Orthokeratology Lens Market Forecast, Revenue, Competitive Landscape, Growth Factors, and Trends: Information by Material (Silicone Acrylate, Fluorosilicone Acrylate and Fluorocarbon Acrylate), Application (Myopia and Hyperopia), End User (Hospitals and Ophthalmic Clinic) and Region (Americas, Europe, Asia-Pacific and Middle East Africa)
The Global Orthokeratology Lens Market size is expected to register a CAGR of7.4% during the forecast period with a market value of USD 3,857.8 Million till 2025. Orthokeratology is also known as ortho-k, corneal refractive therapy (CRT), and overnight vision correction therapy. In the orthokeratology therapy, rigid gas permeable contact lenses are worn overnight that reshapes the curvature of the cornea to improve object visibility. The use of ortho-k lenses eliminates the need for daytime contact lenses or glasses and improves vision.
The increasing advancements in the field of ophthalmology over the past couple of decades, low cost compared to laser-assisted in situ keratomileuses (LASIK) treatment is anticipated to drive the market growth. However, the risk associated with orthokeratology and availability of alternative treatment methods is likely to hamper the market growth.
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Segment Analysis
The global orthokeratology lens market is segmented into material, application, and end user. By material, has been segmented into silicone acrylate, fluorosilicone acrylate, and fluorocarbon acrylate. On the basis of application, the global orthokeratology lens market has been segmented into myopia and hyperopia. Based on end user, the market has been segmented into hospitals and ophthalmic clinic.
Regional Analysis
The global orthokeratology lens market, based on region, is divided into the Americas, Europe, Asia-Pacific, and the Middle East Africa.
The Americas is expected to hold the largest share of the global orthokeratology lens market. This is owing to the increasing healthcare infrastructure, growing geriatric population suffering from ophthalmological disorders, and rising health demand for the treatment for eye disorders are boosting the market growth in this region.
The Asia-Pacific market holds the second-largest position in the global orthokeratology lens market owing to the increasing patient population of people with eye disorders, availability of progressive treatment facilities, and increasing healthcare expenditure by the Asian population is driving the market growth in this region. According to the Asian Development Bank, the elderly population in Asia is projected to reach nearly 923 million by 2050. Such an increase in the number of the geriatric population drives the market.
Followed by Asia-Pacific, Europe stood the third-largest market. The presence of a large number of medical device companies and adaption of innovative technology to develop new products are contributing to the market growth of this region. According to the Journal of Ophthalmology, as of 2014, there were around 28 million visually impaired people in the European region. Moreover, according to the United Kingdom Statistics Authority, around 121,736 eye examinations were performed under the Eye Health Examinations Wales (EHEW) scheme in 2016. These cases of eye disorders and rising government initiatives are driving the growth of the market.
The orthokeratology lens market in the Middle East Africa is expected to grow due to the rising awareness about eye treatments coupled with gradually increasing adoption of medical diagnosis modalities in the region.
Market Players
MRFR recognizes the following companies as the key players in the global orthokeratology lens market— Bausch Lomb Incorporated (US), CooperVision (US), CE GP Specialists (US), Menicon Co., Ltd (Japan), Procornea (CooperVision) (Eerbeek, Netherlands), Euclid Systems Corporation (Virginia), Visioneering Technologies, Inc. (VTI) (Georgia), Brighten Optix (Taiwan), Alcon, Inc. (Texas) and CONTAMAC (Essex).
Key Findings of the Study
- The Global Orthokeratology Lens Market was valued at USD 2,353.7 million in 2018, is estimated to grow at USD 3,857.8 million by 2025 at a CAGR of 7.4% during the assessment period
- Americas accounted for the largest share of the global market due to the presence of key market players and an increasing patient population in the US and Canada
- Based on application, the myopia segment accounted for the largest market share of in 2018
- Based on the material, the silicone acrylate segment held a major market value of USD 1,331.4 million in 2018
- On the basis of the end user, the hospitals dominated the market and accounted for a share of 1,319.3 million in 2018
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