NEWARK, Del, Sept. 07, 2022 (GLOBE NEWSWIRE) -- The global orthokeratology market is expected to reach a valuation of US$ 88.7 Mn in 2028, with sales growing at a robust CAGR of 7.3% over the forecast period of 2022 to 2028. Climbing up from a value of US$ 58.1 Mn in 2022, the orthokeratology market is driven by the eradication of contact lens-related vision problems. Growing awareness about orthokeratology along with a high success rate of orthokeratology lenses in the past few years are likely to further augment the market expansion of orthokeratology over the projected period.
Orthokeratology is used to treat myopia, presbyopia, hyperopia, and astigmatism. It is a non-invasive procedure and functions on the basis of corneal treatment. By wearing the orthokeratology lenses for six to eight hours at night while sleeping, patients can reshape their cornea to stimulate clear vision during daytime. The rising incidences of myopia coupled with the various advantages of orthokeratology lenses over conventional contact lenses will strengthen the future prospects of the orthokeratology market in the upcoming years.
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Additionally, high prevalence of chronic diseases like diabetic retinopathy is expected to positively influence the market prospects. Developments such as the emergence of ingenious orthokeratology products and of implantable intraocular lenses will bolster the future possibilities for the orthokeratology market.
Though the orthokeratology market looks forward to an overall healthy future market prospects, it is not without its share of restraints. High initial cost of orthokeratology lenses, increasing cases of corneal infection in pediatric patients, less market penetration of the product along with a lack of skilled professional are factors that may subdue the growth of the orthokeratology market over the forecast period.
“High incidences of myopia and better benefits of Ortho-K lens as compared to the conventional ones are likely to boost the sales of orthokeratology in the global market over the forecast period,” says an FMI analyst.
Key Takeaways:
- High initial costs of the lenses may hinder market growth.
- The U.S to account for a major share of market revenue by 2028.
- The orthokeratology market in China will record a high CAGR over the forecast period.
- By indication, the myopia segment will continue to be a major market driver.
- On the basis of distribution channels, optometry clinics will register the highest demand.
Competitive Landscape
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., and Contex, Inc, among others, are some of the major players in the orthokeratology market that are profiled in the full version of the report.
Major market players are focused on establishing stronghold in China and Japan. Mergers and collaborations are certain tactics that these businesses employ to retain a competitive advantage.
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More Insights into the Orthokeratology Market Report
In its latest report, FMI offers an unbiased analysis of the global orthokeratology market, providing historical data from 2013 to 2021 and forecast statistics for 2022 to 2028. To understand the global market potential, growth, and range, the market is segmented based on indication (myopia, presbyopia, hyperopia, astigmatism), distribution channel (hospitals, optometry clinics, ophthalmology clinics), and region.
According to the latest FMI reports, based on region, the orthokeratology market in the United States is expected to undergo significant growth over the forecast period. The region is predicted to acquire a major chunk of the global market share by 2028. This growth can be attributed to the presence of a well-developed and established healthcare sector. Favorable government initiatives in the healthcare sector also support this market growth.
In China, the orthokeratology market is projected to exhibit a high CAGR over the forecast period. The region is expected to offer multiple lucrative opportunities to the orthokeratology market. Prolonged usage of electronic devices such as laptop, smartphones, tablets, etc., has led to high rates of chronic eye damage. With high prevalence of myopia and hyperopia, the target market in China is expected to grow at a rapid rate.
Based on segmentation, by indication, the myopia segment will likely create substantial market opportunities while, in terms of distribution channels, optometry clinics will dominate the market over the forecast period.
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Table of Content
1. Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis and Recommendations
1.4. Wheel of Fortune
2. Market Introduction
2.1. Market Taxonomy
2.2. Market Definition
3. Global Economic Outlook
3.1. Global Gross Domestic Product by Region & Country, 2016-2021
3.2. Global Healthcare Market Outlook
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