by Orthokeratology is a conservative method used for temporarily reducing or eliminating myopia and astigmatism by wearing specially designed contact lenses overnight. The lenses gently reshape the cornea while worn overnight and help improve vision during the day without glasses or contact lenses. With rising cases of myopia or short-sightedness among children globally, there is increasing awareness among parents about effective myopia management options including orthokeratology.
The global Orthokeratology Market is estimated to be valued at US$ 64.74 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The adoption of orthokeratology is being driven by the growing prevalence of myopia among children globally. Statistics indicate that nearly 50% of children are myopic by the age of 12 to 13 years. Left uncorrected, high myopia can increase the risk of serious eye conditions later in life. With orthokeratology, children can enjoy good unaided vision during daytime while also slowing the progression of myopia. This has increased awareness and demand for orthokeratology as an effective non-invasive myopia management option for children.
SWOT Analysis
Strength: Orthokeratology contact lenses temporarily reshape the cornea while worn overnight, allowing clear vision during waking hours without glasses or contact lenses. This offers convenience to users.
Weakness: Overnight wear of contact lenses poses risks of corneal infections and inflammation if not properly handled and maintained. Lack of awareness in some regions limits market growth.
Opportunity: Rising cases of myopia and increasing acceptance of vision correction methods presents an opportunity to increase adoption rates. Development of advanced materials and lens designs can drive innovation.
Threats: Strong competition exists from alternative options like LASIK and eyeglasses. Stringent regulations associated with medical devices act as a challenge.
Key Takeaways
Global Orthokeratology Market Trends is expected to witness high growth during the forecast period of 2023 to 2030. With a projected CAGR of 9.5%, the market size is estimated to reach US$ 64.74 billion by 2024.
Regional analysis comprises Asia Pacific dominates the market currently due to rising myopia prevalence and growing medical tourism. China accounts for a major share due to favorable government policies and presence of key players. North America follows Asia Pacific in terms of size due to technological advancements and availability of advanced treatment options.
Key players operating in the orthokeratology market include Renolit SE, Kraton Corporation, Shanghai Solve Care Co., Ltd., Shanghai Xin Gen Eco-Technologies Co., Ltd., PolyCine GmbH, Jiangxi Sanxin Medtec Co., Ltd., Sealed Air, Baxter, B. Braun Melsungen AG, Sichuan Kelun Pharmaceutical Co., Ltd., Fresenius Kabi AG, Otsuka Holdings Co., Ltd., Sartorius AG, Technoflex, and Huaren Pharmaceutical Co., Ltd. Key players are focusing on new product launches, collaborations and geographic expansion strategies to strengthen their market position.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
