The orthokeratology market caters to contact lenses that are worn overnight for temporary reduction or elimination of myopia. Overnight wear of customized contact lenses reshape the corneal surface and change its refractive power through a reversible process known as corneal remodeling. This allows for a temporary improvement in uncorrected visual acuity without glasses during waking hours.
The global orthokeratology market is estimated to be valued at US$ 71 Mn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing usage of contact lenses for vision correction among both adults and children is a major factor boosting adoption of orthokeratology contact lenses. According to a report by the Vision Council of America, around 45 million Americans wore contact lenses in 2020 for vision correction. Out of these, daily disposable contact lenses were the most popular type with a market share of over 25%. Orthokeratology contact lenses are emerging as a more viable and comfortable alternative to conventional spectacles and contact lenses for temporary vision correction during nighttime wear. The reversible corneal reshaping property and convenience of not having to wear spectacles during the day has augmented their popularity in recent years.
SWOT Analysis
Strength: Orthokeratology offers a non-invasive method for vision correction as contact lenses are used to temporarily reshape the cornea while asleep. This reduces dependency on spectacles or contact lenses.
Weakness: Improper fitting of orthokeratology lenses or poor compliance with wear/removal schedules can lead to risks of infections and other corneal issues. There is also a possibility of regression post discontinued use of lenses.
Opportunity: Rising prevalence of myopia worldwide, especially in Asia Pacific regions provides significant growth opportunities. Increasing consumer preference for aesthetics and non-invasive options further supports market growth.
Threats: Strong competition from alternatives like LASIK and developing generic contact lenses market poses challenges. Stringent regulations related to safety can also restrict market growth to some extent.
Key Takeaways
The global orthokeratology market is expected to witness high growth in the forecast period of 2024 to 2031 supported by a CAGR of around 9.5%.
The Asia Pacific region currently dominates the market and is expected to maintain its leading position during the forecast period backed by high rates of myopia in China, Japan and other Asian countries. Countries like China, South Korea and Japan account for over 90% of global orthokeratology lens usage currently.
Key players operating in the orthokeratology market are 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. The market is moderately consolidated in nature with top players accounting for over 65% of global revenue. Market leaders are focued on expanding geographic presence and enhancing product portfolio through collaborations.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
