The global 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 ortho-k, is a non-surgical, reversible, and temporary vision correction technique that uses customized contact lenses to reshape the cornea overnight. This technique provides advantages such as freedom from wearing glasses or contact lenses during the day and slower progression of myopia in children. It is primarily used to correct myopia, but can also be used to correct astigmatism and hyperopia. The increasing prevalence of myopia in the global population is driving the demand for orthokeratology products.
Market Key Trends:
One of the key trends in the orthokeratology market is the rising demand for myopia control in children. The prevalence of myopia is increasing rapidly, particularly in Asian countries. According to the World Health Organization, myopia affects approximately 1.9 billion people globally, and it is estimated that by 2050, 4.76 billion people will be affected by myopia. This increasing prevalence of myopia, along with the potential risks associated with it, such as retinal detachment and glaucoma, has led to an increasing demand for myopia control techniques, including orthokeratology.
Orthokeratology offers an effective and non-invasive method for myopia control in children. It provides benefits such as clear vision throughout the day without the need for glasses or contact lenses, which is particularly beneficial for children participating in sports and other outdoor activities. Furthermore, orthokeratology has been shown to slow down the progression of myopia in children, delaying the need for stronger prescription glasses. These factors are
PEST Analysis:
Political: The political factors influencing the orthokeratology market include government regulations and policies regarding healthcare and medical devices. The market is also affected by political stability and healthcare funding in different countries.
Economic: The economic factors impacting the market include GDP growth, disposable income, and healthcare expenditure. With increasing GDP and disposable income in developing countries, the demand for orthokeratology is expected to rise.
Social: The social factors influencing the market include the prevalence of refractive errors and eye conditions, changing lifestyle and preferences, and awareness about non-surgical alternatives for vision correction. Increasing awareness and acceptance of orthokeratology among people contribute to market growth.
Technological: The technological factors that impact the orthokeratology market include advancements in lens manufacturing, design, and customization. Innovation in material technology and lens design has resulted in more comfortable and effective orthokeratology lenses, driving 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 of 2023-2030. The market size for 2023 was US$ 37.6 million. Increasing prevalence of myopia, especially in children, and the preference for non-surgical vision correction methods are the major drivers of market growth. Orthokeratology provides a safe and reversible alternative to surgery for vision correction, making it particularly attractive for younger patients.
Regionally, the Asia Pacific is the fastest growing and dominating region in the orthokeratology market. The increasing prevalence of myopia, especially in countries like China and India, is a major factor driving market growth in this region. Additionally, rising disposable income, improving healthcare infrastructure, and increasing awareness of non-surgical vision correction methods contribute to the growth of the orthokeratology market in the Asia Pacific region.
The 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 companies invest in research and development to introduce advanced orthokeratology lenses and expand their market presence. They also focus on collaborations and partnerships to strengthen their position in the market.
Overall, the orthokeratology market is expected to grow significantly in the forecast period, driven by the increasing prevalence of myopia, advancements in lens technology, and rising awareness and acceptance of non-surgical vision correction methods.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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