Orthokeratology involves applying specialized gas-permeable contact lenses onto the cornea while sleeping to temporarily reshape it and reduce the need for prescription eyeglasses or contact lenses during waking hours. Orthokeratology contact lenses are made from rigid, high-oxygen-permeable materials to gently mold the corneal shape overnight. The reshaped cornea then provides temporary relief from nearsightedness, farsightedness or astigmatism during daylight hours. Orthokeratology offers an alternative to glasses or contacts for correcting refractive errors and is gaining popularity due to rising rates of prolonged screen time and digital eyestrain among modern populations.
The global Orthokeratology market is estimated to be valued at US$ 64.74 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the orthokeratology market is the rise in the adoption of multifocal orthokeratology. Multifocal orthokeratology lenses aim to provide clear vision at all distances by incorporating different optical zones and reducing the patient’s dependency on glasses. Manufacturers are launching advanced multifocal orthokeratology solutions to treat both myopia and presbyopia. For instance, in 2021, Euclid Systems Corporation received approval from the FDA for its IntelliLens MF orthokeratology lens, which provides clear and glasses-free vision at both near and distance spaces. Such developments are expected to propel the adoption of multifocal orthokeratology solutions over the forecast period.
Porter’s Analysis
Threat of new entrants: Low threat of new players entering the market as substantial capital investment is required for production facilities and R&D. Furthermore, the presence of key established players makes it difficult for new players to gain market share.
Bargaining power of buyers: Moderate bargaining power due to the availability of substitutes. However, the specialized nature of orthokeratology lenses gives buyers limited negotiating power.
Bargaining power of suppliers: High bargaining power of raw material suppliers due to the scarcity of specialized materials and their significance in manufacturing orthokeratology lenses. Suppliers can influence prices.
Threat of new substitutes: Low threat as alternatives like spectacles and contact lenses are not as effective as orthokeratology lenses in temporarily reducing myopia progression.
Competitive rivalry: High competition due to the presence of multiple global and regional players. Companies compete on the basis of pricing, innovation, and brand positioning.
Key Takeaways
Global Orthokeratology Market Trends is expected to witness high growth.
Regional analysis: The Asia Pacific region accounts for the largest share of the global Orthokeratology market and is expected to maintain its dominance through 2030. China is presently the global leader owing to presence of key players, large population base suffering from myopia, and favorable government initiatives regarding myopia management. Other fast growing regional markets include Japan, South Korea, Australia, and India.
Key players: Key players operating in the Orthokeratology market are Renolit SE, Kraton Corporation, Shanghai Solve Care Co., Ltd., Shanghai Xin Gen Eco-Technologies Co., Ltd., PolyCine GmbH, Jiangxi Sanxin Medtec Co., Ltd., Sealed Air, Baxter, B. Braun Melsungen AG, Sichuan Kelun Pharmaceutical Co., Ltd., Fresenius Kabi AG, Otsuka Holdings Co., Ltd., Sartorius AG, Technoflex, and Huaren Pharmaceutical Co., Ltd. Companies are focusing on product innovation and geographic expansion strategies to gain market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it