Orthokeratology is an alternative treatment to glasses or contact lenses for vision correction. It involves wearing specially designed rigid gas permeable contact lenses overnight to temporarily flatten the central cornea and correct refractive errors like myopia, hyperopia and astigmatism. Orthokeratology contact lenses mold the cornea into a gentler, more optically perfect shape to improve vision during waking hours without any vision aids.
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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Vision correction in children is a major opportunity driving the growth of the orthokeratology market. Early onset of myopia in children and adolescents is on the rise globally. Orthokeratology provides an effective non-surgical treatment option for slowing down the progression of myopia in children. Wearing orthokeratology lenses while sleeping produces a controlled flattenings effect on the cornea and temporarily improves uncorrected vision during waking hours. This helps reduce excessive eye focusing and elongation of the eyes which are the leading causes of increased myopia. Studies have demonstrated orthokeratology can reduce myopic progression by 50-70% in children making it an attractive option for parents and eye care professionals. The growing popularity of orthokeratology specifically to treat childhood myopia will propel the demand over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the Orthokeratology market is low. High capital requirements and stringent regulations make market entry difficult for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. The specialized nature of Orthokeratology products reduces alternatives available to buyers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated inputs and technologies required. This makes switching costs higher for buyers.
Threat of new substitutes: Threat of substitutes is moderate as corrective contact lenses and LASIK provide alternatives but each option has limitations.
Competitive rivalry: Competition in the market is high among existing players.
SWOT Analysis
Strengths: Advanced technologies for customized lens design. Growing aging population increases demand.
Weaknesses: High costs of treatment and products. Potential risks of infection and corneal warpage.
Opportunities: Potential in developing regions with large myopic population. New product innovations to expand applications.
Threats: Stringent regulations for approval. Threat from alternative treatments such as LASIK and multifocal lenses.
Key Takeaways
The Global Orthokeratology Market Growth is expected to witness high during the forecast period of 2023-2030. The market size for 2023 is US$ 64.74 Bn.
The Asia Pacific region dominates the Orthokeratology market with the highest growth rate owing to large population bases in China and India with high prevalence of myopia. Increasing awareness and availability of advanced orthokeratology treatments are driving higher adoption.
Key players operating in the Orthokeratology market are 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., Contex, Inc. Major players are focusing on new product launches and geographical expansion to strengthen their market presence.
Explore more information on this topic, Please visit-
Comments
0 comment