Dublin, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The "Orthokeratology Lens Market Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
There is an increasing prevalence of refractive errors such as myopia, astigmatism, and hyperopia. According to WHO, nearly 2.2 billion people had myopia or hyperopia in 2022 and 1 million out of this could be prevented. According to the International Myopia Institute, around half of the population will have myopia which is around 5 billion people, by 2050. Moreover, myopia is becoming the leading cause of permanent blindness worldwide. Myopia can be corrected with timely treatment and precautions. The growing prevalence of refractive errors is pushing the demand for orthokeratology lenses thereby propelling the orthokeratology lens market size.
Multiple Advantages of Orthokeratology Lens
Orthokeratology lensis gaining popularity due to its multiple associated benefits and comfort as compared to other treatments. The maximum improvement with an orthokeratology lens can be achieved in three weeks and some patients get the improvement in just a few days. It ultimately provides 20/40 vision to the patients by optimizing vision correction. Moreover, the other treatment methods have side effects, for example, 20% of people treated with LSAIK suffer contrast and face glare. It provides additional comfort for athletes and children as it usually does not involve usage during the daytime which makes the operating hours better. The diverse advantages of the orthokeratology lens are anticipated to boost the orthokeratology lens market.
Consumers Preferring Non-Surgical Vision Treatment
Hyperopia is generally present in children from birth and runs in families. The patients are preferring surgical-free treatment and orthokeratology is a non-surgical treatment that enables people to leave the glasses permanently or at least in the daytime. There are very less options available for refractive errors in children which is also leading to the preference shift towards orthokeratology lens thus boosting the orthokeratology lens market. The survey conducted by Taylor & Francis Online in August 2019 for exotropia in China revealed that more than half of the respondents prefer non-surgical methods for exotropia treatment.
Aging Population
The aging population is the leading cause of vision impairment which can be corrected by an orthokeratology lens. Older adults may lose the ability to see up close and ability to distinguish between colors. The American Academy of Ophthalmology recommends regular eye checkups for people aged 65 or above with an initial checkup at 40 years of age.
The ageing population is growing, for instance, the proportion of people aged 60 years or above is increasing at a higher rate than past. In 2019, people aged 60 years or above accounted for 1 billion which is estimated to reach 1.4 billion by 2030 and 2.1 billion by 2050 according to WHO. The prevalence of the ageing population is contemplated to boost the orthokeratology lens market.
Opportunities in the Market
The rising refractive error cases coupled with the aging population provide a great opportunity to enter the orthokeratology lens market. The government regulation and approval of the orthokeratology lens further provide an opportunity. For instance, the Dermalite OK lens developed by Cooper Vision got CE approval from European Union in May 2021 to slow myopia progression. The technological developments and research initiatives are anticipated to boost the orthokeratology lens market thereby providing a phenomenal opportunity for market expansion.
Restraints in the Market
Apart from the multiple advantages and consumer preferences, there are some restraining factors which is expected to limit the orthokeratology lens market. The higher cost associated with orthokeratology is limiting the market growth. For instance, the orthokeratology treatment may range between USD 1200 and USD 2000, US$1, 000 in general errors while the cost in cases of higher refractive error may reach up to USD 4000 in 2021 as per the CareCredit.
North America in an Expected Dominant Market
The North-American region is expected to dominate the orthokeratology lens market during the forecast period. Various factors attributed to such a dominant share are the ageing population and the higher prevalence of refractive error in the region. For instance, the prevalence rate of refractive error is 42% in America which is nearly doubled in the last three decades as per the International Myopia Institute. Moreover, the technological advancements and presence of market leaders such as Euclid Systems, Cooper Vision, and Johnson & Johnson Vision are further expected to aid the orthokeratology lens market in the region.
Segmentation:
By Product Type
- Day-time Ortho-K Lenses
- Overnight Ortho-K Lenses
By Indication
- Myopia
- Presbyopia
- Hypermetropia
- Astigmatism
By Distribution Channel
- Hospitals
- Optometry Clinics
- Ophthalmology
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 140 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $647.26 Million |
| Forecasted Market Value (USD) by 2028 | $1081.12 Million |
| Compound Annual Growth Rate | 7.6% |
| Regions Covered | Global |
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. ORTHOKERATOLOGY LENS MARKET, BY PRODUCT TYPE
5.1. Introduction
5.2. Day-time Ortho-K Lenses
5.3. Overnight Ortho-K Lenses
6. ORTHOKERATOLOGY LENS MARKET, BY INDICATION
6.1. Introduction
6.2. Myopia
6.3. Presbyopia
6.4. Hypermetropia
6.5. Astigmatism
7. ORTHOKERATOLOGY LENS MARKET, BY DISTRIBUTION CHANNEL
7.1. Introduction
7.2. Hospitals
7.3. Optometry Clinics
7.4. Ophthalmology
8. ORTHOKERATOLOGY LENS MARKET, BY GEOGRAPHY
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Market Share Analysis
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
- Bausch & Lomb
- Euclid Systems
- CooperVision
- John & Johnson Vision Care
- Alpha Corporation
- Brighten Optix
- GP Specialists
- TruForm Optics
- Art Optical Contact Lens
- MiracLens
For more information about this report visit https://www.researchandmarkets.com/r/9ado6n
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