July 12, 2024

Contact Lens Market Driven by Growing Demand for Vision Correction is Expanding Rapidly

Contact lenses have become one of the most popular options for vision correction globally. Offering advantages like comfort, style, and convenience over eyeglasses, demand for contact lenses is expanding rapidly, especially among the younger generation. Contact lenses are available for both refractive errors like myopia, hyperopia or astigmatism as well as for cosmetic purposes. Advances in material science have led to introduction of innovative materials that are safe, comfortable and easy to maintain. Daily and monthly disposable lenses have further boosted adoption by eliminating the need for cleaning and storage.

The global Orthokeratology Market is estimated to be valued at US$ 71 Mn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Growing inclination towards non-surgical vision correction procedures is fueling demand for orthokeratology lens. Orthokeratology lens uses the principle of corneal reshaping to temporarily improve vision without surgery. Compared to LASIK and lens replacement surgeries, orthokeratology offers advantages like complete reversibility and affordability. Rising awareness about orthokeratology treatment and its benefits through effective promotion by manufacturers is supporting the market growth. Additionally, ongoing research and product innovation to develop advanced materials, designs catering to various refractive errors and allergic patients is further enhancing the acceptance of orthokeratology treatment globally.

Porter’s Analysis
Threat of new entrants: Low capital requirements and established industry players makes the threat of new entrants low in this market.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of different brands and easy switching between products.

Bargaining power of suppliers: Established suppliers and differentiated products give suppliers moderate bargaining power in the market.

Threat of new substitutes: No major threat of substitutes exists currently.

Competitive rivalry: The market is competitive with major players differentiating products.

Key Takeaways
The global orthokeratology market is expected to witness high growth over the forecast period of 2024 to 2031. The global Orthokeratology Market is estimated to be valued at US$ 71 Mn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031.

The Asia Pacific region dominates the market currently due to high prevalence of myopia in countries like China and Japan. The increasing adoption of orthokeratology lenses as an alternative to corrective eyewear is driving the market in the region. Increasing awareness regarding benefits of orthokeratology over spectacles and contact lenses is a key growth driver. The number of myopia cases is rising rapidly in South Korea, Singapore and other Southeast Asian countries as well which is expected to contribute to market growth.

Key players operating in the orthokeratology market are Autek China, Alpha Corporation, Bausch and Lomb Inc., Euclid Systems, E & E Optics, Essilor International S.A., GP Specialists, Paragon Vision Sciences, Procornea, and Taiwan Macro Vision Corporation. Companies are focusing on new product launches and expansion in emerging markets to gain market share.

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  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it