by Orthokeratology involves the use of specially designed contact lenses worn overnight to temporarily reshape the cornea and reduce myopia. Orthokeratology contact lenses are preferred over spectacles or conventional contact lenses for correcting myopia as they are more comfortable to wear, help maintain clear vision throughout the day, and may slow down the progression of myopia in children especially during their growing years. The global orthokeratology market consists of different types of lenses used for temporary correction of refractive errors like myopia. Growing concerns over dangers of excessive myopia and rapid increase in screen time among children and teenagers in developing countries are major factors driving the demand for orthokeratology contact lenses.
The global Orthokeratology Market is estimated to be valued at US$ 64.74 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the orthokeratology market is the increasing preference for daily disposable contact lenses. Manufacturers are focusing on developing daily disposable orthokeratology lenses made of advanced biomaterials that are safer, more comfortable and reduce risk of infections. For instance, in 2021, Euclid Systems Corporation launched their daily disposable orthokeratology contact lens called “Illumina”. The lens is made of a new proprietary material called “Durasoft” that provides all-day comfort while also maintaining corneal reshaping overnight. Such innovations are expected to drive the adoption of orthokeratology contact lenses especially in developing regions.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the orthokeratology market is moderate as it requires high capital investment for R&D and market establishment. However, opportunities exist for firms specializing in niche areas.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of alternatives like LASIK and glasses. However, orthokeratology offers advantages that increase customer retention.
Bargaining power of suppliers: The bargaining power of suppliers is low owing to the availability of raw material suppliers and lack of differentiation in inputs. Suppliers do not have control over pricing.
Threat of new substitutes: Threat of new substitutes is low as orthokeratology offers unique advantages over other alternatives. However, technological advances can provide substitute options.
Competitive rivalry: The market is dominated by major players. However, rising demand fosters competitive pricing and product innovation.
Key Takeaways
The Global Orthokeratology Market Demand is expected to witness high growth. Regional analysis comprises: North America dominates the market owing to high awareness and availability of advanced treatments. Asia Pacific exhibits the fastest growth due to rising medical tourism and increasing disposable incomes in developing nations.
Key players operating in the orthokeratology market include The Cooper Companies Inc., Euclid Systems Corporation, Menicon Co., Ltd., GP Specialists, Inc., TruForm Optics, Inc., Art Optical Contact Lens, Inc. and MiracLens L.L.C. Key players focus on new product launches, collaborations and regulatory approvals to strengthen their market position. For instance, in 2020, Euclid Systems Corporation received FDA approval for their OK lens product line.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
