The microkeratome is a specialized surgical knife used during laser in situ keratomileusis (LASIK). It helps create a thin flap of corneal tissue prior to laser treatment. The microkeratome market has witnessed significant growth due to the increasing number of LASIK procedures performed worldwide owing to the rising prevalence of myopia, hyperopia, and presbyopia. Microkeratomes offer various advantages over laser-based systems such as higher precision in creating uniform and planar flaps. They provide safer, smoother, and more predictable outcomes. The rising geriatric population is also fueling the need for vision correction procedures and driving the demand for microkeratomes.
The global Microkeratome Market is estimated to be valued at US$ 910.3 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising prevalence of ocular diseases is one of the major drivers of the microkeratome market. According to the World Health Organization (WHO), at least 2.2 billion people have a vision impairment or blindness globally. Myopia alone affects nearly 2.6 billion people worldwide and hyperopia causes vision problems in approximately 1 billion people globally. With increasing adoption of an unhealthy lifestyle and growing geriatric population, the prevalence of eye diseases is rising rapidly. This is propelling the demand for various refractive surgeries like LASIK which uses microkeratomes for better accuracy and outcomes. Factors such as technological advancement, growing awareness, and favorable reimbursement policies are also aiding the growth of the global microkeratome market.
SWOT Analysis
Strength: The microkeratome market has a large patient pool suffering from refractive errors requiring corneal refractive procedures. Further, growing prevalence of eye diseases and increasing demand for minimally invasive surgeries are fueling market growth.
Weakness: High costs associated with microkeratomes limit their adoption in price sensitive developing regions. Lack of skilled surgeons is another challenge faced.
Opportunity: Untapped growth potential in developing nations owing to rising healthcare investments and growing medical tourism offers lucrative opportunities. Technological advancements bringing precision, automation and portability will further support market expansion.
Threats: Presence of alternative technologies like laser assisted in-situ keratomileusis (LASIK) poses competition. Stringent regulatory approvals and social stigma linked to refractive surgeries also restrict market growth.
Key Takeaways
The global microkeratome market is expected to witness high growth.
Regional analysis: North America dominated historically owing to developed healthcare system and favorable reimbursement scenario for refractive surgeries. However, Asia Pacific is poised to emerge fastest growing region due to increasing medical tourism, growing healthcare investments and large patient pool in densely populated nations like India and China.
Key players: Key players operating in the microkeratome market are EssilorLuxottica, Bausch & Lomb Incorporated, Johnson & Johnson Services, Inc., CooperVision, Carl ZEISS AG, Hoya Corporation, Alcon, Inc., STAAR Surgical, Marvel Medtech, Novartis AG, HAAG-Streit Group, NIDEK CO., LTD, Bausch Health Companies Inc., Sonomed Escalon, Topcon Corporation, Gulden Ophthalmics, FCI, Ziemer Ophthalmic Systems AG, and Glaukos Corporation.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Priya Pandey
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor’s degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya’s meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement. LinkedIn Profile