Pune, India, Dec. 05, 2022 (GLOBE NEWSWIRE) -- The global orthokeratology lens market size was valued at USD 683.5 million in 2021. The market is expected to grow from USD 763.9 million in 2022 to USD 2,043.6 million by 2029, exhibiting a CAGR of 15.1% during the forecast period. The increasing prevalence of refractive errors among the population and rising awareness regarding the lenses' benefits are expected to enhance the market growth. Fortune Business Insights™ presents this information in its report titled "Orthokeratology Lens Market, 2022-2029."
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Key Industry Development
- January 2022- Johnson & Johnson Services Inc. announced its ACUVUE ABILITI lens for myopia treatment in Singapore.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Rising Awareness Regarding Orthokeratology Lenses' Advantages to Propel Market Growth
Orthokeratology lens (OK Lens) is one of its kind gas-permeable lens developed to reshape the cornea and is suitable for a wide audience. Rising awareness regarding its advantages is expected to enhance its sales. Furthermore, the increasing prevalence of hyperopia, astigmatism, and myopia among consumers is expected to foster sales among the audience. Moreover, extensive exposure to smartphones, laptops, PC, TV, and other screens is expected to enhance the demand for the lens. For example, as per BMC Ophthalmology's article, the prevalence of myopia among the population in Asia Pacific is estimated to be nearly 60%, while cases in Europe are approximately 40%. These factors may drive the orthokeratology lens market growth.
However, inadequate reimbursement policies are likely to hinder this industry's growth.
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COVID-19 Impact:
Reduced Patient Visits and Diagnosis Affected Market Progress During the Pandemic
The market was negatively affected during the pandemic due to reduced patient visits and diagnoses. The sudden spike in COVID-19 infections enhanced the risk of infection in hospitals, thereby reducing visits. Further, restrictions on manufacturing activities led to supply chain issues. Moreover, halt on transportation and travel resulted in a huge raw material shortage. Also, lack of visits reduced demand for lenses, thereby hindering sales. However, the resumption of activities after the COVID-19 pandemic has empowered manufacturers to elevate their service offerings and bolster their annual revenues. This factor supported market growth after the pandemic.
Regional Insights
Robust Lens Sales to Propel Market Progress in Asia Pacific
Asia Pacific is expected to dominate the orthokeratology lens market share due to strong lens sales. The market in Asia Pacific stood at USD 357.0 million in 2021 and is likely to gain a huge portion of the global market share in the coming years. Further, the rising demand for lens for refractive errors treatment is likely to propel market growth in the region.
In North America, increasing mergers among key players are expected to enhance major players' product offerings, thereby facilitating the market growth.
In Europe, increasing lens prescriptions by healthcare providers may enhance the orthokeratology lens industry's progress.
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Segments
Overnight Lens Segment to Lead Owing to Increasing Technological Advancements
By type, the market is segmented into overnight lens and daytime lens. The overnight lens segment is expected to lead due to rising technological advancements.
Children Segment to Dominate Owing to the Effectiveness of Orthokeratology Lens to Cure Myopia Among Kids
As per age group, the market is bifurcated into children and adults. The children segment is expected to lead due to the effectiveness of the lens for myopia treatment among kids.
Myopia Segment to Lead Attributable to its Rising Prevalence Among the Population
Based on application, the market is classified into myopia, astigmatism, and others. The myopia segment is expected to lead due to its increasing prevalence among the population.
Optometrists Segment to Lead Owing to Increasing Ortho-K Lens Prescriptions
According to end-user, the market is categorized into optometrist offices, hospitals & ophthalmology clinics, and others. The optometrists segment is expected to lead due to rising Ortho-K lens prescriptions.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, and the rest of the world.
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Competitive Landscape
Key Players Undertake Acquisitions to Enhance their Product Portfolio
The prominent companies operating in the market deploy acquisitions to enhance their product offerings. For example, Euclid Systems Corporation completed the acquisition of Visionary Optics in April 2022. This strategy may empower Euclid Systems Corporation to enhance its product offerings, strengthen its brand image, and boost sales. Furthermore, several key players devise mergers, partnerships, expansions, research and development, innovation, and industrial automation to strengthen their market position.
List of Key Players Profiled in the Report
- 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.)
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Some major points from Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Prevalence of Key Disease, By Region, 2021
- New Product Launches, Key Players
- Technological Advancements in the Market
- Key Industry Developments (Partnerships, Mergers and Acquisitions)
- Impact of COVID-19 on the Global Orthokeratology Lens Market
- Global Orthokeratology Lens Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Overnight Ortho-K Lens
- Daytime Ortho-K Lens
- Market Analysis, Insights and Forecast – By Age Group
- Children
- Adults
- Market Analysis, Insights and Forecast – By Application
- Myopia
- Astigmatism
- Others
- Market Analysis, Insights and Forecast – By End User
- Optometrist Offices
- Hospitals & Ophthalmology Clinics
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- Market Analysis, Insights and Forecast – By Type
- North America Orthokeratology Lens Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Overnight Ortho-K Lens
- Daytime Ortho-K Lens
- Market Analysis, Insights and Forecast – By Age Group
- Children
- Adults
- Market Analysis, Insights and Forecast – By Application
- Myopia
- Astigmatism
- Others
- Market Analysis, Insights and Forecast – By End User
- Optometrist Offices
- Hospitals & Ophthalmology Clinics
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Market Analysis, Insights and Forecast – By Type
- Europe Orthokeratology Lens Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Type
- Overnight Ortho-K Lens
- Daytime Ortho-K Lens
- Market Analysis, Insights and Forecast – By Age Group
- Children
- Adults
- Market Analysis, Insights and Forecast – By Application
- Myopia
- Astigmatism
- Others
- Market Analysis, Insights and Forecast – By End User
- Optometrist Offices
- Hospitals & Ophthalmology Clinics
- Others
- Market Analysis, Insights and Forecast – By Country/ Sub-region
- U.K
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
- Market Analysis, Insights and Forecast – By Type
Continued...
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