Ophthalmic Knives Market
Number of pages: 100 | Report Format: PDF | Published date: May 05, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 2.10 billion |
|
Revenue Forecast in 2031 |
US$ 3.17 billion |
|
CAGR |
4.7% |
|
Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Design, Product, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global ophthalmic knives market was valued at US$ 2.10 billion in 2022 and is expected to register a revenue CAGR of 4.7% to reach US$ 3.17 billion by 2031.
Ophthalmic Knives Market Fundamentals
Ophthalmic knives are surgical instruments used in ophthalmology, a branch of medicine that deals with diagnosing and treating eye diseases and disorders. These knives are designed to make precise incisions in the eye’s tissues, such as the cornea, sclera, or iris. Ophthalmic knives are typically made of high-quality stainless steel and have a sharp blade that can cut through the eye’s delicate tissues with minimal damage. They come in different shapes and sizes, and the choice of a knife depends on the procedure performed and the surgeon's preference. Ophthalmic knives are used in various procedures, including cataract surgery, corneal transplants, and glaucoma surgery.
The research study on the ophthalmic knives market overview thoroughly analyzes the market, along with the aspects that either help or hinder the market's growth, such as its drivers, challenges, and opportunities. The research also discusses the list of businesses that operate in this market and their efforts to establish themselves as major players through expansion plans and innovative ideas. It also emphasizes current events that support the market's revenue expansion. The research also analyses how the COVID-19 pandemic has affected society.
This report is an important tool for the industry stakeholders to gather all the information about the market, customers, and competition. The report also provides the readers with valuable insights on the segmentation, regions, market size & forecast, revenue CAGRs, and other valuable data to help make informed strategic decisions. The study compiles information gathered from industry participants and specialists across the industry value chain. The report also taps into the qualitative and quantitative assessments by industry analysts. Our reports use different methods for estimating the market size and forecast, including secondary research, surveys and interviews, and statistical modeling. With these steps, our reports provide the most accurate market data. These datasets will cumulatively provide in-depth ophthalmic knives market forecast to the industry stakeholders.
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Ophthalmic Knives Market Dynamics
The growing prevalence of eye diseases such as cataracts, glaucoma, and diabetic retinopathy is driving the demand for ophthalmic knives. As the aging population increases worldwide, the incidence of these conditions is also expected to rise, leading to a higher demand for ophthalmic knives. According to the WHO, around 94 million people with cataract are unaddressed globally. The development of new surgical techniques and the use of advanced technology in ophthalmology is driving the demand for specialized ophthalmic knives. Surgeons are increasingly using micro-incisional techniques that require specialized knives with ultra-thin blades. Additionally, the development of new materials and manufacturing processes is leading to the production of ophthalmic knives with better performance, durability, and safety features.
The trend towards outpatient surgeries is also driving the demand for ophthalmic knives, as these procedures are typically performed in ambulatory surgery centers or outpatient clinics. Ophthalmic knives that are easy to use and require minimal setup time are preferred for outpatient surgeries. Rising healthcare spending, particularly in emerging economies, is also driving the growth of the ophthalmic knives market. As more people gain access to healthcare services, the demand for ophthalmic surgeries, and therefore ophthalmic knives, is expected to increase. However, the availability of alternative treatment such as medication or laser therapy, which reduce the demand for surgical interventions, thus restricting the ophthalmic knives market growth. The successful use of ophthalmic knives requires specialized skills and training. The shortage of skilled ophthalmic surgeons and trained operating room personnel are also hindering the growth of the ophthalmic knives Market.
Ophthalmic Knives Market Ecosystem
Ophthalmic Knives Market, by Design
Ophthalmic Knives Market, by Product
Ophthalmic Knives Market, by Application
Ophthalmic Knives Market by Application
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Cataracts are a common age-related eye condition, and the number of people affected is expected to increase with the aging population. This drives the demand for cataract surgery and ophthalmic knives. There have been significant technological advancements in cataract surgery in recent years, which has increased the demand for specialized ophthalmic knives. These advancements include micro-incisional techniques and the use of intraocular lenses, among others. Cataract surgery is a reimbursable procedure in most countries, which makes it an attractive target for healthcare providers. This drives the demand for cataract surgery and ophthalmic knives. A wide range of ophthalmic knives are available for cataract surgery, including those used for capsulotomy, phacoemulsification, and other steps in the surgical procedure. This variety of knives helps to drive demand for the overall market.
Segmentation of the market refers to the division of the industry into subgroups based on factors such as design, product, and application. Market segmentation data helps businesses to understand the preferences and unique needs of different customer groups and develop targeted sales strategies. This information also helps in identifying potential ophthalmic knives market growth opportunities.
Ophthalmic Knives Market by Region
The prevalence of eye diseases, such as cataracts, glaucoma, and age-related macular degeneration, is increasing in North America due to the aging population. This drives the demand for ophthalmic knives and associated surgical procedures. According to the CDC, an estimated 20.5 million (17.2%) people aged 40 years and older have a cataract in one or both eyes and 6.1 million (5.1%) have had their lens removed operatively. North America is home to many leading manufacturers of ophthalmic knives, and these companies are investing heavily in research and development to improve their product’s safety, efficacy, and precision. This drives innovation and growth in the market. The healthcare system in North America, particularly in the United States, offers favorable reimbursement policies for ophthalmic surgeries, which helps to drive demand for ophthalmic knives. North America has a skilled and well-trained workforce of ophthalmic surgeons, nurses, and other healthcare professionals who are capable of performing complex ophthalmic surgeries. This drives demand for specialized ophthalmic knives that meet the unique requirements of these professionals.
Based on the regions, the global ophthalmic knives market is segmented into:
Regional demarcation of the industry will provide information on geographic pockets regarding ophthalmic knives market outlook, size, share, and growth rate. This data helps businesses evaluate the expansion potential into new regional markets, understand the competitive threats across different regions, and develop localized sales and expansion strategies.
Key Components of the Report
Ophthalmic Knives Market Competitive Landscape
The market competitive landscape is performed by collecting and analyzing information about the key competitors, the present industry trends, and market dynamics. It includes information collection and analysis on factors such as products, pricing, geographic outreach, customer demographics, marketing strategies, and recent developments. Competitive landscape assessment will help businesses identify the current prevalent or potential opportunities and threats, keeping in mind the ophthalmic knives industry trends.
Ophthalmic Knives Market Strategic Developments
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Reasons to Buy this Report
Ophthalmic knives are surgical instruments used in ophthalmology, a branch of medicine that deals with diagnosing and treating eye diseases and disorders. These knives are designed to make precise incisions in the eye’s tissues, such as the cornea, sclera, or iris.
The ophthalmic knives market was valued at US$ 2.10 billion in 2022.
North America has the largest market share in terms of revenue during the forecast period from 2023 to 2031.
The ophthalmic knives market is expected to register a revenue CAGR of 4.7% during the forecast period from 2023 to 2031.
The estimated size of the global ophthalmic knives market in 2031 is US$ 3.17 billion.
The trend towards minimally invasive surgeries is expected to drive demand for specialized ophthalmic knives, such as micro-incisional knives and femtosecond laser-assisted knives. These techniques offer improved safety and efficacy compared to traditional surgical methods.
Companies are forming partnerships and collaborations with other companies or research institutions to develop new technologies or improve existing products. These collaborations help leverage different organizations' expertise and speed up the development process.
The prominent players operating in the global ophthalmic knives market are Alcon Vision LLC, Bausch & Lomb Incorporated, BVI, Diamatrix Ltd., and Paramount Surgimed Ltd.
The cataract surgery segment dominated the ophthalmic knives market.
*Insights on financial performance are subject to the availability of information in the public domain