Global Orthokeratology Lens Market
Global orthokeratology lens market report gives a detailed outlook on orthokeratology lenses across the globe with special emphasis on key regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The report on global orthokeratology lens market gives historical, current, and future market sizes (US$ Mn) on the basis of type, application, and geography. This study analyses the global orthokeratology lens market dynamics in a detailed manner to identify current trends and drivers, growth opportunities and potential challenges to the key stakeholders in the operating market. In addition, PBI has analyzed the global market to better equip customers with possible investment opportunities across region and consumer unmet needs.
Global Orthokeratology Lens Market:
The global market for orthokeratology lens was valued at US$ 630 million in 2019, and by the end of 2026, the global market size will reach US$ 1600 million, increasing at a CAGR of 16.9% between 2020 and 2026. A rise in the number of persons with refractive errors such as myopia, hypermetropia, astigmatism and presbyopia raises demand for novel methods of treatment. According to the report carried out by researchers at the National Institute of Health in July 2018, about 1.5 billion people worldwide are affected by myopia, which accounts for the quarter of the world’s population and is projected to hit 5 trillion by 2050. Significant factors impeding the global demand for orthokeratology lenses are the availability of different treatment options and the high cost of the equipment relative to traditional technologies.
Demand for novel method of treatment for refractive errors can boost the market:
More than 200 million people around the world can be affected by refractory error and visual impairments according to WHO. Refractive errors and visual impairments have tremendous influence on the general population’s personal well-being and have generated a massive market for successful treatment strategies. The growing prevalence of refractory errors in the general population boosted the market for the techniques of orthokeratology. In addition, the rapid development of technological competence decreased the risk factors of microbial keratitis and increased process performance. In addition to this, Orthokeratology has proven effective in regulating development of myopia over the conventional process.
North America dominates the market share in global orthokeratology lens market:
In 2019, North America is expected to hold the biggest share of the global lens market in orthokeratology. North America’s rise can be attributed to its growing geriatric population and rising ophthalmological disorders, leading to increased diagnostic and therapeutic need. Europe is projected to produce an important share of revenue in the global orthokeratology market in 2026. According to a report conducted by the University of Ulster in 2015, short-sightedness prevalence in the UK. Over the past 50 years it has doubled, as children no longer spend enough time outside. In addition, about 23% of teens in the country are suffering from myopia. The rapid increase in childhood myopia among the Asian population is the major factor driving the region’s demand for orthokeratology. According to a report published by NCBI in 2016, myopia prevalence is highest in East Asia, with 50% of myopic people residing in Japan, China, Singapore and the Republic of Korea.
Key player’s profiles in the global orthokeratology market include:
- Procornea (CooperVision) (Eerbeek, Netherlands)
- Bausch & Lomb Incorporated (US)
- CooperVision (US)
- CE GP Specialists (US)
- Menicon Co., Ltd (Japan)
- Visioneering Technologies, Inc. (VTI) (Georgia)
- Brighten Optix (Taiwan)
- Alcon, Inc. (Texas)
- CONTAMAC (Essex)
- Euclid Systems Corporation (Virginia)
- In February 2019, Contamac introduced HyClear, the next generation hypochlorous acid 0.01% solution for daily eyelid health management. It is manufactured utilizing a new proprietary manufacturing process that provides a pure, stable, and effective solution for daily dry eye management.
- In March 2019, Alcon, Inc. announced that it had acquired PowerVision, Inc., a US-based medical device development company focused on creating fluid-based intraocular lens implants.
- In January 2019, Contamac Launched Optimum infinite high-oxygen gas permeable contact lenses with a high combination of oxygen permeability and flexural modulus.
Key findings of the report:
- Global orthokeratology lens market expanding at significant CAGR over 2020 to 2026 owing to rapid increase in number of individuals with myopia, hypermetropia, astigmatism and presbyopia.
- North America accounted for larger share of market revenue in 2019 based on the region and projected a gain in market revenue over a forecast period.
- Players focusing on innovation of technologies and collaboration strategies to retain market position in global market.
Key features of the report:
- The report provides granular level information about market size, regional market share, historic market (2016-2019) and forecast (2020-2016).
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market.
- The report provides plethora of information about market entry strategies.
- Boston Material
- Paragon Material
- Others Material
- Direct channel
- Distribution channel
- Rest of Europe
- Southeast Asia
- Rest of APAC
- Rest of South America
- Saudi Arabia
- South Africa
- Rest of MEA