The microkeratome market is used to cut the cornea in refractive eye surgery procedures. The devices cut a thin flap in the cornea to enable laser correction of refractive errors like myopia, hyperopia, and astigmatism. The adoption of microkeratomes has increased significantly with the rising cataract surgeries globally. Cataract surgery is the most common ophthalmic surgical procedure performed worldwide. As per the World Health Organization estimates, over 18 million cataract surgeries are performed annually across the world. The increasing geriatric population base is a major factor leading to the growing incidence of cataract. As per the United Nations predictions, over 16% of the global population will be aged 65 years or older by 2050. This is anticipated to drive surgical volumes and fuel the demand for microkeratomes in the forthcoming years.
The Global microkeratome market is estimated to be valued at US$ 910.3 Mn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the microkeratome market are EssilorLuxottica, Bausch & Lomb Incorporated or its affiliates, Johnson & Johnson Services, Inc., CooperVision, Carl ZEISS AG, Hoya Corporation, Alcon, Inc., STAAR Surgical, Marvel Medtech, Novartis AG. With rising cataract burden and increasing funding for ophthalmic research, major players are focusing on expanding their product portfolios through acquisitions and strategic collaborations. For instance, in 2022, STAAR Surgical completed the acquisition of Ivis Technologies, a provider of preoperative cataract assessment technologies. This is expected to strengthen STAAR's offerings in the cataract surgical device segment.
The growing geriatric population susceptible to eye diseases presents significant growth opportunities for manufacturers in the microkeratome market. The increasing healthcare expenditures in developing countries also provide an impetus for industry players to penetrate untapped regional markets. Major players are actively engaging in new product developments and launches to consolidate their presence in high growth regions like APAC and Latin America.
Technological advancements in cataract surgery procedures have enabled the global expansion of key microkeratome manufacturers. Integrating advanced femtosecond lasers with microkeratomes facilitates more precise incision creation and standardized results. Increased adoption of such advanced techniques in emerging economies will support the long term revenue generation prospects for stakeholders.
Market drivers: Increasing global burden of cataract disease is the major driver growth. Rising healthcare spending coupled with improving access to eye care in developing nations is another key growth propeller. Technological advancements simplifying cataract surgeries are driving their adoption rates.
Market restraints: High costs involved in most advanced cataract surgery devices and procedures is a major restraint. Lack of skiled ophthalmic surgeons in underdeveloped regions also limit market penetration. Risks associated with eye surgery like infections can discourage patients from opting for surgeries. Stringent regulatory approvals for new product launches also restraint fast market evolution.
Segment Analysis
The microkeratome market can be segmented into two types based on blade type - disposable-blade type and electric-blade type. The disposable-blade type segment accounts for the dominant share as the blades can be easily replaced and provide better accuracy and precision. The electric-blade type segment is expected to grow at a faster pace owing to advantages such as automatic thickness adjustment and reproducible flap incisions.
Based on application, the market is bifurcated into LASIK surgery and LASEK surgery. Among these, LASIK surgery dominates as it is the most commonly performed refractive surgery worldwide for the correction of myopia, hyperopia, and astigmatism. The rising number of people undergoing LASIK surgery for the treatment of eyesight conditions is fueling the growth of this segment.
Global Analysis
Regionally, North America holds the largest share in the microkeratome market due to improved healthcare infrastructure and rising prevalence of eye disorders in the region. However, Asia Pacific is projected to witness the highest CAGR during the forecast period with growing medical tourism and increasing purchasing power in developing countries such as China and India.
Europe takes the second position globally led by rising government funding for the development of advanced ophthalmic technologies. On the other hand, Latin America and Middle East & Africa represent the slowest growing regions attributed to low awareness and high treatment costs.
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