Global 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) 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), as highlighted in a new report published by Coherent Market Insights.
The key market players are focused on adopting growth strategies, such as product launch as well as partnerships, which will drive the global microkeratome market growth during the forecast period. For instance, on February 1, 2023, Bausch & Lomb Incorporated or its affiliates, an eye health company, and Modulight Corporation, a biomedical laser company, announced that the U.S. Food and Drug Administration (FDA) has approved ML6710i photodynamic laser for equivalent use with Bausch + Lomb’s VISUDYNE (verteporfin for injection) Photodynamic Therapy (PDT) for the treatment of patients with predominantly classic subfoveal choroidal neovascularization, or the creation of abnormal choroidal blood vessels, due to Age-related Macular Degeneration (AMD).
Global Microkeratome Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a negative impact on the global microkeratome market. The COVID-19 pandemic resulted in the cancellation of all elective procedures. The growth of the global 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 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 January 2021 , according to an article published in the JAMA Ophthalmology Journal, in school-based photo screenings conducted in China, children between the age of 6 and 8 years who were kept at home during the COVID-19 pandemic suffered significant myopic changes. Therefore, the initial decline in ophthalmic procedures is expected to cover up with ease in restriction and decline in COVID-19 cases. Furthermore, the long-term impact of COVID-19 is likely to add to the market' growth over the forecast period.
Global Microkeratome Market: Key Developments
In August 2022, LENSAR, Inc., a global medical technology company focused on advanced femtosecond laser surgical solutions for the treatment of cataracts, announced the first commercial cases performed with ALLY Adaptive Cataract Treatment System by Robert Weinstock, MD at The Eye Institute of West Florida, U.S. Dr. Weinstock performed 15 laser-assisted cataract surgery cases following the recent installation of ALLY System.
In October 2020, Norlase, a global ophthalmic medical device company developing next-generation laser solutions for the treatment of retina and glaucoma disease announced the 510(k) clearance from the U.S. Food and Drug Administration (FDA) and the immediate commercial launch of Norlase LION, a green laser photocoagulator fully-integrated into a Keeler indirect ophthalmoscope. Unlike other laser indirect ophthalmoscopes that require a fiber optic connection to a laser source, LION has no fiber tether, is powered by a battery, and utilizes an advanced wireless interface with voice control of parameters. With the new LION, ophthalmologists can experience an untethered, lightweight, and portable laser treatment solution in practically any setting.
In June 2020, Olympus Corporation, a company that produces precise machinery and instruments for optics and digital technology, announced the commercial launch of the Soltive SuperPulsed Laser System (Soltive Laser System), a new application of thulium fiber laser technology designed for stone lithotripsy and soft tissue applications. The Soltive Laser System is now readily available in the United States, Canada, Europe, and a few Middle Eastern and African nations after receiving 510(k) clearance from the U.S. FDA and CE (Conformité Européenne) Mark approval from the relevant European Notified Body.
In July 2022, Bausch & Lomb Incorporated or its affiliates, an eye health company, announced that the company has enrolled the first patient in a study evaluating the safety and efficacy of Technolas TENEO excimer laser for laser-assisted in situ keratomileusis (LASIK) vision correction surgery for hyperopia with astigmatism.
Browse 34 Market Data Tables and 26 Figures spread through 190 Pages and in-depth TOC on “Global Microkeratome Market”- Forecast to 2030, Global 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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Key Takeaways of the Global Microkeratome Market:
- The global microkeratome market is expected to exhibit a CAGR of 1% during the forecast period. The collaboration with emerging economies offers lucrative growth opportunities for players in the global microkeratome market.
- Among end user, the ophthalmic centers segment is expected to grow in the global microkeratome market over the forecast period, owing to the rise in eye disorders and refractive errors. For instance, in October 2022, according to World Health Organization (WHO), There were almost 1 billion cases of vision damage, including 88.4 million cases of moderate to severe distance vision impairment or blindness brought on by untreated refractive error, 94 million cases of cataract, 8 million cases of age-related macular degeneration, 7.7 million cases of glaucoma, 3.9 million cases of diabetic retinopathy, and 826 million cases of near vision impairment brought on by untreated presbyopia.
- Among product type, the reusbale segment is expected to hold a dominant position in the global microkeratome market during the forecast period, and this is attributed to the high efficiency and to give surgeons the ability to seamlessly integrate the processes of refractive, retinal, and cataract surgery. So, the key market players are focusing on strategies, such as product launches, to boost the global microkeratome market growth. For instance, in August 2022, Sight Sciences, Inc., an eyecare technology company focused on developing and commercializing innovative solutions, announced the launch of SION, a surgical instrument representing a new chapter in goniotomy innovation and practice. Sight Sciences is a leader in minimally invasive approaches to prevalent eye diseases, and SION is an exciting new addition to the company’s portfolio.
- 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.