Orthokeratology Lens Market 2019-2025: Market Segments, Dynamics, Size, Supply & Demand, Current Trends and Forecast
February 14, 2020 by sagar Pawar
Global Orthokeratology Lens Market: Information by Material (Silicone Acrylate, Fluorosilicone Acrylate and Fluorocarbon Acrylate), Application (Myopia and Hyperopia), End User (Hospitals and Ophthalmic Clinic) and Region (Americas, Europe, Asia-Pacific and Middle East & Africa) - Forecast till 2025
The global Orthokeratology Lens Market is estimated to grab the highest market share while increasing the market size at a growth rate of 7.4% during the forecast period, 2016-2025. According to the analysis provided by the Market Research Future, the global market is also set to attain the highest valuation of USD 3,857.8 million
Orthokeratology lens is also known as ortho-k, refractive corneal treatment, and correction therapy for night vision. It is a non-surgical method used to improve refractive errors by redesigning the curvature of the cornea to improve object visibility. This procedure is a temporary treatment method used for the correction of myopia, hyperopia, and other eye problems. The increasing prevalence of refractive errors globally has led to the advancement in ophthalmology over the past two decades, and the low costs compared to LASIK are expected to stimulate market growth. However, the availability of alternative treatment methods and the risk of orthokeratology lens should slow market growth.
An increased online campaign is helping to create awareness among people about the myopia treatment with use of orthokeratology lens lenses, driving the demand for orthokeratology lens lenses as per the report.
The global orthokeratology lens market is segmented by material, application, and end-user.
The material is segmented into fluoro silicone acrylate, silicone acrylate, and fluorocarbon acrylate.
Based on the application, the global orthokeratology lens market has been segmented into myopia and hyperopia.
The end-user segment is broadly bifurcated into end-user-based hospitals and eye clinics.
The Americas are expected to own most of the global orthokeratology lens market. Growth in North and South America can be attributed to the increased geriatric population and increased ophthalmic disorders, leading to a greater need for diagnosis and treatment.
The Asia Pacific region is expected to represent the second-largest market share during the forecast period. Factors fostering the market growth in this region are the increase in the number of visually impaired patients, the availability of advanced treatment facilities, rising healthcare costs, the introduction of new market therapies, and the presence of infrastructure of high-quality health. According to the Asian Development Bank, Asia's aging population is expected to reach almost 923 million people by 2050.
It is estimated that Europe is experiencing the fastest growth in the world market due to the increasing number of eye diseases and government initiatives each year. According to reports published by the UK statistical authority, about 15,900 people were registered as visually impaired in 2015.
The orthokeratology lens market in the Middle East and Africa is expected to see the lowest growth due to factors such as limited access to accessibility issues in health services.
Some of the leading players driving the growth of the global orthokeratology lens market include Bausch & Lomb Incorporated, Menicon Co., Ltd, CooperVision, CE GP Specialists, Procornea, Euclid Systems Corporation, Visioneering Technologies, Inc. (VTI), Brighten Optix, Alcon, Inc., and CONTAMAC. Key players focusing on the expansion plans to widen product penetration in diverse markets is one of the strategic factors expected to create opportunities in the global orthokeratology lens market. Increased mergers and acquisitions around the global, led by key market participants are expected to drive the progress of the global orthokeratology lens market.
- The first contact lens indicated to slow the progression of myopia in children aged 8 to 12 years approved by the FDA, according to an FDA press release. The MiSight (CooperVision) contact lens is a soft disposable lens that is limited to single-use and should not be worn overnight, according to the company statement.