May 27, 2024
Orthokeratology Market

Orthokeratology Market is Expected to be Flourished by Growing Popularity of Myopia Control

Orthokeratology is a reversible procedure that uses specially designed contact lenses, worn over the cornea at night, to reshape its curvature and temporarily reduce or even eliminate the need for corrective glasses or contact lenses in the daytime. It is gaining popularity as a non-invasive alternative to eyeglasses and contact lenses for myopia control. The orthokeratology procedures helps reshape the cornea through overnight wear of specially designed gas-permeable contact lenses, resulting in reduced nearsightedness during waking hours without glasses or 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 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics
Growing popularity of myopia control: In recent years, orthokeratology have emerged as an effective alternative for controlling the progression of myopia in children. Various clinical studies have demonstrated that orthokeratology procedures can slow down the rate of myopia progression by 50-60% compared to single-vision glasses. This has boosted the adoption of orthokeratology, especially in Asian countries where prevalence of myopia is very high. According to a report by Brien Holden Vision Institute, orthokeratology procedures can cut the risks of developing high myopia and its associated eye diseases by 70-80% over a persons’ lifetime.

Increasing awareness and acceptance: Awareness about orthokeratology procedures and their benefits over conventional vision correction methods like spectacles and contact lenses has been increasing among parents, eye care professionals as well as regulatory bodies. Various government initiatives focused on myopia management and control have provided tailwinds to market growth. For example, in China the government has included orthokeratology as an official myopia control option in the updated 2020 Myopia Management Scheme Guidelines. In addition, rising acceptance of alternative therapies and preference for non-invasive treatment procedures have boosted demand for orthokeratology.

Segment Analysis
Orthokeratology Market is segmented into children, teenagers and adults. The children dominated segment takes approximately 65% of the market share owing to the high prevalence of short-sightedness in children and their growing dependency on screen time which exacerbates the issue. The children segment is expected to witness a growth rate of around 8% during the forecast period.

PEST Analysis
Political: Regulations regarding contact lens usage among children are being strengthened in major markets which will positively impact the orthokeratology market.
Economic: Rising disposable incomes in developing nations is increasing the demand for advanced vision correction techniques like orthokeratology.
Social: Growing cases of near-sightedness due to excessive usage of digital devices is creating awareness about orthokeratology procedure.
Technological: Innovations in lens material and designs are making orthokeratology procedure safer and more comfortable for longer usage durations.

Key Takeaways
Global Orthokeratology Market Trends is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis indicates that Asia Pacific region currently dominates the market due to large patient pool and higher acceptance of orthokeratology in countries like China and Japan. North America and Europe are also sizable markets driven by growing myopia rates.

Key players operating in the orthokeratology market are 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. These companies are investing in leveraging latest technologies and launching improved product variants to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it