Orthokeratology Lens Market

Global Orthokeratology Lens Market is valued at USD 683.5 Billion in 2021 and is expected to reach USD 1,782.1 Billion by 2028 with a CAGR of 14.7% over the forecast period.

Global Orthokeratology Lens Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2022-2029: The rising Incidence of Refractive Errors among People along with the Advantages of Orthokeratology Lenses and increasing  R&D Investments in Ortho-K Lens are some of the major factors driving the growth of the Global Orthokeratology Lens Market.

Scope-

Customized contact lenses known as  ortho-k lenses gently reshape the eye overnight so that both children and adults may wake up with good vision without the need for contacts or glasses. They’re suitable for people who have hyperopia (farsightedness), myopia (nearsightedness), and astigmatism. According to studies, ortho-k lenses can assist children and teens slow the evolution of myopia, which in turn can help adults avoid developing eye disorders.

Athletes of any age who don't want to bother with contacts or glasses while playing sports can consider ortho-k. The lenses also make it possible for many individuals with age-related farsightedness (a common side effect of aging) to go without reading glasses. The lenses make it possible for professionals with unassisted vision needs, such as pilots and law enforcement personnel, to perform their work.

COVID-19 Impact-

The COVID-19 pandemic had an adverse impact on the market expansion during the projected period. One of the major causes of the population's lower demand for these lenses was the decrease in patient visits to hospital  and optometry clinics for eye exams as a result of lockdown limitations. Additionally, fewer patients had their lenses fitted during the COVID-19 epidemic as a result of a drop in the demand for lenses among those who suffer from myopia.

For instance, a study of optometrists conducted in 2021 and published by Contact Lens Spectrum in Mexico revealed a 63% fall in the frequency of fitting and refitting lenses, and 58% of respondents also indicated a decline in lens sales.

Therefore, the fall in the population's usage of lenses may be attributed in large part to the absence of patient access and restricted social contact caused by the interruption of operations in optometry offices and ophthalmology clinics. Due to lowered demand for lenses and decreased sales of the items internationally, the top market participants also disclosed a fall in their 2020 revenue. The COVID-19 limits caused a little operational inconvenience for the market participants as well.

Key Players-

To increase their worldwide reach, leading orthokeratology lens manufacturers are concentrating on new launches, mergers and acquisitions, partnerships and cooperation, product approval, and other strategies. The industry is extremely competitive as major firms invest much in R&D to provide effective and affordable orthokeratology lenses.

The  prominent players operating in this marketplace are -

• Bausch & Lomb Inc.
• Euclid Systems Corp.
• Johnson & Johnson Vision Care Inc.
• CooperVision
• Art Optical Contact Lens Inc.
• Alpha Corporation (Menicon Group)
• Brighten Optix Co.
• GP Specialists
• TruForm Optics Inc.
• MiracLens L.L.C.

Segmentation-

By Product Type:

• Day-time Ortho-K Lenses
• Overnight Ortho-K Lenses

By Age Group:

• Children
• Adult

By Indication:

• Myopia
• Presbyopia
• Hypermetropia
• Astigmatism

By Material Type

• Silicone Acrylate
• Fluorosilicone Acrylate
• Fluorocarbon Acrylate
• Oprifocon A
• Others

By Distribution Channel:

• Hospitals
• Optometry Clinics
• Ophthalmology Clinics
• Others

By Regional & Country Level:

• North America

  • U.S.
  • Canada

• Europe

  • U.K.
  • France
  • Germany
  • Italy

• Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

• Latin America

  • Brazil
  • Mexico

• Middle East and Africa

  • GCC
  • Africa
  • Rest of Middle East and Africa

Market Drivers-

The rising Incidence of Refractive Errors among People along with the Advantages of Orthokeratology Lenses is Expected to Boost Orthokeratology Lens Market Growth:

Particularly since the COVID-19 epidemic, the prevalence of optical defects such as myopia, astigmatism, and hyperopia is dramatically increasing globally. One of the key causes of the rising frequency of myopia is the population's increased use of screens. Myopia prevalence is between 40% and 60% in Europe and Asia, according to a BMC Ophthalmology study from 2020. By 2050, the population with myopia is expected to amount roughly 4.8 billion.

An article in the Lancet Journal from 2021 claims that there was a 50–70% surge in internet use during the COVID-19 pandemic. The prevalence of refractive errors is predicted to rise internationally as a result of this.

For the patient's refractive error correction, a variety of solutions are available, including LASIK operations, eyeglasses, and others. These complementary therapies don't stop myopia from progressing, either; they just moderate it. Recent research indicates that when begun at an early age, orthokeratology therapy can prevent the growth of myopia in children. Clinical investigations indicate that children with increasing myopia experience a 40–45% loss in axial eye elongation, according to a 2020 article in Annals of Eye Science.

Thus, the market is anticipated to be driven by the expanding advantages of these lenses as well as the rising frequency of refractive errors and diagnoses in the general population.

Rising R&D Investments in Ortho-K Lens are Expected to Accelerate Orthokeratology Lens Market Development:

Orthokeratology lenses are becoming highly among the general public owing to their advantages and efficiency, which has caused key market participants to turn their attention to these products. To meet the market need for lenses, market participants' increasing efforts are resulting in more product approvals.

The European Union granted Cooper Companies Inc.'s Dreamlite OK Lens CE clearance in May 2021, allowing children and young people to halt the development of their myopia.

A rising number of strategic collaborations and product releases among key companies are also fueling an increase in product launches to meet consumer demand.

For the management of myopia in children, Johnson & Johnson Vision Care, Inc. introduced ACUVUE Abiliti overnight therapy glasses in Singapore in January 2022.

Therefore, over the projection period for the orthokeratology lens market, growing technical developments with a larger application area and expanding research and development efforts by the leading market players are anticipated to fuel market growth.

Market Restraints-

High Cost Associated with Treatment and Inadequate Reimbursement Policies are expected to Hinder Orthokeratology Lens Market Growth:

The cost of orthokeratology varies depending on the optometrist, the type and degree of refractive error, the number of fitted lenses needed for a greater level of refractive error, and other considerations. The cost of the lenses and the fitting are included in the direct cost of orthokeratology. It is anticipated that the higher price range of this therapy would restrict the use of these lenses in developing areas.

For instance, a 2021 CareCredit article states that the cost of therapy can range from USD 1,200 to USD 2,000, with more challenging instances including higher levels of mistake even costing up to USD 4,000. Additional expenses such as replacement lenses, lens solutions, follow-up examination, consultation fees, and others cost between US$300 and US$500 annually.

Furthermore, as orthokeratology therapy is typically only partially covered by insurance payment plans, it is regarded as an optional procedure. Due to increasing out-of-pocket costs, this element makes the patient's financial burden worse.

According to a 2020 article from Eyecare Concepts, the Myopic Clinic, there is no Medicare coverage for orthokeratology fitting and generally only covers general eye tests and consultations.

As a result, it is anticipated that poor reimbursement systems and high prices associated with these lenses may limit their adoption by the general public.

Geography Analysis-

North America is expected to Capture a Major Share of the Global Orthokeratology Lens Market:

In 2021, North America led the market and generated more than 37.5% of sales revenue. Recent developments in orthokeratology lenses, the introduction of nighttime ortho-K lenses, flexibility, and choice are some of the factors anticipated to drive market expansion. It is predicted that there would be significant development prospects in the U.S. due to rising orthokeratology lens usage and an increase in cases of vision impairment. Additionally, it is anticipated that the local presence of significant market participants in the U.S., including CooperVision, Johnson & Johnson Vision, and Bausch & Lomb Inc., is expected to promote regional growth.

Asia Pacific Orthokeratology Lens Market Is Expected to Grow At A Considerable Pace Over The Forecast Period:

The Asia Pacific is projected to register the highest CAGR during the forecast period. One of the main factors contributing to the segment's growth is the growing use of these lenses in China, Japan, and other nations as a result of increased awareness about  these lenses.

The government's increasing efforts to raise public knowledge of the advantages of these lenses  in the treatment of refractive defects are also a factor in the market's expansion. For instance, the National Health Commission of China's Guide to Myopia Prevention and Control published in June 2018 identified the OK Lens as a corrective solution for myopia prevention and control.

News-

• In September 2022, The U.S. FDA provided Johnson & Johnson Services Inc. with a license to sell ACUVUE Abiliti Overnight Therapeutic Lenses in a range that has been increased from up to 4.00 diopters to up to 6.00 diopters.

Report Analysis	Details
Historical data	2016 - 2021
Forecast Period	2022 - 2029
Market Size in 2021:	USD 683.5 Billion
Base year considered	2021
Forecast Period CAGR %:	14.7%
Market Size Expected in 2028:	USD 1,782.1 Billion
Tables, Charts & Figures:	175
Pages	300
Companies	Bausch & Lomb Inc., Euclid Systems Corp., Johnson & Johnson Vision Care, Inc., CooperVision, Art Optical Contact Lens, Inc., Alpha Corporation (Menicon Group), Brighten Optix, Co., GP Specialists, TruForm Optics, Inc., and MiracLens L.L.C.
Segments Covered	By Product Type, By Age Group, By Material Type, By Distribution Channel
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa