(I-BusinessNews.Com, November 11, 2019 ) Market Overview
• Orthokeratology or Ortho-K is a process of fitting special contact lenses to reshape the cornea. This method of treatment uses gas-permeable contact lenses designed to be worn over-night rather than during the day. During sleep, the lenses gradually reshape the surface of the eye.
• Ortho-k lenses are used to treat and sometimes to eliminate conditions such as myopia, hyperopia, and astigmatism. In the current scenario, this treatment is most effective in slowing down progressive myopia in children.
Market Drivers
• Increase in the prevalence of myopia across the globe, increase in geriatric population as they are prone to frequent eye problems and increase in prolong usage of laptops, smartphones, and tablets is causing eye strain leading to permanent eye damage or short-sightedness among adults and children are driving the global orthokeratology lenses market during the forecast period.
• According to the study conducted by the researchers at National Institute of Health in July 2018, approximately 1.5 billion people across the globe are affected with myopia which accounts to the quarter of the world’s population and expected to reach 5 Billion by 2050.
• Major factors hindering the global orthokeratology lenses market are the availability of alternatives for the treatment and high cost associated with the equipment compared with conventional technologies( glasses).
Market Segmentation
• Global orthokeratology lenses market is segmented by product type, application and end users. Product type includes Silicone Acrylate, Fluorocarbon Acrylate, Oprifocon A, and others, application type includes Myopia, Hyperopia, Astigmatism, and Presbyopia, distribution channel includes hospitals, eye care clinics, and others.
• Myopia treatment dominates the global orthokeratology market during the forecast period due increase in the prevalence of myopia across the globe and increase in usage of orthokeratology lenses for treatment due to effectiveness and significant outcomes.
• Over the last two decades, Ortho-K is the most effective forms of myopia management. As myopia becomes more common, orthokeratology lenses are going to be critical for all patients across the globe.
Geographical Share
• The global orthokeratology lenses market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
• The Asia Pacific dominates the global orthokeratology lenses market due to the high acceptance rate of orthokeratology lenses by the population, increase in childhood myopia across the region and presence of key players in the region and it is expected to remain high during the forecast period.
• According to the study conducted by researchers at the National Institute of Health in January 2016, the number of people who wear orthokeratology lenses exceeded 1.5 million and expected to grow at a rapid pace in China.
• According to the study conducted in Seoul, South Korea in 2017 during the medical screening prior to national service found that 96.5% of 19 years old are myopic.
Competitive Trends
• Recent FDA approvals, mergers & acquisitions and new product launches by key players are driving the global orthokeratology lenses market.
• In January 2019, Contamac Launched Optimum infinite high-oxygen gas permeable contact lenses with a high combination of oxygen permeability and flexural modulus.
• In December 2017, The Copper Vision acquired Paragon Vision Sciences, a leading provider of orthokeratology specialty contact lenses and oxygen permeable rigid contact lens material.
• In November 2017, Paragon CRT contact lenses received China Food & Drug Administration clearance and commercial launch.
• In August 2017, Contamac received U.S FDA clearance for HEXA100 Gas permeable material for use in spherical, toric, multifocal/bifocal, irregular cornea and orthokeratology indications as well as for use with Hydra-PEG treatment.
• In August 2017, Baush+Lomb received FDA 510(k) approval for Boston XO, XO2 contact lenses.
• In April 2018, Cardinal Contact Lens Inc. has been granted a license by Health Canada for their APEX Overnight Orthokeratology Contact Lenses which includes the BE System of lenses.
• Major market players in the Orthokeratology Lenses market are Paragon Vision Sciences, Bausch & Lomb Incorporated, Alpha Corporation, Autek China, Inc, Essilor International S.A., Euclid Systems, GP Specialists, Inc, and others.
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