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Orthokeratology Market is projected to rise at a 7.3% CAGR from 2022 to 2028 | FMI
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Myopia is anticipated to continue to be a major factor influencing orthokeratology demand globally. Myopia will have the largest predicted market value share by 2028, and it will also offer a wide range of prospects for innovation.
Myopia is anticipated to continue to be a major factor influencing orthokeratology demand globally. Myopia will have the largest predicted market value share by 2028, and it will also offer a wide range of prospects for innovation.
NEWARK, Del: The global Orthokeratology Market is expected to be worth US$ 58.1 million in 2022, rising to US$ 88.7 million by 2028, at a CAGR of 7.3 percent from 2022 to 2028. Orthokeratology has been considered to facilitate the elimination of contact lens related vision problems, providing patients with the freedom to experience an active lifestyle.
While this factor will continue to play a pivotal role in growing adoption of Ortho-K lenses, Future Market Insights has discovered a few other factors that are likely to impact the growth of orthokeratology market in near future. In a recently released report, titled “Orthokeratology Market: Global Industry Analysis 2013-2021 and Opportunity Assessment, 2022–2028,” the performance of global market for orthokeratology is assessed for a 10-year period 2022-2028.
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Increasing online efforts in patient education and awareness about Ortho-K, coupled with an intensifying rate of success of orthokeratology lenses in recent years, is expected to strengthen the prospects for global orthokeratology market, over the next decade. The market is likely to witness a promising CAGR of 7.4%; whereas, the global revenue is anticipated to reach beyond US$ 88 million by the end of 2028.
While increasing prevalence of myopia stands as a key factor impacting the market growth, several advantages of Ortho-K lenses over the conventional contact lenses have been recognized to be pushing adoption of orthokeratology among sports persons. A few restrictions arising in case of LASIK surgery will also be reportedly responsible for growing inclination for Ortho-K. On the flipside, the adoption of orthokeratology lenses among the myopic patient is less than 0.5%, which is a major factor deterring the growth of the market. In few under developing economies, patient are not able afford the high cost of ortho-k lenses and also the high fees of ophthalmologists and optometrists which will also deter the growth of market to some extent.
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Myopia Continues to Remain the Most Influencing Indication, Accounting for a Major Revenue Share
Myopia is expected to remain a key indication driving the demand for orthokeratology, worldwide. With over 70% share of the total market value estimated for 2028, myopia will also provide an extensive scope for innovation opportunities. Hyperopia, followed by astigmatism, will represent the next key indicative factor, which is anticipated to drive market growth over the forecast period.
Demand from Optometry Clinics Accounts for a Share that Equates More than Half of the Market Value
Among all distribution channels, optometry clinics will reportedly continue to generate the maximum demand for Ortho-K, accounting for a share of more than 50% to the total market value through 2028. Ophthalmic clinics are expected to hold a decent revenue share throughout the assessment period, whereas hospitals are likely to emerge as the most opportunistic distribution channel.
MEA Still Struggles through Low Awareness Level
North America and Europe, which represent the key regional markets, will reportedly account for a collective value share of around 60% through 2028. Asia Pacific excluding China and Japan is slated for modest growth, whereas MEA will continue to witness sluggish growth rate owing to relatively lower consumer awareness about availability and use of Ortho-K lenses.
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Key Players :
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Key Segments Covered in Orthokeratology Industry Survey
Orthokeratology Market by Indication:
Orthokeratology Market by Distribution Channel:
Orthokeratology Market by Region:
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Myopia, also known as nearsightedness, is a common vision condition where distant objects appear blurry while close objects can be seen clearly. It occurs when the eyeball is too long or the cornea is too curved.
Ortho-K lenses are specially designed gas-permeable contact lenses that reshape the cornea overnight to correct myopia, allowing for clear vision during the day without the need for glasses or contact lenses.
CAGR stands for Compound Annual Growth Rate, which is the rate at which an investment grows annually over a specified period of time, assuming the investment grows at a steady rate.
Hyperopia, or farsightedness, is a vision condition where distant objects may be seen more clearly than nearby objects. It occurs when the eyeball is too short or the cornea is too flat.
Astigmatism is a common vision condition caused by an irregular shape of the cornea or lens, leading to blurred or distorted vision at all distances. It can occur alongside myopia or hyperopia.
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