market growth to some extent.
Social: Increasing awareness about risks associated with high myopia and benefits of orthokeratology in controlling myopia progression is driving its adoption. Social media influence is also positively impacting the market.
Technological: Advancements in materials used for contact lenses and the development of digital tools to design lenses are helping improve patient comfort and outcomes. Companies are focusing on launches of new multifocal and customized contact lens designs.
Key Takeaways
The Global Orthokeratology Market Growth is expected to witness high owing to the increasing prevalence of myopia globally. Regionally, the Asia Pacific market holds the dominant share currently accounting for over 35% of the global market. Factors such as rising healthcare expenditure, growing middle-class population are driving the market growth in the region. Some of the key players operating in the orthokeratology market are The Cooper Companies Inc.,Euclid Systems Corporation,Menicon Co., Ltd.,GP Specialists, Inc.,TruForm Optics, Inc.,Art Optical Contact Lens, Inc.,MiracLens L.L.C., and Contex, Inc.
Key players operating in the orthokeratology market are The Cooper Companies Inc.,Euclid Systems Corporation,Menicon Co., Ltd.,GP Specialists, Inc.,TruForm Optics, Inc.,Art Optical Contact Lens, Inc.,MiracLens L.L.C. These key players are focusing on new product launches and strategic collaborations to strengthen their market position. For instance, in 2022, Euclid Systems Corporation launched an orthokeratology lens design and fitting software called EK Vision. The software helps enhance workflow efficiency and customization for orthokeratology practices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it