Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Key players are engaged in offering new and effective products in the field of refractive surgery, which is creating an opportunity for market expansion. Companies are focusing on targeting untapped markets in emerging economies such as China, Africa, and India, where the prevalence of eye disorders is high.
According to a study published in the Indian Journal of Ophthalmology in 2019, refractive errors (RE) are one of the common ocular conditions and demand for cost-effective options for treatment are increasing. This is expected to make microkeratome a popular and effective treatment option in India. According to the same study, uncorrected refractive error is a leading cause of vision impairment and blindness in emerging countries. Such factors are expected to drive the overall market growth.
The increasing number of visual impairment cases in emerging economies is expected to fuel the growth of the global microkeratome market during the forecast period. For instance, according to the World Health Organization (WHO), in 2018, more than 80% of the total ophthalmic diseases in the African country of Rwanda were refractive errors, which represented 5.3% of the total population. These cases remained untreated in the country due to lack of proper surgical instruments such as microkeratome.
Microkeratome Market - Impact of Coronavirus (Covid-19) Pandemic
The growth of the microkeratome market is witnessing a decline due to the outbreak of the COVID-19. This is mainly because ophthalmologists are not seeing patients with active COVID-19 disease and the footfall has also decreased in hospitals and diagnostic centers. It is estimated that the methods of surgical remodeling of the cataract or cornea will transform post pandemic.
The comprehensive version of this report includes the COVID-19’s impact, and the projected changes on the future outlook of the industry, by taking into account the social, economic, political, and technological parameters.
The microkeratome market is estimated to be valued at US$ 687.9 million in 2020 and is expected to grow at a CAGR of 10.1% during the forecast period (2020-2027).
Figure 1. Microkeratome Market Share (%) Analysis, By Product, 2020
The growing popularity of LASIK technology and merger & acquisition strategies adopted by industry players are expected to drive the growth of the microkeratome market.
Approval and launch of effective surgical technologies and products is expected to drive the market growth for during the forecast period.
For instance, in February 2017, Johnson & Johnson acquired Abbott Medical Optics (AMO) for all-cash US$ 4.325 billion. The acquisition includes ophthalmic products in major areas of patient care including consumer eye health, laser refractive surgery, and cataract surgery. These product lines have now joined with the global ACUVUE Brand Contact Lenses business. The combined organization is now operating under the brand name J&J Vision (Johnson & Johnson Vision).
Furthermore, in July 2019, the global technology leader for corneal eyesight laser surgery, Schwind eye-tech-solutions, installed its Amaris eximer lasers with more than 6 million treatments performed in 100 countries. Among these, more than 3.1 million treatments were performed with LASIK technology using a microkeratome or a femtosecond laser. Schwind’s touchless SmartSurfACE/TransPRK is in high demand due to its growing popularity across the globe.
Microkeratome Market Report Coverage
||Market Size in 2019:
||US$ 687.9 Mn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 1,347.0 Mn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Africa: South Africa, North Africa, and Central Africa
- By Product: Reusable , Disposable.
- By End User: Hospitals, Ophthalmology Centers, Others.
- By Treatment: Retinal Detachment, Diabetic Retinopathy, Epiretinal membrane, Others.
Essilor International, Bausch & Lomb Incorporated, Johnson & Johnson Vision Care, CooperVision, Carl Zeiss AG, Hoya Corporation, Alcon, Inc., STAAR Surgical Company, Marvel Medtech, Abbott Medical Optics Inc., Novartis AG, HAAG-Streit Holding AG, Nidek Co., Ltd., Valeant Pharmaceuticals International, Inc., Sonomed Escalon, Topcon Corporation, Gulden Ophthalmics, FCI Ophthalmics, Ziemer Ophthalmic Systems AG, and Glaukos Corporation.
- The increasing number of visual impairment cases in emerging economies
- Approval and launch of advanced surgical technologies and products
|Restraints & Challenges:
- Lack of awareness regarding vision impairment and advanced surgeries
Microkeratome Market - Restraints
However, development and adoption of new LASIK technologies, like use of femtosecond laser is expected to hinder the growth of microkeratome. Besides, emergence of photorefractive keratectomy (PRK) is expected to slow down the growth for LASIK and hence the need for microkeratome devices.
Microkeratome Market – Regional Analysis
North America accounted for majority of the share in the microkeratome market in 2019 owing to the growing prevalence of eye disorders. Moreover, modern advanced technological treatments are largely adopted in the region. Moreover, an increase in the number of age-related disorders among elderly patients and the affordability of surgical procedures are propelling the regional market growth. According to the Centers for Disease Control and Prevention (CDC), it is estimated that the number of Americans aged 40 years and older suffering from uncorrectable vision impairment will be around 8.96 million by 2050.
Moreover, the industry players are taking initiatives to make people aware of eye disorders and their treatment. This is also contributing to the growth of the North America market. For instance, in July 2019, Johnson & Johnson Vision launched its Surgical Vision Experience Center at their institute in Florida, U.S. The center will serve as a laboratory setting and premier physical training space for numerous experiential educational programs offering in-depth, hands-on training for practicing ophthalmology for ophthalmic surgeons, optometrists, and ophthalmology residents.
Furthermore, the microkeratome market in Asia Pacific is also expected to witness notable growth owing to slower adoption for new procedures and technology. LASIK procedure is, in recent times, gaining traction as the population become aware of such treatments and opt for it.
Figure 2. Microkeratome Market Value (US$ Mn) & Y-o-Y Growth (%), 2017-2027
Microkeratome Market - Competitive Landscape
Key players operating in the Microkeratome Market are Essilor International, Bausch & Lomb Incorporated, Johnson & Johnson Vision Care, CooperVision, Carl Zeiss AG, Hoya Corporation, Alcon, Inc., STAAR Surgical Company, Marvel Medtech, Abbott Medical Optics Inc., Novartis AG, HAAG-Streit Holding AG, Nidek Co., Ltd., Valeant Pharmaceuticals International, Inc., Sonomed Escalon, Topcon Corporation, Gulden Ophthalmics, FCI Ophthalmics, Ziemer Ophthalmic Systems AG, and Glaukos Corporation.