Report Code : A10464
Increase in prevalence of ophthalmic diseases, such as cataracts, keratosis and others, coupled with the growing adoption of surgery is the prime driver of the global ophthalmic knives market. In addition, rise in geriatric population worldwide, surge in government initiatives to control visual impairment, and increase in number of ophthalmic surgeries, are some factors which boosting the growth of the ophthalmic knives market
Onkar Sumant - Manager
Life Sciences at Allied Market Research
According to a new report published by Allied Market Research, titled, “Ophthalmic Knives Market," The ophthalmic knives market was valued at $302.15 million in 2021, and is estimated 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 performing deep, fine, and precision cuts during ophthalmic surgeries to reduce the surgical footprint. These are manufactured using special alloys and have low tolerance.
Increase in the incidence of ophthalmic diseases, such as cataracts, keratosis, and others, coupled with the growing adoption of surgery is the prime driver of the global ophthalmic knives market size. The World Health Organization estimates that cataract is the most common eye ailment, which has caused blindness in 23 million people or 51% of the world’s blindness. The World Health Organization further states that an estimated 285 million people are visually impaired globally, of which 246 million people have low vision. Thus, there is a large market for ophthalmic knives owing to increase in the number of treatments for cataract and national plans for the prevention of blindness. Furthermore, increase in the number of ophthalmic surgeries also increases the adoption of ophthalmic knives are some ophthalmic knives market trends which further boosts the growth of the market.
However, high cost of the ophthalmic surgeries and reusable ophthalmic knives, and dearth of skilled professionals, coupled with lack of awareness about eye care in low-income economies are some of the factors hampering the growth of the ophthalmic knives market. Conversely, high growth potential in untapped emerging economies provides opportunities for the ophthalmic knives market growth.
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 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.
The ophthalmic knives market is segmented into design, product type, application and end user. According to design, the market is categorized into straight knives, crescent knives, slit knives, MVR knives, and others. The slit knives segment dominated the market 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 registered highest CAGR during 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 drives 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 great durability as they are manufactured with precision-engineered materials, which makes them reusable by physicians several times. However, disposable ophthalmic knives expected to register highest CAGR during the forecast period owing to, its affordability, reduced risk of cross-infection, and no risk of the knife becoming worn or damaged, which 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 ophthalmic knives market share 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, and favorable reimbursement policies. However, the others (research institutes, ambulatory surgery centers) segment is expected to register 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 was dominant, in terms of revenue, 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.
KEY FINDINGS OF THE STUDY
• On the basis of design, the slit knives segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• On the basis of product, the reusable ophthalmic segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• On the basis of application, the cataract surgery segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• Depending on end user, hospital segment is projected to grow at a CAGR of 3.7% during the forecast period.
• Region-wise, North America garnered the largest revenue share in 2021. However, Asia-pacific is anticipated to grow at the highest CAGR 5.6% during the forecast period.
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Ophthalmic Knives Market By Design (Straight Knives, Crescent Knives, Slit Knives, MVR Knives, Others), By Product (Reusable Ophthalmic Knives, Disposable Ophthalmic Knives), By Application (Glaucoma Surgery, Cataract Surgery, Others), By End User (Hospitals, Eye Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031
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