by The Orthokeratology Market is estimated to be valued at US$ 37.6 million in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Orthokeratology, also known as corneal reshaping, is a non-surgical procedure that uses specially designed contact lenses to temporarily reshape the cornea and improve vision. This procedure gained popularity due to its ability to reduce myopia and correct refractive errors without the need for prescription glasses or surgical interventions. The market offers a range of orthokeratology lenses and products, including Ortho-K lenses, overnight contact lenses, and corneal reshaping solutions. These products are widely used in the treatment of various eye disorders, including myopia, astigmatism, hyperopia, and presbyopia.
Market Dynamics:
The growth of the orthokeratology market is primarily driven by the increasing prevalence of myopia worldwide. Myopia is a common vision problem that affects a significant portion of the global population, especially children and young adults. The use of orthokeratology lenses has been proven to effectively slow down the progression of myopia, making it an attractive option for both patients and eye care practitioners. Additionally, technological advancements in contact lens designs and materials have enhanced the efficacy and comfort of orthokeratology products, further fueling market growth.
SWOT Analysis:
Strength: Orthokeratology is a non-surgical procedure that helps in correcting refractive errors and allows users to have clear vision without the need for glasses or contact lenses. This procedure is gaining popularity among people who have myopia and other vision problems. The growing demand for non-invasive and non-surgical vision correction methods is expected to drive the growth of the orthokeratology market.
Weakness: One of the key weaknesses of orthokeratology is that the effects are not permanent. The corneal reshaping lenses need to be worn regularly to maintain the corrected vision. Additionally, the procedure may not be suitable for everyone, and some individuals may experience discomfort or difficulty in adapting to the lenses.
Opportunity: The increasing prevalence of myopia among the global population is a significant opportunity for the orthokeratology market. With the increasing use of electronic devices and changing lifestyle patterns, the incidence of myopia is on the rise. Orthokeratology provides a non-surgical solution for vision correction, making it an attractive option for myopia management.
Threats: One of the major threats to the orthokeratology market is the availability of alternative vision correction methods such as LASIK surgery and implantable contact lenses. These procedures offer permanent vision correction and may be preferred by individuals looking for long-term solutions. Additionally, strict regulations and safety concerns regarding orthokeratology may pose challenges for market growth.
Key Takeaways:
The Global Orthokeratology Market Size is expected to witness high growth, exhibiting a CAGR of 7.0% over the forecast period, 2023-2030. This growth can be attributed to the increasing demand for non-invasive vision correction methods and the rising prevalence of myopia.
In terms of regional analysis, Asia Pacific is expected to be the fastest growing and dominating region in the orthokeratology market. The high prevalence of myopia in countries like China and Singapore, coupled with the increasing adoption of innovative vision correction technologies, is contributing to the growth of the market in this region.
Key players operating in the orthokeratology market include Autek China, Alpha Corporation, Bausch and Lomb Inc., Euclid Systems, E & E Optics, Essilor International S.A., GP Specialists, Paragon Vision Sciences, Procornea, and Taiwan Macro Vision Corporation. These key players are focusing on product innovations, strategic collaborations, and acquisitions to maintain their market position and expand their customer base.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
