Orthokeratology Lens Market to Grow by USD 248 Million (2024-2028) as Global Myopia Rates Rise, Report Highlights AI's Role in Market Transformation - Technavio

NEW YORK, Sept. 3, 2024 /PRNewswire/ -- Report with the AI impact on market trends- The global orthokeratology lens market size is estimated to grow by USD 248 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.39% during the forecast period. Increasing prevalence of myopia globally is driving market growth, with a trend towards increasing prevalence of refractive errors. However, high costs associated with orthokeratology lenses poses a challenge. Key market players include Art Optical Contact Lens Inc., Bausch Lomb Corp., Brighten Optix, Contex Inc., EssilorLuxottica, Euclid Vision Corp, Johnson and Johnson Services Inc., LUCID KOREA LTD., Menicon Co. Ltd., MiracLens L.L.C, OrthoTool, PRECILENS, SEED Co. Ltd., SkyOptix, SynergEyes Inc., The Cooper Companies Inc., TruForm Optics Inc., and Wave LLC.

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Key Market Trends Fueling Growth

The Orthokeratology lens market is experiencing significant growth due to increasing demand for non-surgical alternatives for vision correction. These lenses reshape the cornea while worn during sleep, correcting nearsightedness and astigmatism. Manufacturers are investing in research and development to improve lens design and materials for better comfort and effectiveness. The market is expected to expand as more people seek convenient and cost-effective solutions for vision correction. 

The Orthokeratology lens market is experiencing significant growth due to increasing prevalence of refractive errors like myopia, astigmatism, hyperopia, presbyopia, and hypermetropia. Healthcare providers, including optometrist clinics, are embracing orthokeratology lenses as an alternative to surgical procedures such as LASIK surgeries, Photorefractive Keratectomy surgeries, and Refractive lens exchange. Orthokeratology lenses offer several advantages, including vision correction while sleeping and eliminating the need for spectacles or contact lenses during the day. However, challenges like dry eye, itching, glare, and halos around lights persist. Novel orthokeratology lenses are being developed to address these issues. The elderly population and digital screening are driving demand for eye testing and awareness programs. The ophthalmic industry is focusing on elective ophthalmic procedures and surgical procedures to cater to this trend. Product capacities are expanding with the introduction of day-time and overnight ortho-K-lens options. Indications for orthokeratology lenses extend to hospitals, ophthalmic clinics, and optometry clinics. The market is also witnessing the emergence of online platforms for eye testing and sales. 

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Market Challenges

• The Orthokeratology Lens Market has experienced significant growth due to increasing demand for non-surgical alternatives for vision correction. These lenses reshape the cornea while slept in, correcting nearsightedness and astigmatism. Manufacturers focus on producing high-quality, comfortable lenses to meet consumer needs. Market trends include customized designs and advanced materials for improved comfort and effectiveness. The market is expected to continue growing due to its convenience and affordability compared to surgical options.
• The Orthokeratology Lens Market faces several challenges in the ophthalmic industry. Optometrists need to adapt to digital screening methods, catering to the elderly population's increasing demand for eye care. Eye disorders like presbyopia and hypermetropia require vision correction solutions beyond spectacles and contact lenses. Novel orthokeratology lenses, such as overnight and day-time ones, offer indications for elective ophthalmic procedures. Market capacities depend on product development, competition from surgical procedures like photorefractive keratectomy, and health checkups. Hospitals, ophthalmic clinics, and optometry clinics are key players. Gas-permeable lenses, including orthokeratology lenses, undergo continuous material innovation with silicone acrylate, fluorosilicone acrylate, and fluorocarbon acrylate. Awareness programs and online platforms are essential for reaching consumers. Vision correction indications expand beyond common eye disorders, impacting product demand. Halos around lights, a common concern for orthokeratology lens users, need addressing. Children's eye health is a significant concern, requiring specialized lenses. In summary, the orthokeratology lens market faces challenges in digitalization, catering to an aging population, product innovation, competition from surgical procedures, and consumer awareness. Market growth depends on addressing these challenges and expanding vision correction indications.

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Segment Overview 

This orthokeratology lens market report extensively covers market segmentation by

1. Application 
• 1.1 Overnight ortho-k lenses
• 1.2 Daytime ortho-k lenses
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Overnight ortho-k lenses- The Orthokeratology Lens Market is experiencing significant growth due to increasing demand for non-surgical alternatives for vision correction. These lenses reshape the cornea while worn during sleep, correcting myopia and astigmatism. Manufacturers are investing in research and development to improve lens design and materials, ensuring better comfort and effectiveness. The market is driven by factors like rising prevalence of refractive errors, increasing awareness, and affordability compared to surgical procedures. Growth may be hindered by challenges such as lens durability and cost. However, the market's future looks promising with continuous advancements in technology.

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Research Analysis

The Orthokeratology lens market refers to the industry dedicated to producing and supplying Orthokeratology lenses, which are specialized contact lenses used for the correction of refractive errors, including myopia, astigmatism, and hyperopia. These lenses work by gently reshaping the cornea while the patient sleeps, allowing for clear vision during waking hours without the need for spectacles or daytime contact lenses. The market caters to various demographics, including healthcare providers, optometrist clinics, and individuals seeking elective ophthalmic procedures. The elderly population, with an increased prevalence of eye disorders, also represents a significant market segment. Digital screening and online platforms have expanded accessibility to eye testing, while novel orthokeratology lenses, such as silicone acrylate, offer enhanced comfort and improved visual outcomes. The ophthalmic industry continues to innovate, with surgical procedures like LASIK surgeries and Photorefractive Keratectomy surgeries providing alternatives to orthokeratology lenses. Despite these advancements, orthokeratology lenses remain a popular choice due to their non-surgical nature, reversibility, and convenience. However, potential side effects, such as halos around lights, may deter some users. The market also caters to children, who can benefit from the myopia control properties of orthokeratology lenses.

Market Research Overview

The Orthokeratology lens market refers to the industry dedicated to producing and supplying orthokeratology lenses for correcting refractive errors such as myopia, astigmatism, hyperopia, presbyopia, and hypermetropia. These lenses are designed for overnight wear to gently reshape the cornea, providing clear vision during the day without the need for spectacles or contact lenses. Orthokeratology lenses are suitable for various age groups, including children and the elderly, and are increasingly popular due to their non-surgical nature and convenience. Healthcare providers, including optometrist clinics, hospitals, ophthalmology clinics, and optometry clinics, offer orthokeratology lenses as an alternative to elective surgical procedures like LASIK surgeries, Photorefractive Keratectomy surgeries, and refractive lens exchange. Dry eye, itching, glare, and halos around lights are common challenges for orthokeratology lens users, and optometrists play a crucial role in managing these issues. The ophthalmic industry continues to innovate, with novel orthokeratology lenses made from materials like silicone acrylate, fluorosilicone acrylate, and fluorocarbon acrylate. Online platforms and eye testing have made it easier for consumers to access orthokeratology lenses, while awareness programs promote their benefits for vision correction. Product capacities vary between overnight ortho-K-lenses and day-time ortho-K-lenses, with indications including various eye disorders. Overall, the Orthokeratology lens market is an essential segment of the eye care industry, offering a viable solution for individuals seeking non-surgical vision correction.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Overnight Ortho-k Lenses
• Daytime Ortho-k Lenses
• Distribution Channel
• Offline
• Online
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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