Orthokeratology Lens Market is expected to register a CAGR of 7.8 % and was valued at USD 3,900.8 Million.
The Orthokeratology Lens Market is expected to reach USD 3,900.8 Million by 2030 at 7.8% CAGR during the forecast period 2022-2030. The practice of orthokeratology is also known as corneal refractive therapy (CRT), and ortho-k, alongside overnight vision correction therapy. This can be understood as a non-surgical method that is used to correct the refractive errors that help in reshaping the cornea’s curvature and result in improving visibility. This is not permanent but a temporary procedure that is used for correcting problems like myopia, hypermetropia, and other issues, as well.
COVID 19 Analysis of Orthokeratology Lens Market
The pandemic has not been in a good state for anyone physically, mentally, and emotionally. The sight of losing loved ones to the pandemic is a sight of emotional distress that the people have to cope up with. The rate of the pandemic spread is high and hence, the government has to take hard decisions like imposition of lockdown and strict regulations that are impacting the professional working way. The lockdown has resulted in work from home scenarios in the corporate world and various early morning, afternoon, and night shifts have impacted the eyesight of people.
The government is improving the quality of medication and facilities that will help in curing people who have bad eyesight. Also, the market players are developing solutions and launching them on an international scale to benefit the target audience and opt for opportunities related to global expansion.
Orthokeratology Lens Market Dynamics
Based on the study conducted by a series of researchers at the National Institute fo Health in 2018, in July, there have been 1.5 billion people that are suffering from myopia that have accounts for one-quarter of the total world population. The same figure is expected to reach a global figure of 5 billion by the end of the forecast period beyond 2028 and in 2050. There has been an increase in the prevalence of eye issues like myopia in the increasing geriatric population as they have a higher risk related to contracting eye issues. Also, there is an increase in prolong usage of laptops and electronic devices like smartphones are increasing eye strains. orthokeratology lens market will help the market work on various factors that will improve the growth opportunities during the forecast period that ends in 2028.
Some of the factors that are restraining the orthokeratology lens market from growth are increased availability of alternates related to medication and treatment at a high cost in comparison to the equipment that is related to conventional treatment technology and glasses. This might hinder the market from growing as per the growth predictions made by the market players.
Orthokeratology is considered to be a treatment method that makes use of gas-permeable contact lenses that can be worn overnight. These are contrary to the normal ones that can be worn during the day tome as they reshape the cornea as per the user’s convenience. The technological developments have been such that the comfort of the user is on priority and products and services have been designed similarly.
Orthokeratology Lens Market Share, by Application, 2018 & 2025 (USD MILLION)
Source: MRFR Analysis
Orthokeratology Lens Market Segmentation
The orthokeratology lens market has been divided all across the globe based on the material, application, end-user, and region.
Based on the Material
The orthokeratology lens market has been divided all across the globe based on the material into fluorocarbon acrylate, fluoro silicone acrylate, and silicon acrylate.
Based on the Application
The orthokeratology lens market has been divided all across the globe based on the application into hyperopia application and myopia application.
Based on the End-Users
The orthokeratology lens market has been divided all across the globe based on the end-users into ophthalmic clinics and hospitals.
Based on the Region
The orthokeratology lens market has been divided in the global market based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.
Orthokeratology Lens Market Regional Analysis
The orthokeratology lens market has been divided all across the globe based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. The largest market share in the global market is held by the North American region owing to the increasing concentration of the geriatric population that drives the market demand in this region. Moreover, increased disorders related to ophthalmology coupler with increased therapies and diagnosis drives the market demand.
Being the fastest-emerging economy, the third-largest market share in the global orthokeratology lens market is held by the Asia-Pacific region owing to the presence of highly populous countries like China and India that drives the market demand in this region. Moreover increasing the availability of healthcare facilities and increasing expenditure on healthcare create more market demand.
The third-largest market share in the global market is held by the European region owing to the presence of a well-established technologically advanced healthcare sector that drives the market demand in this region. Moreover, increasing government initiatives regarding the availability of advanced quality treatment is yet another factor that drives the market demand in this region. The increasing number of cases is another fuelling factor.
The Latin American region and the Middle East and African region hold the least market share due to the presence of inadequate infrastructure in both these regions. Moreover, lower per capita disposable income is yet another contributing factor that hinders the market growth in these regions.
The most prominent major key players in the orthokeratology lens market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the orthokeratology lens market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a unique production process, and many others to expand their customer base in the untapped market of the orthokeratology lens market all across the globe.
The global orthokeratology lens market research report consists of the following elements mentioned below:
This market research report contains factors that drive the growth of the orthokeratology lens market in the global market and the factors that restrict its growth in the global market. The technical analysis in the global market during the forecasted period is mentioned. The impact of the COVID 19 on the orthokeratology lens market all across the globe is mentioned. The future growth rate in the orthokeratology lens market during the forecasted period is estimated and mentioned.
Academic institutes, research, and development organizations, contract research manufacturing organizations, medical device companies, and others.
|Market Size||USD 3,900.8 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Material, Application, End User and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Bausch & Lomb Incorporated (US), CooperVision (US), CE GP Specialists (US), Menicon Co., Ltd (Japan), Procornea (CooperVision) (Eerbeek, Netherlands), Euclid Systems Corporation (Virginia), Visioneering Technologies, Inc. (VTI) (Georgia), Brighten Optix (Taiwan), Alcon, Inc. (Texas) and CONTAMAC (Essex).|
|Key Market Opportunities||
|Key Market Drivers||A rise in the number of individuals with refractive errors such as myopia, hypermetropia, astigmatism, and presbyopia increases the demand for innovative treatment methods.|
The orthokeratology lens market is projected to grow at a 7.8% CAGR between 2022-2030.
The Americas are expected to lead the orthokeratology lens market.
The orthokeratology lens market is predicted to touch USD 3,900.8 Million by 2030.
Leading players profiled in the orthokeratology lens market include CONTAMAC (Essex), Alcon, Inc. (Texas), Brighten Optix (Taiwan), Visioneering Technologies, Inc. (VTI) (Georgia), Euclid Systems Corporation (Virginia), Procornea (CooperVision) (Eerbeek, Netherlands), Menicon Co., Ltd (Japan), CE GP Specialists (US), CooperVision (US), and Bausch & Lomb Incorporated (US).
Key strategies followed by industry players to maintain dominance in the orthokeratology lens market include acquisition and mergers, product development, and innovation.