The global orthokeratology market is projected to witness steady growth over the next decade, with its market size expected to reach USD 659.1 million by 2034. According to recent estimates, the market will expand at a compound annual growth rate (CAGR) of 4.8% between 2024 and 2034.
In 2024, the orthokeratology market is set to be valued at approximately USD 412.4 million. The rising demand for non-surgical vision correction, particularly among children and young adults, is driving the market’s expansion. Increasing awareness of orthokeratology as a safe and effective alternative to traditional corrective lenses or refractive surgery is also contributing to market growth.
Orthokeratology, also known as corneal refractive therapy, involves the use of specially designed contact lenses to reshape the cornea and correct vision. The growing awareness of the benefits of this non-surgical approach to vision correction is driving demand and contributing to market expansion.
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.
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
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