In 2022, the North American Orthokeratology Market is poised to claim a substantial 35% slice of the global market. This is primarily attributed to the rising elderly demographic and the heightened demand for Corneal Refractive Therapy (CRT) and Vision Shaping Treatment (VST) for diagnosis and treatment.
The requirement for orthokeratology within North America has been steadily mounting, fueled by the rapid expansion of the ophthalmology sector in both the United States and Canada. Furthermore, governmental entities in the region have initiated generous reimbursement programs for eye treatments, effectively propelling market expansion.
The global orthokeratology market is poised to achieve significant growth, with an estimated valuation of US$ 58.1 million in 2022, expected to surge to US$ 88.7 million by 2028, reflecting a notable CAGR of 7.3% during the period from 2022 to 2028. The expansion of the orthokeratology industry is driven by several pivotal factors, including:
- Advancements in implantable vision correction techniques, reinforced by evolving regulatory frameworks and increased reimbursement for corrective procedures, aligning with industry standards.
- Escalating prevalence of myopia and chronic eye conditions, notably diabetic retinopathy.
- Increasing patient awareness about Ortho-K through online channels, coupled with a noteworthy improvement in the success rates of orthokeratology lenses in recent years.
- An increasing emphasis on promoting healthy lifestyles, affording individuals greater opportunities for well-being.
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Additionally, the high prevalence of chronic diseases like diabetic retinopathy is expected to positively influence the market prospects. Developments such as the emergence of ingenious orthokeratology products and implantable intraocular lenses will bolster the future possibilities for the orthokeratology industry.
Though the orthokeratology market looks forward to an overall healthy future market prospects, it is not without its share of restraints. The high initial cost of orthokeratology lenses, increasing cases of corneal infection in pediatric patients, less market penetration of the product along a lack of skilled professionals are factors that may subdue the growth of the orthokeratology industry over the forecast period.
“High incidences of myopia and better benefits of Ortho-K lens as compared to the conventional ones are likely to boost the sales of orthokeratology in the global market over the forecast period,” says an FMI analyst.
Key Takeaways:
- High initial costs of the lenses may hinder market growth.
- The US to account for a major share of market revenue by 2028.
- The orthokeratology market in China will record a high CAGR over the forecast period.
- By indication, the myopia segment will continue to be a major market driver.
- Based on distribution channels, optometry clinics will register the highest demand.
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Competitive Landscape
The Cooper Companies Inc., Euclid Systems Corporation, Menicon Co., Ltd., GP Specialists, Inc., TruForm Optics, Inc., Art Optical Contact Lens, Inc., MiracLens L.L.C., and Contex, Inc., among others, are some of the major players in the orthokeratology industry that are profiled in the full version of the report.
Major market players are focused on establishing a stronghold in China and Japan. Mergers and collaborations are certain tactics that these businesses employ to retain a competitive advantage.
More Insights into the Orthokeratology Industry Report
In its latest report, FMI offers an unbiased analysis of the global orthokeratology market, providing historical data from 2013 to 2021 and forecast statistics for 2022 to 2028. To understand the global market potential, growth, and range, the market is segmented based on indication (myopia, presbyopia, hyperopia, astigmatism), distribution channel (hospitals, optometry clinics, ophthalmology clinics), and region.
According to the latest FMI reports, based on region, the orthokeratology industry in the United States is expected to undergo significant growth over the forecast period. The region is predicted to acquire a major chunk of the global market share by 2028. This growth can be attributed to the presence of a well-developed and established healthcare sector. Favorable government initiatives in the healthcare sector also support this market growth.
In China, the orthokeratology market is projected to exhibit a high CAGR over the forecast period. The region is expected to offer multiple lucrative opportunities to the orthokeratology industry. Prolonged usage of electronic devices such as laptops, smartphones, tablets, etc., has led to high rates of chronic eye damage. With the high prevalence of myopia and hyperopia, the target market in China is expected to grow at a rapid rate.
Based on segmentation, by indication, the myopia segment will likely create substantial market opportunities while, in terms of distribution channels, optometry clinics will dominate the market over the forecast period.
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Key Segments Covered in Orthokeratology Industry Survey
Orthokeratology Industry by Indication:
- Myopia
- Presbyopia
- Hyperopia
- Astigmatism
Orthokeratology Industry by Distribution Channel:
- Hospitals
- Optometry Clinics
- Ophthalmology Clinics
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