by The Orthokeratology Market is estimated to be valued at US$37.6 Million In 2017 and is expected to reach a significant worth in 2022. With a projected Compound Annual Growth Rate (CAGR) of 7.0% from 2018 to 2026, this market showcases promising future prospects.
Market Overview:
Orthokeratology, also known as ortho-k, is a non-surgical procedure that employs specialized contact lenses to reshape the cornea and temporarily correct nearsightedness or myopia. These lenses are worn overnight, gently reshaping the cornea during sleep, and providing clear vision without the need for traditional eyeglasses or daytime contact lenses. This technique is gaining traction among individuals seeking an alternative to conventional corrective methods. The orthokeratology market encompasses various innovative products that cater to different eye conditions and lifestyles, offering a convenient and safe solution to vision correction.
Market Dynamics:
The Orthokeratology Market is driven by two key factors. Firstly, the increasing prevalence of myopia across the globe is fueling the demand for orthokeratology. As myopia becomes a widespread issue, particularly among younger populations, ortho-k lenses offer a promising solution for long-term vision correction without the inconvenience of wearing corrective eyewear constantly. Secondly, advancements in technology and material used in orthokeratology have improved the effectiveness and comfort of these lenses. Manufacturers are focusing on developing more comfortable and breathable lenses, enhancing the overall user experience. Such developments are expected to drive the adoption of ortho-k lenses and contribute to the market’s growth in the coming years.
Market Key Trends:
Orthokeratology, also known as ortho-k, is a non-invasive procedure that uses specially designed contact lenses to temporarily reshape the cornea and correct refractive errors. In recent years, the orthokeratology market has witnessed significant growth and is expected to continue this trend in the coming years.
One key trend in the orthokeratology market is the increasing demand for non-surgical vision correction options. Many individuals are increasingly seeking alternatives to traditional refractive surgery such as LASIK due to concerns about potential risks and complications. Orthokeratology provides a safe and reversible option for vision correction without the need for surgical intervention. This growing preference for non-surgical alternatives is driving the market growth for orthokeratology.
SWOT Analysis:
Strength: Orthokeratology offers a non-invasive and reversible option for vision correction, attracting individuals who are seeking alternatives to surgical procedures. The procedure is highly effective, providing clear vision during the day without the need for glasses or contact lenses.
Weakness: Orthokeratology requires strict adherence to lens hygiene and maintenance practices. Failure to properly clean and store the lenses can lead to eye infections and other complications. Additionally, the effects of orthokeratology are temporary and reversible, requiring nightly lens wear to maintain the desired vision correction.
Opportunity: The growing awareness about the advantages of non-surgical vision correction options, coupled with advancements in lens technology, presents an opportunity for the orthokeratology market to expand further. Moreover, the rising prevalence of myopia worldwide provides a significant growth potential for the market.
Threats: The availability of alternative vision correction options such as LASIK and the increasing popularity of refractive surgeries pose a threat to the growth of the orthokeratology market. Additionally, strict regulations and product safety standards may impact the market growth and limit the entry of new players.
Key Takeaways:
The global Orthokeratology market is expected to witness high growth, exhibiting a CAGR of 7.0% over the forecast period. The increasing demand for non-surgical vision correction options, driven by concerns about surgical risks and complications, is one of the primary drivers of this growth. As individuals seek safe and reversible alternatives, Orthokeratology provides an effective solution.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the Orthokeratology market. The advanced healthcare infrastructure, increasing prevalence of myopia, and higher adoption rates of advanced vision correction technologies contribute to the market’s growth in this region.
Key players operating in the Orthokeratology market include Autek China, Alpha Corporation, Bausch and Lomb Inc., Euclid Systems, E & E Optics, Essilor International S.A., GP Specialists, Paragon Vision Sciences, Procornea, and Taiwan Macro Vision Corporation. These key players play a significant role in driving innovation, research and development, and market growth in the Orthokeratology industry.
