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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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.
Click here to get the short-term and long-term impact of COVID-19 on this market.
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.
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