Description
The Global Orthokeratology Lens Market size was USD 721 million in 2023 and it is expected to grow to USD 950 million in 2031 with a CAGR of 6.7% in the 2023-2030 period.
Global Orthokeratology Lens Market: Overview
The global orthokeratology lens market is growing rapidly, owing to a range of variables such as advances in technology, increasing FDA approvals, and a rise in demand for them due to a growing elderly population and electronic device use. However, the COVID-19 pandemic created market disruptions and financial instability, hurting elective ophthalmology procedures as well as supply chains. Nonetheless, the release of new orthokeratology lenses, advanced detection technologies, and virtual eye testing platforms are expected to fuel the market to grow. Furthermore, the increasing number of optical defects such myopia, hyperopia, and astigmatism is a major global concern. In sub-Saharan Africa, the average rate of refraction errors is 12.6%, whereas in India, this can reach 53.1% among adults. Myopia prevalence varies significantly, varying from 0.8% in Laos to 86.5% in Chinese children age 15-19. Lifestyle modifications, hereditary factors, and dwindled outdoor pursuits all help explain the rise in the incidence, needing complete eye care facilities and public health programmes for effectively tackling the issue.
Global Orthokeratology Lens Market: Covid-19 Impact
The COVID-19 epidemic has little impact on the usage of orthokeratology (ortho-k) glasses for myopia rectification. Recent research showed no direct link among ortho-k lens use & COVID-19 infection. Ortho-k lenses are still an efficient and secure choice to managing myopia in children, as long that they are properly washed and kept. The pandemic has raised consciousness among ortho-k lens users concerning the significance to practice proper hand the cleanliness as well as lens care to lessen the risk of infection in the eyes. In summary, ortho-k lenses offer an achievable choice for myopia treatment during current challenging situations.
Global Orthokeratology Lens Market: Growth Drivers
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Increasing Prevalence of Myopia:
The worldwide rise in myopia prevalence, especially in children, is an important component for the orthokeratology lens sector. Factors such as boosting near-work activity and reduced outside time contribute to a rising incidence of myopia, driving the need for myopia management products such as ortho-k lenses.
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Technological Advancements:
Ongoing advances in orthokeratology lens technologies improve its safety, effectiveness, and ease, propelling the field forward. Innovations in lens substances, design, as well as manufacturing methods have improved the efficacy of ortho-k lenses, appealing both doctors and patients to this simple myopia treatment choice.
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Rising Awareness and Acceptance:
Increased understanding of myopia and its accompanied hazards, combined with a growing recognition of ortho-k as a feasible treatment option, drives market growth. Educational initiatives, together with endorsement from eye care experts, are helping to increase the use and acceptance of orthokeratology lenses worldwide.
Global Orthokeratology Lens Market: Restraining Factors
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Regulatory Hurdles:
Stringent legal constraints and licencing procedures for orthokeratology lenses could render it hard for new competitors to enter the marketplace and limit development. Compliance with multiple regulations and receiving permission from regulatory organisations can be laborious and costly, hindering market growth.
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Limited Availability of Practitioners:
The supply of qualified clinicians who are capable of fitting and handle orthokeratology lenses is a single issue restricting their use. A lack of capable orthokeratology professionals in certain countries could restrict patient utilisation of ortho-k lenses, hindering market growth.
Global Orthokeratology Lens Market: Opportunity Factors
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Expanding Applications:
Orthokeratology lenses are currently being used in uses beyond myopia modification, like as presbyopia and irregularity. Changing the uses of ortho-k lenses generates new market niches and sources of income for vendors and clinicians.
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Rising Demand in Emerging Markets:
Growing understanding of myopia and increasing financial resources in developing nations give significant prospects to growth in the industry. As availability of eye care services increases and the buying power of consumers develops, demand for orthokeratology lenses is likely to rise in these regions.
Global Orthokeratology Lens Market: Challenges
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Limited Insurance Coverage:
In certain areas, there is a lack of full insurance coverage for orthokeratology activities and glasses, which restricts market growth. High personal expenses for ortho-k treatment may discourage prospective clients, particularly in areas where medical expenses are an important concern.
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Patient Compliance and Education:
Maintaining that clients comply with orthokeratology treatment regimens, and educating patients as well as professionals about the advantages and drawbacks of ortho-k lenses, are ongoing problems. Information for patients and ongoing assistance are essential to effective ortho-k treatment outcomes, however a lack orthopaedic comprehension or compliance might undermine therapeutic efficacy and expansion in the market.
Global Orthokeratology Lens Market: Segmentation
Based on Product Type: The Orthokeratology Lens market is segmented Day-time Ortho-K Lenses, Overnight Ortho-K Lenses.
Based on Indication: The Orthokeratology Lens market is categorized by application into Myopia, Presbyopia, Hypermetropia, Astigmatism.
Based on Distribution Channel: The Orthokeratology Lens market is segmented by Hospitals, Optometry Clinics, Ophthalmology Clinics, Others.
Based on Region: The Orthokeratology Lens market is segmented geographically into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, reflecting regional variations in demand, regulations, and market dynamics.
Global Orthokeratology Lens Market: Regional Insights
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North America:
The Orthokeratology Lens industry in North America was dominant in 2023, generating more than 40% of global revenue. This was aided by recent developments in orthokeratology lenses, particularly the development of overnight ortho-K-lenses, that offer customers with more flexibility and a larger range of options. The increasing incidence of vision problems, as well as the growing acceptance of orthokeratology lenses in both the US and Canada, have encouraged the market to grow. Furthermore, the existence of important market players such as CooperVision, Johnson & Johnson Vision, as well as Bausch & Lomb Inc. in the United States boosts the region’s expansion ability. Despite having the second-largest revenue share, Europe is projected to grow at an impressive compound annual growth rate (CAGR) over the period of forecasting.
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Asia Pacific:
Several major causes contribute towards the high expansion of the Asia Pacific Orthokeratology Lens market. For instance, the increasing incidence of ocular problems, especially myopia and presbyopia, will likely push medical professionals to use orthokeratology lenses more often. In addition, technological advances in the sector, together with a growing variety of items getting CE approval, have the potential to boost the region’s expansion.
Global Orthokeratology Lens Market: Competitive Landscape
Bausch & Lomb Inc.; Euclid Systems Corp.; CooperVision; Johnson & Johnson Vision Care, Inc.; Alpha Corporation; Brighten Optix, Co.; GP Specialists; TruForm Optics, Inc.; Art Optical Contact Lens, Inc.; MiracLens LLC.
Global Orthokeratology Lens Market: Recent Developments
- On May 28, 2024, Bausch + Lomb Corporation announced Health Canada’s approval of the enVista Envy full visual range intraocular lens (IOL). This marks the first global regulatory approval of this new lens, which provides a full range of vision and excellent dysphotopsia tolerance on the enVista IOL platform.
- On June 3, 2024, Bausch + Lomb Corporation, a global eye health leader, launched Blink NutriTears in the U.S. This over-the-counter supplement addresses dry eye causes, enhances tear production, and alleviates dryness symptoms within two to four weeks, offering noticeable relief and promoting better eye health.