The global Orthokeratology Market is estimated to be valued at US$ 37.6 Million In 2017 and is projected to reach a value of US$ million in 2022, growing at a CAGR of 7.0% during the forecast period 2018-2026, as highlighted in a new report published by Coherent Market Insights.
Orthokeratology, also known as Ortho-k, is a non-surgical vision correction method that uses contact lenses to reshape the cornea and temporarily correct refractive errors. These lenses are worn overnight and reshape the cornea, allowing the patient to see clearly without the need for glasses or contact lenses during the day. The growing demand for non-surgical vision correction methods, especially among young adults and athletes, is driving the market growth. Ortho-k lenses provide numerous advantages such as improved vision, convenience, and reduced dependency on glasses and contact lenses, contributing to the demand for these products.
Market key trends:
One key trend observed in the Orthokeratology Market is the increasing adoption of ortho-k lenses for myopia control. Myopia, also known as nearsightedness, is a common refractive error that affects a significant portion of the population. Ortho-k lenses have been found to slow down the progression of myopia in children and young adults. This has led to a growing interest and adoption of ortho-k as a myopia control method by parents and eye care professionals. The potential to prevent the worsening of myopia and reduce the risk of associated complications is driving the demand for ortho-k lenses for myopia control.
Threat of new entrants: The threat of new entrants in the orthokeratology market is low. This is due to high barriers to entry such as the need for significant research and development capabilities, regulatory approvals, and established distribution networks. Additionally, existing players have strong brand recognition and loyal customer bases.
Bargaining power of buyers: The bargaining power of buyers is moderate. While buyers have access to information and can compare different orthokeratology products, the relatively low number of players in the market limits their options. However, the increasing adoption of telemedicine and online retail platforms has increased buyer power by providing greater transparency and options.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of orthokeratology materials and equipment have a significant impact on the quality and cost of the final product. However, there are multiple suppliers in the market, providing options for manufacturers to switch suppliers if needed.
Threat of new substitutes: The threat of new substitutes in the orthokeratology market is low. Orthokeratology lenses are a unique solution for myopia control and vision correction without the need for glasses or daytime contact lenses. While there are alternative methods such as LASIK surgery, these procedures are more invasive and may not be suitable for all patients.
Competitive rivalry: The competitive rivalry in the orthokeratology market is moderate. The market is dominated by a few major players, including Autek China, Alpha Corporation, Bausch and Lomb Inc., Euclid Systems, E & E Optics, Essilor International S.A., GP Specialists, Paragon Vision Sciences, Procornea, and Taiwan Macro Vision Corporation. These companies compete on factors such as product innovation, quality, pricing, and distribution networks.
The global orthokeratology market is expected to witness high growth, exhibiting a CAGR of 7.0% over the forecast period. This growth can be attributed to the increasing prevalence of myopia among the global population, especially in children and young adults. Factors such as the rising use of digital devices, lack of outdoor activities, and genetic predisposition contribute to the increasing prevalence of myopia.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the orthokeratology market. This can be attributed to the high prevalence of myopia in countries like China, South Korea, and Japan. Moreover, the increasing awareness about orthokeratology as a non-surgical myopia control option and the availability of skilled ophthalmologists further drive market growth in the region.
Key players operating in the orthokeratology market include Autek China, Alpha Corporation, Bausch and Lomb Inc., Euclid Systems, E & E Optics, Essilor International S.A., GP Specialists, Paragon Vision Sciences, Procornea, and Taiwan Macro Vision Corporation. These companies have a strong presence in the market and are actively engaged in product development and strategic collaborations to gain a competitive edge.