Top institutions have repeatedly chased investment, product revenue has doubled continuously, and this ophthalmic segment is becoming more and more popular.

During the summer vacation, after Mr.

To his surprise, parents of children of the same age in the circle of friends have left messages to exchange experiences in the use of orthokeratology lenses

Indeed, under the trend of myopia prevention and control becoming more and more important, as one of the three main prevention and control methods, orthokeratology mirrors are growing rapidly, and domestic brands are also accelerating their volume

Products are selling well, revenue is surging, and orthokeratology lenses are hot

Just this past summer, the optometry clinic of ophthalmic medical institutions ushered in the traditional peak period, and orthokeratology mirrors became one of the "top stream" products

"From fitting, taking the glasses to the wearing of the effect, it takes a long time; Patients also need to spend time to learn to take, wear and care, and the holiday time is relatively abundant, so there is a phenomenon

In fact, orthokeratology has shown rapid growth before, and corporate revenue data is an important proof

Aibo Medical's Punuo Pupil Orthokeratology Mirror has continued to increase its volume since it was approved for listing in 2019 and maintained rapid growth

In 2021 and 2020, OPCOM's Montavi orthokeratology lenses achieved revenue of 670 million yuan and 522 million yuan respectively, an increase of 28.

In 2022, new products will be added to the orthokeratology mirror in the domestic market: Shidajia orthokeratology mirror will be listed, and the orthokeratology mirror products of Tian hitomi medical and Mulikang will be approved

Orthokeratology mirror product approved by NMPA, Source: NMPA official website

Judging from the peak of summer vacation glasses provided by medical institutions, in the second half of the year, the income scale of orthokeratology glasses is expected to further increase

In the case of products continuing to be approved for listing and terminal heat is rising, the market penetration of orthokeratology mirrors has continued to expand

New products continue to be developed and differentiated from four major directions

Although the penetration rate has increased, many research institutions have pointed out that compared with the penetration rate of 5%-10% in European and American countries and Asian neighbors, There is still a huge space

As a result, a number of enterprises have laid out the research and development of orthokeratology mirrors or upgraded and iterated on existing products; In particular, domestic brands are catching up

The abundance of products means that doctors and patients have more choices, and it also means that companies face more fierce competition

Some companies have developed and upgraded or product layout of orthokeratology lenses, source: public reports

The first is the expansion

In June 2022, the application for the scope of application of Aibo Medical's expansion degree was approved
.
According to the medical device registration information of the State Food and Drug Administration, this product has been expanded from the previous application of -1.
00D~ -4.
00D to: for the degree of myopia within -4.
00D~-6.
00D, the wearer of the shun rule astigmatism does not exceed 1.
75D, and the inverse rule astigmatism does not exceed 1.
50D can temporarily correct the vision to a certain extent, but the degree of correction is determined by the degree of corneal deformation of the patient, and some patients cannot be completely corrected
.

Expanding the scope of degree means covering more patients, which is to enhance the competitiveness of products for enterprises; For the industry, it contributes to the growth
of penetration.

In terms of design, we improve design
based on the premise of personalization and comfort.

The reason why orthokeratology mirrors can achieve a shaping effect is because the lenses are specially designed; The design method determines the lens correction effect, wearing comfort, etc
.

"Although orthokeratology glasses are customized according to the parameters of the patient's eye examination, in practice, the individual patient's experience of the comfort of the product is different, and the same brand of products, some wear it comfortably, and some feedback is general
.
This is related
to the individual differences of patients and the degree of myopia.
Kuang Yi said
.

Therefore, designs aimed at individuality and comfort improvement are becoming more and more important
.

For example, Acante's orthokeratology mirror products have a more novel and unique design than the current VST and CRT design, and strive to bring a better wearing experience
for patients.

Weill Vision designed a full-lens annular curved orthokeratology mirror that can correct myopia and variable astigmatism at the same time; And personalized positioning arc design, improve the success rate of fitting and patient wearing comfort
.

In terms of materials, autonomous materials continue to make breakthroughs
.

In the past, the orthokeratology mirror in the domestic market not only imported the product itself, but also mainly relied on imports for domestic brand materials
.
In recent years, domestic brands are making breakthroughs in the degree of material autonomy and enhancing competitiveness
from the source.

In 2017, Hao Hai Biotech acquired Contamac, one of the world's largest independent producers of optometry materials, supplying customers in more than 70 countries and regions around the world with raw materials
for optometry products such as intraocular lenses and orthokeratology lenses.
At present, Hao Haishengke uses the self-developed optical design system to develop a new type of orthokeratology mirror product based on Contamac high oxygen permeability materials, and its clinical trials have been completed and are being registered and declared
.

Aibo Medical also purchased Contamac materials before, but since 2017, it has launched independent material research and development, and tested and compared with purchased materials to meet the consistency evaluation standards
.
After the approval of self-made materials in 2020, Aibo Medical has successively put them into production, gradually replacing the purchased material sheets
.
In August 2022, Aibo Medical said in an interview that all the orthokeratology lens materials have been converted to self-production
.

Recently, OPCOM also revealed when accepting the survey that the company's self-developed lens materials have passed the full performance testing and biological evaluation of the Testing Center of the State Food and Drug Administration, and are currently preparing to build a standardized production workshop, which can partially use self-produced raw materials after completion to reduce costs
.

"For domestic brands, raw materials need to be self-sufficient
as soon as possible.
" Lu Jing, head of the medical business department of Iconte, believes that design, process, etc.
must have the thinking
of domestic substitution.
At present, Acante's orthokeratology mirror products also use mainstream imported materials, and at the same time, a research and development team has been built to actively lay out raw material research and development, and has formed a good progress
.

After the product is put into the market, the service capability will also be one
of the dimensions of differentiated competition between enterprises.

The procedures for orthokeratology are complex and time-consuming, testing the service efficiency
of the end mechanism.

In Lu Jing's view, orthokeratology mirror manufacturers not only provide products to medical institutions, but also export services
.
For example, to create digital tools, improve the efficiency of fitting, establish a training system, help medical institutions to train talents, and strive to provide rich solutions for medical institutions
through a diversified product matrix.

"At present, the penetration rate of orthokeratology mirrors in provincial capital cities is relatively high, and in the next step, if the market sinks, manufacturers also need to have the service capabilities of
the sinking market.
" Lu Jing said that in the future, if the qualification of orthokeratology is relaxed, once an independent optometry clinic or optometry center also has the qualification for testing, the diversification of business formats also requires manufacturers to establish a professional team and cooperate with dealers to jointly serve terminal institutions
.
"There is no doubt that service capabilities will become one
of the competitiveness of manufacturers to expand their market share.
"

Capital favored, top institutions have invested many times

In the field of orthokeratology, it has run out of two listed companies, OPCOM Vision and Aibo Medical; Haohai Biotech's products are also about to be approved for listing
.

In the primary market, investment institutions pay attention to the upstream of ophthalmology and are also optimistic about orthokeratology lenses; Sequoia China, Qiming Venture Capital and other institutions have even invested in the same company
continuously.

In the several rounds of financing since its establishment, Iconte has won the favor and investment
of Sherpa Investment, Sequoia China, Temasek, Qingchi Capital, Sanzheng Health Investment, Songhe Capital, Honghui Fund, Yuansheng Venture Capital, Fosun and Hengqin Financial Investment.
The company focuses on the complete set of solutions for optometry innovative instruments, and lays out a number of product lines
such as hard mirrors, soft mirrors, ophthalmic diagnostic equipment, nursing fluids, and innovative materials.

In the eyes of investors, optometry is a cross-border field with both medical and consumer attributes, and the demand for consumption upgrading has been strong
in recent years.
The high technical threshold leads to a relative shortage of supply, limiting the market penetration of
high-demand products such as orthokeratology mirrors.
Domestic cutting-edge brands with solid technology and keen market intuition have the potential to become a new force
to meet market demand and even drive market demand.

In 2020, Leiming Shikang completed a series C financing of hundreds of millions of yuan led by Hillhouse Venture Capital, followed by Chuanliu Investment and C&D Emerging Investment; In the previous two rounds of financing, A and B, it has continuously received leading and joint investment
from Qiming Venture Capital.

With key materials as the core, we have innovated and upgraded in the field of various high-value consumables of ophthalmology, formed a rich product portfolio related to intraocular lenses, and a diversified product matrix including orthokeratology mirrors, ICL and other products, which is an important reason why LeimingShikang is optimistic about top institutions
.

The continuous blessing of star institutions not only lays a solid foundation for the material breakthrough, product research and development and commercialization of domestic brand orthokeratology mirrors, but also one
of the embodiments of the industry's high growth.

According to the survey results released by the National Health and Health Commission, the overall myopia rate of adolescents in China in 2020 is as high as 52.
7%, of which 14.
3% are 6-year-old children, 35.
6% are primary school students, 71.
1% are junior high school students, and 80.
5% are high school students
.

Haitong Securities Research Report pointed out that with reference to the specific indicators of myopia prevention and control in 2030, combined with the Japanese market where the development of orthokeratology mirrors is relatively mature, assuming a penetration rate of 10%, the domestic orthokeratology mirror is expected to reach 68.
41 billion yuan
in the terminal market in 2030.

The recommended replacement cycle of orthokeratology is one year, in reality, the product with better care can be extended to one and a half years, and it needs to be re-equipped
according to the situation after expiration.

"Among the patients who wear orthokeratology glasses, there are fewer patients who voluntarily give up wearing them, and there are patients in our hospital who have been wearing them for 5 years
.
" Kuang Yi mentioned that patients give up wearing, mostly due to the fact that the eye conditions are not suitable when they continue to match, or they are busy in their studies in the senior grades and have no time to care for
products.

In addition, orthokeratology glasses require special care products, including care solutions, protein removal products, etc.
, which cost thousands of yuan per year, which will also be attached to the size of the
lens market.

Overall, the market space for orthokeratology is huge and will be in steady growth
.

Hard mirrors are all the rage, and soft mirrors are coming again

This summer, not only orthokeratology glasses are more popular
.
In the field of myopia prevention and control, another contact lens product "turned out"
.

In July 2022, CooperVision's MiSight soft hydrophilic contact lens was launched
on Chinese mainland.
MiSight is the first and currently the only FDA-approved soft contact lens for delaying the progression of myopia in children ages 8-12 years of age; After being approved by the FDA in 2019, it will be released in the United States in 2020
.
In 2021, MiSight was approved for registration by the NMPA
.

According to NMPA registration information, MiSight is suitable for the initial wearing age of 8-12 years old, diopter of -0.
75D ~ -4.
00D and astigmatism is not more than 0.
75D, no eye diseases have crystal eye population to correct myopia, the recommended replacement cycle of one day
.

That is to say, this "daily throw" soft contact lens can be used to control the growth of myopia in children; What is special about this is that the product adopts a concentric bifocal design, and some optical light can be focused in front of the retina, forming a myopia out-of-focus, in order to delay the patient's eye axis length change
.

CooperVision's previously released research showed that MiSight's prospective multicenter randomized double-blind clinical trial enrolled a total of 144 myopic children aged 8-12 years in Asia, North America and Europe; The trial quantitatively evaluated the effect
of MiSight-controlled single-focal-day parabolic soft mirrors in controlling myopia in adolescents over a three-year period.

Using the relative change of average diopter (mydriatic refraction equivalent spherical degree) as a therapeutic index, MiSight's effect on delaying the development of myopia reached 59%; Taking the relative difference in the average eye axis growth as the efficacy index, the myopia control effect reached 52%.

At the same time, the dual focus design contact lens was highly accepted in pediatric patients, and had no significant impact on
their daily lives such as school activities, reading, outdoor exercise, computer use, etc.
compared with the control group.
In addition, there were no significant ocular adverse events
during the follow-up.

Although there is no direct comparison of MiSight with orthokeratology lenses, there will inevitably be a point of competition between the two as "prescription" contact lenses that delay myopia
.

Compared with orthokeratology, MiSight's biggest advantage is that it is "soft", intuitively, no different from ordinary contact lenses, and for children, psychological acceptance will be higher and wearing adaptation will be faster
.

However, while MiSight has handed over a lot of research data, there are still limitations
.
In order to further observe the long-term safety and efficacy of the product in the Chinese group, Cooper Optics needs to carry out a clinical follow-up study of the post-marketing Chinese group, and conduct parallel control with the conventional soft hydrophilic contact lens on the market, and the sample size needs to ensure that there is sufficient data available for evaluation
.
The evaluation content of the follow-up study includes, but is not limited to, the patient's visual perception, adverse events, the stability of refractive error after stopping wearing, and the change of eye axis length after three years of wearing; At the same time, attention should also be paid to the occurrence of infectious keratitis during wearing
.

At the same time, according to the registration requirements of NMPA, MiSight also needs to be fitted by an ophthalmologist with an intermediate title or above in a medical institution, and regularly carry out review
.

Orthokeratology mirrors compared with MiSight product features

Source: NMPA, Expert Consensus on orthokeratology Fitting Process (2021) and public reports

Based on the comparison of the above figure, MiSight and orthokeratology mirrors have their own advantages
in terms of scope of application, convenience of care, and cost.
Overall, MiSight undoubtedly provides a new choice for the prevention and control of myopia in children, but due to the short time to market, the limited number of people available, for safety and effectiveness considerations, whether the product can be rapidly popularized in the short term remains to be seen, and it does not necessarily have an impact
on the orthokeratology mirror market.

In the long run, orthokeratology mirrors still have a long way to go, especially for domestic brands
.

Once MiSight was approved by the FDA and listed in the United States, it quickly targeted the next market in China, which once again confirmed the importance that multinational ophthalmology giants attach to
the Chinese market.
At the same time, in the past two years, there are still imported orthokeratology lenses such as Mulikang entering the country
.

In the future, whether it is competition in the field of orthokeratology or similar products, it will be more intense
.
Do domestic brands need to further enrich the types of myopia prevention and control products on the basis of orthokeratology mirrors and seize the market as soon as possible? It's worth thinking about
.