Microkeratome market

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Microkeratome Market, By Product (Reusable and Disposable), By Treatment (Retinal Detachment, Diabetic Retinopathy, Epiretinal Membrane, and Others), By End User (Hospitals, Ophthalmic Centers, and Others) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

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Jul 2023
CMI3965
160 Pages
Excel & Pdf
Medical Devices

Summary

The global microkeratome market is estimated to be valued at US$ 910.3 million in 2023 and is expected to exhibit a CAGR of 10.1% during the forecast period (2023-2030).

Analysts’ Views on the Global Microkeratome Market:

The global microkeratome market is anticipated to grow due to the rising geriatric population and eye disorder prevalence rates. For instance, in October 2022, according to National Glaucoma Research, there are 80 million people worldwide with glaucoma, and this number is expected to increase to over 111 million by 2040.

Figure 1. Global Microkeratome Market Share (%), by Product Type, 2023

Global Microkeratome Market - Driver

Increasing number of visual impairment cases

The increasing number of visual impairment cases is expected to drive the global microkeratome market over the forecast period. For instance, in October 2021, according to the Laser Eye Surgery Hub report of Visual Impairment and Blindness Global Data & Statistics, about 2.2 billion people are estimated to live with vision impairment of some description globally and estimated a set to increase in blindness up to 115 million people in 2050.

Increasing geriatric population

Increasing geriatric population is more likely to develop eye disorders such as glaucoma. Cataracts and refractive errors are expected to drive the global microkeratome market over the forecast period. For instance, in October 2022, according to the World Health Organization, one in six individuals in the world will be 60 or older by 2030. By this point, there will be 1.4 billion people over the age of 60, up from 1 billion in 2020. The number of individuals in the world who are 60 or older will double (to 2.1 billion) by 2050. Between 2020 and 2050, the number of people 80 or older is projected to treble, reaching 426 million.

Figure 2. Global Microkeratome Market Value (US$ Million), by Region, 2023

Global Microkeratome Market - Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global microkeratome market over the forecast period. North America is estimated to hold 42.5% of the market share. The North America microkeratome market is expected to witness significant growth in the coming years, driven by factors such as the increasing prevalence of eye disorders such as glaucoma, refractive error, cataracts, and increase in the geriatric population. For instance, in December 2022, according to Centers for Disease Control and Prevention, as of 2020, 4.2 million people in the U.S. aged 40 years and older suffer from uncorrectable vision impairment, out of which 1.02 million who are blind; this number is predicted to more than double by 2050 to 8.96 million due to the increasing epidemics of diabetes and other chronic diseases and our rapidly aging population in the U.S.

Global Microkeratome Market - Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a negative impact on the global microkeratome market. The growth of the global microkeratome market is witnessing a decline due to the outbreak of the COVID-19 pandemic. This is mainly because ophthalmologists are not seeing patients with active COVID-19 and the footfall has also decreased in hospitals and diagnostic centers. It is estimated that the methods of surgical remodeling of cataract or cornea will transform post pandemic. Initially, the government's implemented lockdowns led to a drop in footfall in clinics and hospitals for eye care and the cancellation or postponement of many procedures. For instance, in December 2021, according to a research study published in the Indian Journal of Ophthalmology, the clinics were supposed to perform 7,500 cataract procedures which were reduced to just 2,500 due to the pandemic.

Global Microkeratome Market Report Coverage

Report Coverage	Details
Base Year:	2022	Market Size in 2023:	US$ 910.3 Mn
Historical Data for:	2018 to 2021	Forecast Period:	2023 to 2030
Forecast Period 2023 to 2030 CAGR:	10.1%	2030 Value Projection:	US$ 1,785.7 Mn
Geographies covered:	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 Middle East: GCC Countries, Israel, and Rest of Middle East Africa: South Africa, North Africa, and Central Africa
Segments covered:	By Product Type: Reusable, Disposable By End User: Hospitals, Ophthalmic Centers, Others By Treatment: Retinal Detachment, Epiretinal Membrane, Diabetic Retinopathy, Others
Companies covered:	Major players operating in the global 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, HAAG-Streit Group, NIDEK CO., LTD, Bausch Health Companies Inc., Sonomed Escalon, Topcon Corporation, Gulden Ophthalmics, FCI, Ziemer Ophthalmic Systems AG, and Glaukos Corporation
Growth Drivers:	Increasing number of visual impairment cases Increasing geriatric population
Restraints & Challenges:	Lack of awareness regarding vision impairment and advanced surgeries

Global Microkeratome Market Segmentation:

The global microkeratome market report is segmented into product type, end user, treatment and region.

Based on product type, the global microkeratome market is segmented into reusable and disposable. Out of which, the reusable segment is expected to hold a dominant position in the global microkeratome market during the forecast period and this is attributed due to the high precision and accuracy and easy to handle procedure for surgeons.

Based on treatment, the global microkeratome market is segmented into retinal detachment, diabetic retinopathy, epiretinal membrane, and others. The diabetic retinopathy segment is expected to dominate the market over the forecast period, and this is due to the increasing prevalence of diabetic retinopathy.

Based on end user, the global microkeratome market is segmented into hospitals, ophthalmic centers, and others. The ophthalmic centers segment is expected to dominate the market over the forecast period, and this is attributed to the increasing prevalence of eye disorders.

Based on region, the global microkeratome market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Out of which, North America is expected to dominated the global microkeratome market over the forecast period, and this is owing to the high prevalence of eye disorders and geriatric population.

Among all the segmentations, the end user segment has the highest potential due to the high prevalence of eye disorders which initiated the key players to focus on growth strategy such as acquisitions over the forecast period. For instance, in July 2022, NIDEK TECHNOLOGIES S.R.L., a subsidiary of NIDEK CO., LTD., acquired 90% of the shares of NIDEK MEDICAL S.R.L., a sales and service company of ophthalmic devices, becoming a branch of NIDEK Group.

Global Microkeratome Market Cross Sectional Analysis:

Rising incidence of eye diseases, such as refractive errors, cataracts, and glaucoma, and increasing geriatric population are expected to boost the demand for the global microkeratome market in North America. For instance, in October 2022, according to National Glaucoma Research, the most prevalent type of glaucoma, open-angle glaucoma affects 2.7 million people in the U.S., who are 40 years of age and older. 3.3 million Americans over the age of 40 are blind or have poor vision.

Global Microkeratome Market: Key Developments

In June 2021, Jawaharlal Institute of Postgraduate Medical Education and Research (Jipmer) established a Lasik (Laser-assisted in-situ keratomileusis) operation theatre in India

In June, 2020, LUMIBIRD, a developer, and manufacturer of lasers, acquired Ellex’s laser and ultrasound activities, including the Ellex brand, the R&D and production site in Adelaide, and the commercial subsidiaries based in Australia, Japan, the U.S., France, and Germany. In addition to the scale effect, this alliance represents a strong value-creating project thanks to their complementary product ranges, R&D, and commercial presence. Through this acquisition, the company has further strengthened its current range with complementary high-quality products, while extending its geographical presence, particularly in the U.S. and Japan, which are the top two global markets for ophthalmological medical devices.

In August 2021, Eye Health America (EHA), an eye care practice management company, announced the acquisition of Nielsen Eye Center in the U.S. Under this acquisition, EHA, is enhancing its capabilities to treat patients with ophthalmic diseases and innovate in eye disorder treatment.

In January 2022, Vision Innovation Partners, an eye care platform, announced that it has acquired Memorial Eye Institute, an ophthalmology practice and surgical center. The acquisition further expands Vision Innovation Partners' presence in U.S and enhances its growing network of ophthalmology practices and ambulatory surgery centers in the Mid-Atlantic region.

Global Microkeratome Market: Key Trends

Prevalence of myopia is expected to propel the market growth over the forecast period

Myopia, often known as nearsightedness, is a frequent eyesight problem. Myopic individuals can easily see objects close to them, but those in the distance may appear hazy. LASIK surgery gets rid of the myopia-related near focus. Therefore, it is anticipated that the use of customized LASIK surgery to treat myopia will accelerate the segment's growth during the projection period. For instance, in January 2022, according to the International Myopia Institute, stated that nearly 30% of the world is currently myopic, and almost 50% of the global population may be myopic by 2050. As personalized LASIK surgery is the latest solution available for the treatment of myopia, the demand for LASIK surgeries for myopia treatment is expected to grow over the forecast period.

Global Microkeratome Market: Restraint

Lack of awareness regarding vision impairment and advanced surgeries

Factors such as lack of awareness regarding vision impairment and advanced surgeries is slated to hinder the market growth over the forecast period. So, the government as well as the key players are taking initiatives for the awareness about the visual impairment and advancement in surgeries for treatment of microkeratome. For instance, on May 31 2023, according to Versant Health, estimated that ignorance about visual impairment and sophisticated procedures contributes to the growth of eye problems. Initially, the prevalence of increase is lower, but later due to ignorance, it rises.

Global Microkeratome Market - Key Players

The major players operating in the global microkeratome market include 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, HAAG-Streit Group, NIDEK CO., LTD, Bausch Health Companies Inc., Sonomed Escalon, Topcon Corporation, Gulden Ophthalmics, FCI, Ziemer Ophthalmic Systems AG, and Glaukos Corporation.

Global Microkeratome Market - Definition

An oscillating blade precision surgical tool called a microkeratome is used to make the corneal flap during LASIK or ALK procedures. The thickness of a typical human cornea is from 500 to 600 micrometers, and during LASIK, the microkeratome forms a flap that is 83 to 200 micrometers thick. The microkeratome works with two independent motors: one for the oscillation of the blade and the other for the forward movement. Once the cut is finished, the oscillation of the blades is stopped and the pendular heads move to the start position.

Table of Content

Table of Contents

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Segmentation

Detailed Segmentation:

- Frequently Asked Questions -

What is the projected market size and Compound Annual Growth Rate (CAGR) of the global microkeratome market during the forecast period (2023-2030)?

The market is estimated to be valued at US$ 910.3 million in 2023 and is expected to exhibit a CAGR of 10.1% between 2023 and 2030.

What are the major factors driving the market growth?

Increasing number of visual impairment cases and increasing geriatric population is expected to drive the market growth.

Which is the leading product type segment in the market?

Reusable is the leading segment in the market.

What are the key factors hampering the growth of the market?

Lack of awareness regarding vision impairment and advanced surgeries is expected to hinder the market over the forecast period.

Which are the major players operating in the market?

The major players operating in the market include 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, HAAG-Streit Group, NIDEK CO., LTD, Bausch Health Companies Inc., Sonomed Escalon, Topcon Corporation, Gulden Ophthalmics, FCI, Ziemer Ophthalmic Systems AG, and Glaukos Corporation.