The Global Orthokeratology Market is estimated to be valued at US$ 37.6 million in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Orthokeratology, also known as ortho-k, is a non-surgical process that uses specially designed contact lenses to reshape the cornea and improve vision. The lenses are worn overnight, and they gently flatten the cornea, allowing wearers to see clearly during the day without the need for glasses or conventional contact lenses. The advantages of orthokeratology include non-invasive treatment, temporary correction of myopia, and freedom from wearing eyeglasses or contact lenses during the day. The increasing prevalence of myopia, especially among children and adolescents, is driving the demand for orthokeratology products.
Market Key Trends:
One key trend in the orthokeratology market is the development of advanced ortho-k lenses. Manufacturers are focusing on improving the design and material composition of ortho-k lenses to enhance their effectiveness and comfort. These advancements are aimed at addressing the challenges associated with orthokeratology, such as limited corneal reshaping effect and discomfort during lens wear. For instance, Essilor International S.A. developed a new lens, called EyeDream, which offers improved oxygen transmissibility and better corneal reshaping capabilities.
Porter’s Analysis
Threat of new entrants: With the increasing adoption of orthokeratology, the threat of new entrants in the market is moderate. Although there are low barriers to entry in terms of technology and distribution channels, the high cost of research and development for new products is a significant deterrent. Established brands and patents held by key players act as entry barriers for new competitors.
Bargaining power of buyers: The bargaining power of buyers in the orthokeratology market is moderate. While there are a significant number of potential buyers, such as individuals with myopia or astigmatism, they rely heavily on eye care professionals to prescribe and fit orthokeratology lenses. This reliance limits their bargaining power as eye care professionals play a crucial role in the purchasing decision.
Bargaining power of suppliers: The bargaining power of suppliers in the orthokeratology market is low. There are many contact lens manufacturers and suppliers available in the market, giving buyers a wide range of options to choose from. Additionally, eye care professionals have the ability to switch suppliers easily if they find better quality or pricing elsewhere.
Threat of new substitutes: The threat of new substitutes for orthokeratology is low. While traditional glasses and contact lenses provide vision correction, orthokeratology offers a unique non-surgical alternative. The convenience and potential long-term reduction in myopia progression provided by orthokeratology lenses make them a preferred choice for many individuals with refractive errors.
Competitive rivalry: The competitive rivalry in the orthokeratology market is high. Key players operating in the market are constantly striving to develop innovative products and expand their market presence. The market is characterized by intense competition, with key players focusing on research and development, strategic collaborations, and mergers and acquisitions to gain a competitive edge.
Key Takeaways
The Global Orthokeratology Market Size is expected to witness high growth, exhibiting a CAGR of 7.0% over the forecast period (2023-2030), due to increasing prevalence of myopia and the growing demand for non-surgical vision correction methods. The market size for 2023 was valued at US$37.6 million.
In terms of regional analysis, the Asia Pacific region is the fastest growing and dominating region in the orthokeratology market. The increasing population, rise in disposable income, and growing awareness about the advantages of orthokeratology in countries like China, Japan, and South Korea contribute to the region's market growth.
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 key players are actively involved in product development, strategic collaborations, and mergers and acquisitions to strengthen their market position and gain a competitive advantage.
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