New York, NY -- (SBWire) -- 04/29/2021 --The rising global incidences of eye diseases such as cataract, glaucoma and corneal transplant, the increasing geriatric population, technological advancements, and rising adoption of ophthalmic knives in surgeries all over the world are expected to drive the market in the forecast period.
Ophthalmic Knives Market Size – USD 1.56 Billion in 2019, Growth - CAGR of 5.1%, Trends– Rising incidences of ophthalmic surgeries
According to the current analysis of Reports and Data, the ophthalmic knives market was valued at USD 1.56 billion in 2019 and is expected to reach USD 2.33 billion by the year 2027, at a CAGR of 5.1%. The market is extensively driven by increasing incidences of eye-related diseases in developed as well as developing countries. For instance, nearly 2 billion people had vision impairment across the world, either moderate or severe, due to some eye diseases in 2019, according to the World Health Organization (WHO).
Around 123.7 million people are affected by refractive error, 62.5 million people are affected by cataracts, 6.9 million by glaucoma, 4.2 million by corneal opacities, 3 million by diabetic retinopathy and 2 million by trachoma. The increasing acceptance of affordable and disposable knives and increasing adoption of ophthalmic knives in minimally invasive surgeries for the treatment of disorders like cataract and glaucoma are estimated to boost the market growth. As visual damage and blindness develop as critical public health problem, a number of healthcare professionals and ophthalmologists are using ophthalmic knives so as to improve the efficacy and reliability of the instruments and the procedure. The geriatric population, which is prone to eye disorders due to aging effects, is also driving the sector widely. The rising awareness about eye diseases could be another expected factor that would propel the demand. However, the precision and exquisite training required for the use of ophthalmic knives is expected to hinder the growth of ophthalmic knives.
Key participants in the market include:
Alcon, Inc., Topcon Corporation, Bausch and Lomb Incorporated, Seiko Optical Products Co., Ziemer Group, Sidapharm, Hoya Corporation, Nidek Co., DGH Technology, and Alltion.
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The COVID-19 impact:
The pandemic outbreak of SARS-CoV-2 has impacted globally with more than 15 million cases. To reduce the impact of infection the restricted lock down and prohibited international trade have impacted negatively the market growth of ophthalmic knives for shorter span of time. Major developed nations like the U.S, U.K are prominently dependent on raw materials needed for manufacturing of ophthalmic knives. Moreover, the strict lockdown led to temporary shutdown of manufacturing plant to follow the physical distancing policy resulted into insufficient inventory of ophthalmic knives. In addition, the postponed or cancelled surgeries in mean time have obstructed the market growth furthermore. However, slow recovery of the market is estimated to bring stability in the market.
Further key findings from the report suggest:
-Various new types of blades are available in the field manufactured by leading companies. For instance, diamond knives from B. Braun which are commonly used in multiple eye surgical procedures. The product have various types of blades in different geometries which are significantly made out of diamond for fine, precision cuts during ophthalmic surgeries.
-To enhance the efficiency in product industry operators are developing advanced and efficient products. For instance, in November 2019, Surgical Specialties Corporation's Caliber Ophthalmic division expanded its product line of phaco incision knives with the launch of Sharpoint Edge Clear Control 3D (CC3D) Plus.
-The straight knives segment is expected to reach USD 925.53 Million by the year 2027, showing significant growth during the forecast period.
-Based on applications cataract application segment is estimated to grow significantly. Increasing prevalence of cataract and rising geriatric population are estimated to boom the market growth.
-Regionally, North America consumed the largest share in the market. The rising application of disposable knives, growing target population, and the presence of major key players in the region is expected to drive the market during the forecast period.
-Moreover, Asia Pacific is expected to be the emerging opportunity for the market. Increasing medical tourism, globalization and rising FDI in major countries like India, Malaysia, Thailand and Tibet are estimated to boom the market growth in the region.
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For the purpose of this report, Reports and Data has segmented the Ophthalmic Knives market on the basis of design, type, material type, application, end use and region:
Design Outlook (Revenue in Million USD; 2017–2027)
Crescent knives
MVR knives
Slit knives
Stab knives
Straight knives
Others
Type Outlook (Revenue in Million USD; 2017–2027)
Reusable
Disposable
Material Outlook (Revenue in Million USD; 2017–2027)
Stainless Steel
Diamond
Others
Application Outlook (Revenue in Million USD; 2017–2027)
Endothelial Keratoplasty
Cataract
Glaucoma
Others
End-use Outlook (Revenue in Million USD; 2017–2027)
Hospitals
Clinics
Ambulatory surgery centers
Others
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Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2017-2027
Chapter 3. Indicative Metrics
Chapter 4. COVID 19 impact assessment
4.1. Global Ophthalmic Knives Industry Outlook
4.1.1.1. Q1 2020
4.1.1.2. Q2 2020
4.1.1.3. Q3 2020
4.1.1.4. Q4 2020
4.2. Supply chain stabilization
4.2.1.1. Supply scenario
4.2.1.2. Demand scenario
4.3. Upcoming strategies required to combat the current situation
Continue….
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Ophthalmic Knives Market Growing at 5.1% CAGR to Hit USD 2.33 Billion to 2027 by Top Players Alcon, Inc., Topcon Corporation, Bausch and Lomb Incorporated, Seiko Optical
Increasing incidences of ophthalmic surgeries especially cataract and LASIK surgeries is one of the major factor driving the industry growth.