Global Orthokeratology Lenses Market - 2022-2029

Global Orthokeratology Lenses Market - 2022-2029

Market Overview

Orthokeratology Lenses Market size was valued US$ 593.43 million in 2021 and is estimated to reach US$ 1,017.82 million by 2029, growing at a CAGR of 5.7% during the forecast period (2022-2029).

Orthokeratology or Ortho-K is a process of fitting special contact lenses to reshape the cornea. This method of treatment uses gas-permeable contact lenses designed to be worn overnight rather than during the day. During sleep, the lenses gradually reshape the surface of the eye. Ortho-k lenses are used to treat and sometimes to eliminate conditions such as myopia, hyperopia, and astigmatism. In the current scenario, this treatment is most effective in slowing down progressive myopia in children.

Market Dynamics

The orthokeratology lenses market growth is driven by several factors including, increasing incidents of conditions such as myopia and presbyopia, the rising geriatric population, expansion in research and development of ortho-k lenses, significant technological advancements, and various new product launches.

Increasing technological advancements and rising myopia and astigmatism cases are expected to drive the growth of market.

The major drivers fuelling the growth of the market is the rise in the scientific and technological advances, surge in the launch of novel orthokeratology lenses and increasing the geriatric population.

According to Investigative Ophthalmology and Visual Science, Arvo journal study published, in 2021, titled “IMI impact of myopia” globally one-fifth of blindness is caused because of refractive error such as myopia. Around 30% of global population is affected by myopia in 2020 and it is expected that by 2050 this will rise to 50% out of which 10% population will have high myopia.

Novel scientific and technological adavancement in orthokeratology lenses are going to incrase the market with highest CAGR in forecoming period as various new improvements have been done and all the majoy key players are developing and improving their products. The rise in various disorders and conditions like myopia, presbyopis, astigmatism is also driving the growth of market. These lenses are being used widely to treat these conditions without laser treatments or surgeries. Cataract and glucoma are also very common disease that will fuel this market in upcoming years.

Various novel advancements are being done by key players such collaborations, mergers or releasing new products in market. For instance, in 2021 orthokeratology lenses known as Acuvue Oasys developed by Johnson and Johnson Vision Care got approved by FDA that provides comfort, have high moisture content, clear vision and maintains good health of eye.

High cost associated with these products and availability of alternatives are expected to hamper the market growth.

There are number of available products that are giving tough competition to orthokeratology lenses market. Such as PMMA lenses these are rigid contact lenses seems similar to the GP lenses but they aren’t oxygen permeable due to the plastic material. High cost of these lenses is also a factor for restrained growth. According to NVISION Centre till July 2021, the cost of an orthokeratology lens is around $1,000 to $4,000 The major key players are trying to develop an efficient and cost-effective lens.

COVID-19 Impact Analysis

COVID-19 has impacted orthokeratology lenses market in a negative way as due to covid all the attention was diverted to covid patients and due to lack of hospitals and clinics so many meetings and health check-ups were cancelled or postponed. The supply chain of these lenses was also impacted that disturbed the market as due to lockdown people couldn’t reach to their work place, and they had to face so many challenges during covid. But now the situation is getting better and soon the market will see a huge growth as all the key players are improving there products to meet all the needs of customer and various novel technological and scientific advances are taking place in market. In forecast period market is expected to grow with fastest CAGR.

Segment Analysis

Overnight orthokeratology segment is expected to hold the largest market share in global orthokeratology lenses market

Overnight orthokeratology lenses are being used widely due to increase in adoption of these lenses providing various benefits such as comfort, clear vision and high moisture content these are the major factors responsible for largest market share of overnight orthokeratology lenses. These lenses are comfortable so most of the sports persons use these lenses. It provides them with clear vision and better moisture content for better performance.

Traditionally lenses were advised to use during daytime but now these latest overnight lenses with technological advancements are also providing similar efficacy, performance and safety. Various regulatory authorities are approving novel orthokeratology lens products specially, overnight orthokeratology lenses. There is an increase in the number of companies developing the orthokeratology lenses for infusions.

Geographical Analysis

North America region holds the largest market share in the global orthokeratology lenses market

North America is the leading market for orthokeratology Lenses and accounted for a major revenue share. North America holds largest share as so many technical and scientific advancements are going on in major companies that is enhancing the growth of market. Various major key players such as Cooper Vision, Bausch & Lomb Inc. and Johnson & Johnson Vision Care are in this particular region and they are continuously providing new techniques and new products that is making it the largest share-holder globally. For instance, in 2021 J&J Vision Care and Cooper Vision got their products approved. These new developments are the factors for this region being largest market share.

Various latest advancements related to orthokeratology lenses are going to fuel the market. For instance, in July 2020, Essilor, ophthalmic optics company announced its partnership with Tencent, innovative technology company to strengthen their innovation and insights for providing digital innovative products and services.

Competitive Landscape

The global orthokeratology market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Some of the major key players in the global orthokeratology lenses market are Cooper Vision, Alpha Corporation, Bausch and Lomb Inc., Brighten Optix Co., Johnson and Johnson Vision Care, Euclid Systems Corp., GP Specialists, MiracLens L.L.C., TruForm Optics Inc., and Paragon Vision Sciences.

The key companies are focusing on key strategies such as collaboration, acquisitions, and product launches which are boosting the growth of the market globally. For instance,

• In Sep 2022, Johnson & Johnson vision care, announced that ACUVUE Abiliti overnight therapeutic lenses expanded range upto 6.00 diopters got approved by United States Food and Drug Administration.

• In Jun 2022, Cooper Vision announced its acquisition of EnsEyes, orthokeratology lenses and scleral contact lenses supplier in Nordic region of Europe. EnsEyes will work within eyecare group, Cooper Vision

• In Apr 2022, Euclid Vision acquired Visionary Optics, contact lens developer and commercialising company.

• In Oct 2021, Cooper Vision eyecare announced its launch of innovation mobile calculator application- paragon CRT to help eyecare professionals. It includes features that focuses on fitting process simplification for prescribers of the CRT and Dual Axis CRT lenses.

Key Companies to Watch

Cooper Vision:

Overview: Cooper Vision, a unit of Copper Business Corporation, contact lens manufacturer. They develop variety of innovative soft contact lenses with various scientific and technological advancements. It was established in 1980 and is headquartered in CA, United States.

Product Portfolio:

DreamLite Zoom: It is an orthokeratology lens that is being used by various hospitals and clinics for treatment of conditions like myopia, hypermetropia and astigmatism. It is the night vision lens that will adjust the eye in night. It is a multifocal lens that provides irreversible corrections as well as comfort, clear vision, good eye health, excellent quality and high moisture content.

Key Developments: In 2021, Cooper Vision announced that its product Dreamlite got approved and received CE mark for minimising the effect of myopia.

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