Orthokeratology Market Analysis by Revenue and Market Share Detailed in Latest Report
Orthokeratology or Ortho-K is a type of non-surgical procedure that involves the use of specifically designed contact lenses to improve vision by reshaping the curvature of the eyes. Ortho-k lenses, also known as corneal reshaping contact lenses, are gas permeable contact lenses that need to be worn overnight. They gently reshape the front surface of the eyes. Once the reshaping is done, the lenses can be removed in the morning. Orthokeratology is an innovative non-surgical procedure that eliminates the necessity to wear daytime contact lenses or glasses. The procedure is generally recommended for myopia (nearsightedness), astigmatism, presbyopia (blurred near vision), and hyperopia (farsightedness). Orthokeratology is an excellent substitute for the LASIK procedure for individuals who are not prepared to undergo surgical procedures in order to correct their vision.
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Rise in the number of individuals with refractive errors globally is a prominent factor that is driving the orthokeratology market. According to a report published in the journal Ophthalmology, the number of people with vision loss due to high myopia is anticipated to increase seven times from 2000 to 2050, with myopia becoming a prominent cause of permanent blindness globally. Currently, around 30% of the world’s population is myopic. As per the report, around 50% of the world’s population (around 5 billion) is expected be myopic or short-sighted by the year 2050. An estimated 1 billion people, or one-fifth of the population, will be at a significantly increased risk of blindness if the current scenario continues. The number of people with myopia is significantly greater in East Asian countries, with the prevalence of the condition reaching 70% or more. In China alone, the occurrence of myopia in young adults is more than 75%. In developed countries, the number has risen exponentially over the years. In the U.S., the prevalence of myopia has increased two times in the past 30 years, and the number of people with high myopia (more than -8.00 D) has grown eightfold. According to data published in the American Academy of Ophthalmology, in 2010, an estimated 34 million people in the U.S. above the age of 40 were myopic, 14.2 million people were hyperopic, and around 1 in 3 people had astigmatism. The continuing worldwide demographic trends of people developing refractive errors such as myopia, hyperopia, and astigmatism is expected to drive demand for orthokeratology procedures needed to address these conditions in the coming years.
Additionally, the relatively lower cost of the ortho-k procedure as compared to LASIK is likely to augment the market. In the U.S., prices of ortho-k for both eyes typically range between US$ 1,000 to US$ 2,000, making the cost of the procedure almost half that of LASIK. However, the cost of ortho-k in difficult cases may go up to US$ 4,000. Significantly lower cost and satisfactory procedure outcomes for individuals are likely to boost the adoption of these procedures for correcting refractive errors. This is estimated to propel the market during the forecast period from 2018 to 2026.
The global orthokeratology market can be segmented based on application, end-user, and region. Based on application, the market can be classified into myopia, presbyopia, hyperopia, and astigmatism. In terms of end-user, the orthokeratology market can be divided into hospitals, ophthalmology clinics, and others.
Based on region, the global orthokeratology market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global orthokeratology market due to continued funding for the development of new products for the treatment of opthalmological conditions. North America is followed by Europe and Asia Pacific. Increase in the number of individuals with refractive errors such as myopia, hyperopia, etc. in Asia Pacific is likely to fuel the market in the region in the next few years.
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Prominent players operating in the global orthokeratology market are Bausch & Lomb Incorporated., Essilor International S.A., Euclid Systems Inc, and Menicon Co., Ltd..
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