SEATTLE, May 13, 2021, (MEDGADGET) — Overview:
Major players involved in offering new and effective products in the field of refractive surgery is expected to boost the growth of the market. Companies are concentrating their efforts on untapped markets in emerging economies like China, Africa, and India, where eye disorders are common.
Refractive errors (RE) are one of the most common ocular disorders, according to a report published in the Indian Journal of Ophthalmology in 2019. Demand for cost-effective treatment options is growing. A microkeratome is expected to become a common and successful treatment choice in India as a result of this. Uncorrected refractive error is a leading cause of vision deficiency and blindness in developing countries, as per the same report. Such factors are expected to drive business expansion.
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The increasing number of visual impairment cases in emerging economies is expected to boost the growth of the global microkeratome market during the forecast period. For instance, According to the World Health Organization (WHO), refractive errors accounted for more than 80% of all ophthalmic diseases in Rwanda in 2018, accounting for 5.3 percent of the total population. Due to a lack of appropriate surgical instruments, such as a microkeratome, these cases went untreated in the region.
Covid-19 Impact:
Due to the COVID-19 outbreak, the microkeratome market is experiencing a slowdown in growth. This is mostly due to the fact that ophthalmologists are no longer seeing patients with active COVID-19 disease, and hospital and diagnostic center traffic has declined. Since the pandemic, surgical procedures for cataracts or corneal remodeling are likely to improve.
Because of the COVID-19 outbreak, the microkeratome market is experiencing a slowdown in growth. This is mostly due to the fact that ophthalmologists are no longer seeing patients with active COVID-19 disease, and hospital and diagnostic center traffic has declined. Since the pandemic, surgical procedures for cataracts or corneal remodeling are likely to improve.
The full version of this report considers the effects of COVID-19 as well as expected shifts in the industry’s future outlook, taking into account social, economic, political, and technical factors.
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Drivers:
Approval and launch of effective surgical technologies and products is expected to drive the market growth during the forecast period. For instance, Johnson & Johnson purchased Abbott Medical Optics (AMO) for US$ 4.325 billion in cash in February 2017. The acquisition involves ophthalmic devices for consumer eye protection, laser refractive surgery, and cataract surgery, among other areas of patient care. These product lines are now part of the ACUVUE Brand Contact Lenses market worldwide. Both the organizations combined are currently working under the name J&J Vision (Johnson & Johnson Vision).
Moreover, Schwind eye-tech-solutions, the global technology pioneer for corneal eyesight laser surgery, installed its Amaris eximer lasers in July 2019, with more than 6 million treatments completed in 100 countries. More than 3.1 million LASIK treatments using a microkeratome or a femtosecond laser were performed among them. Due to its rising success around the world, Schwind’s touchless SmartSurfACE/TransPRK is in high demand.
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Restraints:
Microkeratome growth is expected to be hindered by the production and implementation of new LASIK technologies, such as the use of a femtosecond laser. Furthermore, the introduction of photorefractive keratectomy (PRK) is expected to delay the growth of LASIK, reducing the demand for microkeratome products.
The microkeratome market is estimated to be valued at US$ 687.9 million in 2020 and is expected to grow at a CAGR of 10.1% during the forecast period (2020-2027).
Market Analysis:
Microkeratome Market, by Product, is segmented into:
- Reusable
- Disposable
By End User:
- Hospitals
- Ophthalmic Centers
- Others
By Treatment:
- Retinal Detachment
- Diabetic Retinopathy
- Epiretinal membrane
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Africa
Regional Analysis:
North America is expected to witness significant growth in the microkeratome market, owing to increasing cases of eye disorders in the region. Furthermore, advanced technology treatments are widely adopted by people in the region. Moreover, the regional market is growing due to a rise in the number of age-related disorders among elderly patients and the affordability of surgical procedures. According to the Centers for Disease Control and Prevention (CDC), by 2050, the number of Americans aged 40 and older who have uncorrectable vision disorder would be about 8.96 million.
Furthermore, industry players are taking steps to raise public awareness about eye conditions and how to handle them. This is also helping to drive the North American economy forward. For instance, Johnson & Johnson Vision opened its Surgical Vision Experience Center in Florida, United States, in July 2019. The center will serve as a laboratory setting and premier physical training space for a variety of experiential educational programs that will provide ophthalmic surgeons, optometrists, and ophthalmology residents with in-depth, hands-on training for practicing ophthalmology.
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Moreover, Asia Pacific is also expected to witness significant growth in the microkeratome market owing to the slow adoption rate of new procedures and technology. For instance, the LASIK procedure has gained popularity in recent years as more people become aware of and opt for such treatments.
Competitive Landscape:
Major players involved in the Microkeratome Market are STAAR Surgical Company, Marvel Medtech, Abbott Medical Optics Inc., Novartis AG, HAAG-Streit Holding AG, Nidek Co., Ltd., CooperVision, Carl Zeiss AG, Hoya Corporation, Alcon, Inc.,Gulden Ophthalmics, FCI Ophthalmics, Ziemer Valeant Pharmaceuticals International, Inc., Sonomed Escalon, Topcon Corporation, Essilor International, Bausch & Lomb Incorporated, Johnson & Johnson Vision Care, Ophthalmic Systems AG, and Glaukos Corporation.
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