Ophthalmic Knives Market

Ophthalmic Knives Market Research, 2031

The global ophthalmic knives market was valued at $302.2 million in 2021, and is projected to reach $461.3 million by 2031, growing at a CAGR of 4.3% from 2022 to 2031. Ophthalmic knives are fine blades designed for accomplishing deep, fine, and precision cuts during ophthalmic surgeries that help to reduce the surgical footprint. The ophthalmic knives are produced with special alloys and have a low tolerance. There are various types of designs introduced in the ophthalmic knives market, such as straight knives, crescent knives, slit knives, MVR knives, stab knives, and others. These types of designs are widely used in various ophthalmic surgeries, including glaucoma surgeries, cataracts surgeries keratosis surgeries, and others.

COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The COVID-19 pandemic has negatively impacted the ophthalmic knives industry, as the demand for ophthalmic knives decline due to decline in the number of elective eye surgeries being conducted per week in hospitals and clinics.

Growth in incidences of ophthalmic diseases, such as cataracts, keratosis, and others, coupled with the growing adoption of surgery to treat these types of ophthalmic disease, are some factors that drive the ophthalmic knives market size. In addition, rise in geriatric population globally and surge in government initiatives to control visual impairment, further boost the ophthalmic knives market growth. However, low awareness regarding eye-related diseases, lack of skilled professionals in low income countries, and high cost of reusable ophthalmic knives products, such as diamond knives are some factors that may hamper the growth of the market during ophthalmic knives market forecast. On the contrary, advancement in ophthalmic knives columns for petrochemical applications create an opportunity for the manufacturers to tap and capitalize on the market. On the contrary, emerging countries, such as China, India, and other Asia-Pacific countries possess high growth potential, owing to the improving healthcare infrastructures in these countries, which creates an ophthalmic knives market opportunity for the manufacturers to tap and capitalize on the market.
The outbreak of COVID-19 has disrupted workflows in the healthcare sector globally. The disease has forced a number of industries to shut their doors temporarily, including several sub-domains of healthcare. Moreover, there has also been a negative effect of COVID-19 on various industries, including ophthalmic industry. Due to the COVID-19 outbreak, there has been a significant drop in patient visits to clinics due to lockdowns and constraints implemented to prevent spread of the disease. This has led to a decline in the number of elective eye surgeries being conducted per week in hospitals and clinics. Moreover, the COVID-19 pandemic affected the global economy and showed a huge impact on functioning of general hospital care for non-COVID-19 patients in hospitals across the globe. 
As many hospitals and clinics remain closed, owing to lockdowns, demand for glaucoma surgery devices is including ophthalmic knives expected to be subdued in the short term. For instance, according to a study published in the British Journal of Surgery, in May 2020, based on 12 weeks of peak disruption to hospital services due to COVID-19, around 28.4 million elective surgeries globally will be canceled or postponed in 2020. In addition, according to a study conducted by an international consortium in May 2020, more than 580,000 planned surgeries in India were canceled or delayed, owing to the COVID-19 pandemic. Thus, with delay of these non-emergent services, demand for ophthalmic knives decrease.
In addition, according to the Ophthalmology Times article, in 2020, the number of elective surgeries has reduced from 200 surgeries to only ten surgeries a week. In addition, countries, such as Boston has witnessed 15% cancellations in patient visits to examination centers. Moreover, according to an article published in the British Journal of Ophthalmology 2021, in UK, many glaucoma surgical procedures have been suspended in cases where there is no urgent threat of vision loss. Furthermore, governments have also issued limitations and bans on medical procedures and elective surgeries. These restrictions have hampered the demand for ophthalmic equipment. Due to these restrictions, ophthalmic equipment manufacturing companies are facing problems in conducting in-person product demonstrations, operating their facilities at full capacity, and attending or organizing conferences. Lockdowns in Asia-Pacific countries, such as China and India have delayed production and shipment of ophthalmic devices. All these factors act as a challenge for the growth of the ophthalmic knives market during the COVID-19 pandemic.

OPHTHALMIC KNIVES MARKET SEGMENTATION  

The ophthalmic knives market is segmented into design, product type, application, end user, and region. According to design, the market is categorized into straight knives, crescent knives, slit knives, MVR knives, and others. By product, it is segregated into reusable ophthalmic knives and disposable ophthalmic knives. According to application, the market is segmented into glaucoma surgery, cataract surgery, and others. On the basis of end user, it is segmented into hospitals, eye clinics, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Segment Review

On the basis of design, the market is categorized into straight knives, crescent knives, slit knives, MVR knives, and others. The slit knives segment dominated the ophthalmic knives market size in 2021 and is expected to remain dominant during the forecast period, owing to the fact that, slit ophthalmic knives are light in weight, easy to handle fur physicians, and have blunt tips that offer seamless finishing. However, straight knives is expected to register highest CAGR during the forecast period owing to, its benefit of single-handed blade retraction. These possess superior sharpness and are also available in double bevel type. The metal blades in straight knives are disposable, which is driving their popularity over reusable blades owing to advantages, such as minimal cross-infection risks and affordability. 

By product, it is segregated into reusable ophthalmic knives and disposable ophthalmic knives. The reusable ophthalmic knives garnered largest revenue to the market in 2021, owing to great durability as they are manufactured with precision-engineered materials, which makes them reusable by physicians several times. However, disposable ophthalmic knives is expected to registered highest CAGR of 4.8% during the forecast period owing to its affordability, reduces the risk of cross-infection, and no risk of the knife becoming worn or damaged and this eliminates repair costs along with the risk of accidents or broken implements during surgery.

According to application, the market is segmented into glaucoma surgery, cataract surgery, and others. The cataract surgery segment dominated the market in 2021 and is expected to remain dominant during the forecast period owing to increase in prevalence of cataract.

On the basis of end user, it is segmented into hospitals, eye clinics, and others. The hospitals segment garnered largest revenue in 2021. This is attributed to the increasing number of ophthalmic surgeries, improving healthcare facilities, favorable reimbursement policies. However, others segment (research institutes, ambulatory surgery centers) registered highest CAGR during the forecast period, owing to factors such as increase in preference of patients toward ambulatory surgical centers for performing glaucoma surgery, owing to reduced medical cost, easy access for patient, increased physician accessibility, and easy scheduling.

Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America market has largest ophthalmic knives market share, among other regions in 2021, owing to well-established healthcare system, increase in number of geriatric patients, and supportive reimbursement policies in healthcare system.
On the other hand, Asia-Pacific is expected to register fastest CAGR of 5.6% during the forecast period, owing to improving healthcare infrastructure in the region and large patient populations for target diseases. In addition, expanding presence of key market players in the region propels the market growth.

Snapshot of Asia-Pacific Ophthalmic Knives Market  

Asia-Pacific offers lucrative opportunities for players that operate in the ophthalmic devices market, due to presence of high population base, surge in disposable income, and improvement in patient awareness about advanced ophthalmic knives. The region has emerged as an epicenter of ophthalmic diseases, such as cataract glaucoma, AMD, and refractive errors. Ophthalmic diseases are highly prevalent in Japan, India, and China. Japan accounts for the highest cases of glaucoma, followed by diabetic retinopathy. High prevalence of eye-related diseases in Japan makes it a lucrative market for ophthalmic knives manufacturers.

The key market players profiled in the report include Amar Instruments, Bausch Health Companies Inc., Beijing Bohaikangyuan Medical Devices Co., Ltd., Core Surgical Ltd., Diamatrix Ltd., HAI Laboratories, Inc., Kanchan Eye Instruments, Mani, Inc., Micromed International Pvt. Ltd., Omni Lens Pvt. Ltd., Ophtechnics Unlimited, Inc., Ophthalmic Solution, Inc., Paramount Surgical Ltd., SafeOps Surgical Care Ltd., Sidapharm, Inc., Surgi Edge, Inc., and Surgistar, Inc.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the ophthalmic knives market analysis from 2021 to 2031 to identify the prevailing ophthalmic knives market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the ophthalmic knives market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global ophthalmic knives market trends, key players, market segments, application areas, and market growth strategies.

 Ophthalmic Knives Market Report Highlights