An Incisive, In-depth Analysis on the Orthokeratology Market
This study offers a comprehensive, 360 degree analysis on the Orthokeratology market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Orthokeratology market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Orthokeratology (Ortho-K), an emerging treatment option for myopia, presbyopia, hyperopia, and astigmatism, is non-invasive and works on the principle of corneal replacement. Currently, the market has two FDA approved Ortho-K therapies, viz. Corneal Refractive Therapy (CRT) and VisionShaping Treatment (VST). Patients undergoing this treatment are advised to wear the Ortho-K lenses for 6-8 hours at night while sleeping, which reshape their cornea to deliver clear vision in the day time.
As projected by a recent research study conducted by Future Market Insights, the global orthokeratology market will possibly reach the revenue worth US$ 88.7 Mn by the end of 2028, witnessing robust expansion at 7.4% CAGR over 2018-2028.
Ortho-K May Gain Excellent Traction among Young Myopia Patients
The recent Sydney Myopia Study found that 31% of 17 year olds are myopic, which is double the prevalence reported earlier by the Blue Mountain Eye Study - more than a decade ago. Orthokeratology is considered to be an ideal treatment alternative for young aged patients, as they are not eligible for laser surgery such as LASIK. Bolstering prevalence of myopia is thus a predominant factor expected to drive the growth of the orthokeratology market over the forecast period. Moreover, several advantages of orthokeratology lenses over conventionally used contact lenses, especially for sportspersons will also be a key factor fuelling the market growth.
A few limitations of LASIK surgery are also identified to be responsible for robust growth of orthokeratology market, over the projection period. Additionally, the increasing online campaign is expected to increase awareness among people about the use of orthokeratology lenses for the treatment of myopia, eventually pushing the demand of orthokeratology lenses up in next few years.
Myopia Pegged to Continue its Lead through 2028
Based on indication, the global orthokeratology market has been segmented into myopia, hyperopia, astigmatism, and presbyopia. Among these, myopia accounted for more than 72% value share to the total market revenue in 2017, which has been attributed to high prevalence of myopia in Asian countries, including South Korea, Taiwan, Singapore, China, and Japan.
North America Slated for Continued Dominance over Other Regions
Among the key distribution channels, including hospitals, optometry clinics, and ophthalmic clinics, Future Market Insights predicts the dominance of the optometry clinics segment through 2028. Regionally, the global market for orthokeratology has been segmented into eight major regions, i.e. North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding China and Japan (APECJ), China, Japan, and Middle East & Africa (MEA). While sharp increase in the prevalence of myopia and presbyopia will continue to enable North America’s market to dominate globally, Western European region is likely to represent the second largest market, followed by APECJ.
Market Leaders Target China & Japan for Expansion
As China and Japan have been identified to hold lucrative opportunities through the assessment period, the manufacturers leading the global market for orthokeratology will reportedly focus on expansion within Chinese and Japanese markets. Collaborations and acquisitions will remain on the bandwagon, for a majority of key players operating competitive market landscape.
This Future Market Insights (FMI) report examines the ‘Global OrthokeratologyMarket for the period 2013–2028. The primary objective of the report is to offer updates and information related to market opportunities in the Global Orthokeratology Market.
The Orthokeratology Market segmented as follows:
OrthokeratologyMarket, by Indication
OrthokeratologyMarket, by Distribution Channel
OrthokeratologyMarket, by Region
This report covers the global Orthokeratologymarket performance in terms of revenue contribution from various segments. The Global Orthokeratologymarket report begins with an overview of the Global Orthokeratologyand its definitions. Market viewpoints section underlines macro-economic factors influencing growth of the Global Orthokeratologymarket along with detailing opportunity analysis of market. This is then followed by key market drivers, restraints and trends. The global orthokeratologymarket is segmented based on indication, distribution channel and region. Based on indication, the global Orthokeratology market has been segmented into myopia, hyperopia, astigmatism and presbyopia.
A detailed analysis has been provided for each region in terms of market size, Y-o-Y growth rate, absolute $ opportunity, market attractive index. The forecast of Orthokeratology for by country, indication, distribution channel are represented in tabular form for each region. This section will provide client to understand the opportunity of Orthokeratology market in major countries by each segment.
In the next section of the report, the ‘Competitive Landscape’ is included to provide report audiences with a dashboard view and to access the key differentiators among the competitor firms. This section is primarily designed to provide clients with an objective and detailed comparative assessment of product offerings and strategies of key providers specific to a market segments. Detailed profiles of players in Orthokeratology market are also provided in the report which highlights company description, product/segment overview, SWOT analysis, financial information, key developments related to market and strategic overview.
The next section of the report highlights market outlook for 2018–2028 and sets the forecast within the context of the Orthokeratology market by region. Key regions assessed in this report include North America, Latin America, Western Europe, Eastern Europe, APECJ, China, Japan and MEA. A detailed analysis has been provided for each region in terms of market size, Y-o-Y growth rate, absolute $ opportunity, market attractive index.
The above sections – by indication, distribution channel – evaluate the historic market analysis and growth prospects of the Orthokeratology market for the period 2018-2028. We have considered 2017 as the base year and provided data for the forecast period. The final section of report representing the global scenario Orthokeratology market along with Y-o-Y growth and market forecast till 2028. This section also evaluate the global market opportunity over the forecast period and also the absolute dollar opportunity for each year. This section will help client to understand the overall market growth of Orthokeratology market and the opportunity analysis for every year over the forecast period.
To arrive at the market size, we considered parent market statistics i.e. contact lenses market in each region and share of Orthokeratology market. Bottom up approach was used to validate the total market size obtained. The forecast presented in the report provides total revenue of Orthokeratology market over 2018–2028. While forecasting the market size we considered impact of several factors such product approvals Orthokeratology, product approvals, penetration of products in different distribution channel, generic penetration across all regions etc. However, quantifyingthe market across the aforementioned segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalizing them after the forecast has been completed. In addition, we have taken into consideration the year-on-year growth to understand the predictability of the market and to identify the right growth opportunities in the global market.