Global Microkeratome Market, by Product (Reusable and Disposable), by End User (Hospitals, Ophthalmic Centers, and Others), by Treatment (Retinal Detachment, Diabetic Retinopathy, Epiretinal membrane, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is expected to be valued at US$ 687.9 million in 2020 and is estimated to exhibit a CAGR of 10.1% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
The global microkeratome market seems to be consolidating with acquisition and business closures. For instance, in 2017, Johnson & Johnson acquired Abbott Medical Optics for US$ 4.325 billion in cash. This acquisition consists of ophthalmic products in three vital areas of patient care which include cataract surgery, consumer eye health, and laser refractive surgery. These product lines are now a part of the ACUVUE Brand Contact Lenses business.
Moreover, Schwind Eye-Tech Solutions, a global technology leader in corneal eyesight laser surgery, performed 6 million refractive error treatments by July 2019 in 100 countries. Around 3.1 million treatments were performed with LASIK technology with the help of a microkeratome or a femtosecond laser. Additionally, the company's touchless SmartSurfACE/TransPRK are witnessing a surge in popularity and therefore in high demand all over the world.
Impact analysis of COVID-19
Microkeratomes are not in high demand due to the COVID-19 pandemic. The global market is hugely impacted in a negative way due to this crisis. Ophthalmologists are not seeing any patients affected by COVID-19 disease. Moreover, patients have also stopped visiting hospitals and clinics due to the spread of the virus. The situation is expected to gradually improve post-COVID, as the operations of ophthalmic centers and hospitals resume.
Browse 26 Market Data Tables and 28 Figures spread through 160 Pages and in-depth TOC on Microkeratome Market, By Product (Reusable and Disposable), By End User (Hospitals, Ophthalmic Centers, and Others), By Treatment (Retinal Detachment, Diabetic Retinopathy, Epiretinal membrane, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Forecast to 2027”
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Key players in the market are focused on expanding their presence in different countries by conducting educational and training programs for patients as well as healthcare professionals. For instance, in July 2019, a Surgical Vision Experience Center was launched by Johnson & Johnson Vision at their institute in Florida, U.S. This center will serve as a laboratory setting and premier physical training space for various experiential educational programs offering in-depth, hands-on training for practicing ophthalmology for ophthalmic surgeons, optometrists, and ophthalmology residents.
Key Takeaways of the Microkeratome Market: