The global Orthokeratology Industry is on a remarkable trajectory, with projections indicating substantial growth. In 2022, the market was valued at an estimated US$ 58.1 million, and it is anticipated to surge to US$ 88.7 million by 2028. This impressive growth is attributed to a notable Compound Annual Growth Rate (CAGR) of 7.3% expected to be sustained from 2022 to 2028.
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, 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 of implantable intraocular lenses will bolster the future possibilities for the orthokeratology market.
Though the orthokeratology market looks forward to an overall healthy future market prospects, it is not without its share of restraints. High initial cost of orthokeratology lenses, increasing cases of corneal infection in pediatric patients, less market penetration of the product along with a lack of skilled professional are factors that may subdue the growth of the orthokeratology market 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.
- On the basis of distribution channels, optometry clinics will register the highest demand.
Shedding light on the study’s key assumptions from Experts.
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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 market that are profiled in the full version of the report.
Major market players are focused on establishing 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 Market 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 market 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 market. Prolonged usage of electronic devices such as laptop, smartphones, tablets, etc., has led to high rates of chronic eye damage. With 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 Market by Indication:
- Myopia
- Presbyopia
- Hyperopia
- Astigmatism
Orthokeratology Market by Distribution Channel:
- Hospitals
- Optometry Clinics
- Ophthalmology Clinics
Author
Sabyasachi Ghosh (Associate Vice President at Future Industry Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Industry Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Industry Insights (FMI)
Future Industry Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the Industry. FMI stands as the leading global provider of Industry intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals Industrys. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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