Orthokeratology Lens Market

Orthokeratology Lens Market

Growth Factors of Orthokeratology Lens Market

The orthokeratology lens market size was valued at USD 868.3 million in 2023, and the market is now projected to grow from USD 990.7 million in 2024 to USD 3306.5 million by 2032, exhibiting a CAGR of 16.3% during the forecast period of 2024-2032.

The COVID-19 pandemic deleteriously affected the market progression during the prediction period. The compact number of patient visits to optometrist clinics and hospitals for eye check-ups due to the lockdown limitations was one of the key causes for the lower demand for these lenses among the inhabitants.

The growing demand for orthokeratology lenses among the inhabitants due to their aids and efficacy is leading the key market performers to swing their emphasis toward these products. The increasing struggles of the market performers are leading to a greater number of product introductions and regulatory approvals to provide to the demand for the lens in the market. Growing research and development happenings by the chief market performers and mounting technological improvements with a broader application area are projected to drive the orthokeratology lens market growth during forecast period.

The global occurrence of refractive errors such as myopia, astigmatism, and hyperopia between the populations is expressively increasing, specifically after the COVID-19 pandemic. The growing screen time among the people is one of the chief factors liable for the rising occurrence of myopia. In addition, there is an increasing prominence on proactive dealings to prevent and address eye conditions, comprising myopia. Orthokeratology lenses are situated as a proactive method to myopia management, pleasing to parents and individuals concerned about lasting eye health. Numerous treatment options are accessible for the patient's refractive error correction such as LASIK surgeries, glasses, and others. However, these alternative dealings are limited to myopia control and do not slow down the advancement of myopia.

Comprehensive Analysis of Orthokeratology Lens Market

The market can be segmented in various ways, depending on the focus of analysis such as by type, by age group, by end-users, and by application. On the basis of type, the market is segmented into overnight lens and daytime lens. On the basis of age group, the market is segmented into children and adults. Based on application, the market is segmented into myopia, astigmatism, others. Based on end-user, the market is segmented into optometrist offices, hospitals & ophthalmology clinics, and others.

Asia Pacific region is dominating the orthokeratology lens market share due to growing consciousness of lenses. Rising initiatives by the government to surge awareness concerning the aids of this lens in the dealing of refractive errors

The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include The Cooper Companies Inc. (U.S.), Menicon Co., Ltd. (Japan), Euclid Systems Corporation (U.S.), Bausch & Lomb Incorporated (Canada), Johnson & Johnson Services, Inc. (U.S.), Brighten Optix.Co (China), TruForm Optics Inc. (U.S.), Art Optical Contact Lens, Inc. (U.S.) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In April 2021, Menicon Co., Ltd. team up with Johnson & Johnson Vision to bring forward therapeutic lens related products and services to combat myopia in children.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Unit Value (USD million)

Growth Rate CAGR of 16.3% from 2024-2032

Segmentation By Type

- Overnight Ortho-K Lens

- Daytime Ortho-K Lens

By Age Group

- Children

- Adults

By Application

- Myopia

- Astigmatism

- Others

By End-user

- Optometrist Offices

- Hospitals & Ophthalmology Clinics

- Others

By Geography

- North America (By Type, By Age Group, By Application, By End-user, By Country)

- U.S.

- Canada

- Europe (By Type, By Age Group, By Application, By End-user, By Country)

- U.K.

- Germany

- France

- Spain

- Italy

- Scandinavia

- Rest of Europe

- Asia Pacific (By Type, By Age Group, By Application, By End-user, By Country/Sub-Region)

- Japan

- China

- India

- Australia

- Southeast Asia

- Rest of Asia Pacific

- Rest of the World (By Type, By Age Group, By Application, By End-user)